What's the effect of an insurance claim?

[RickS1K]

What a shit week this is turning out to be. Started off by breaking the zip on my Oxford backpack -again - (the zips are pretty poor), so decided to see if Kriega are as quality as people say...£140..ouch.

Now, on the way home tonight I had a bump on my runaround (thankfully not on the S1k). I won't bore you with the details of the accident - both the bloke I hit and I agree that morally I wasn't responsible, but from an insurance POV I'm probably screwed. He was pretty decent, and is going to get some quotes and call me before we get the insurance bar stewards involved. His rear side panel is ruined, and my crash bung has bent back and bent my fairing a little - nothing too bad, as long as a new bung can be screwed in....

I really just want to know any claim would affect my premium at renewal. I had 2 yrs ncb when I took out the policy (no previous accidents, just haven't had bike licence that long), and I've never had an accident in many years of driving, so I just don't know what happens - do insurance companies remove 1/2/more (not that I have that) years ncb?

Also, do I need to report it to the ins co now just in case it becomes a claim?

Cheers

Rick

 

[soofsayer]

Hi Rick, sorry to hear you are having a shit week. I'm not in insurance but IMO based on personal experiences: Any fault claim will effect future premiums. You will lose your ncb. If protected ncb they put up the renewal premium to cancel out a lot of the ncb discount so you still get stuffed. You usually need to be making a big claim to make it worth the excess and having the claim on your record - you will have to declare it on ALL insurances. Can't comment on the notify bit to the insurance co, but I have a friend who owns a broker co, so would ask him if you like.

 

[RickS1K]

Soofsayer, I'm out the country by 0800 tomorrow, so (if I have to) I can't call ins Co until Sunday (OK realistically Monday), so if it only takes a call I'd really appreciate it.

The more I think about it, the more I actually think the fault is probably 50-50 (he came into my lane trying to avoid a bigger accident with a twat, I was 1-2m away so no chance to come to a halt before contact), but as my excess is £750, I still see no point in going to insurance. I will tell them if I have to, but only then...

Cheers

R

 

[soofsayer]

I'll post it here as this may be useful to others. Having spoken to my mate:

if you agree to settle with the third party away from the insurers, that's fine as long as you both don't mention it to your insurers ever, and you swap signed letters saying that what has been agreed is final settlement. That covers you should they come back with something in the future. You are perfectly entitled to go down this route.

if you or they tell the insurer about the incident, even if you don't claim or have a claim, it will be recorded and will likely have an effect on future premiums.

if the third party has told their insurer that there has been an incident and your reg is given, it will be logged against you, even if nothing happens. So you might as well tell your insurer at that point.

If you can keep it amicable and between you then that would be the best option if the cost of the incident repairs are relatively low.

without knowing too much about your incident I would be inclined to get the third party to agree to shared responsibility and share the costs. If they kick off and threaten to go to their insurer I would point out it will effect their future premiums as well, plus you could say you will be telling your insurer that you were not at fault which would make the claim resolution long and arduous with no guarantee they would win.

 

[RickS1K]

Thanks so much for this, I'll see what transpires on Monday...

R

 

[fatbob]

Unfortunately you may have to feign injury to recoup your losses. , apparently it's the done thing nowadays , you got o a private doctor and struggle to take your jumper off and get 2 k....
That should offset your premium hike as well as contribute to it

 

[Porridgewog]

2010 brand new s1000rr full no claims, no accidents £250 a year fully comp. After a write off 2012 brand new with my protected no claims still intact but one disputed fault accident, £600 a year.

Obviously as it was a write off it was worth the claim however if it's minor I'd rather settle out of insurance companies as it'll probably cost more over a year or two in insurance premiums than it would to repair the damage to both vehicles!

 

[RickS1K]

Weird, could have sworn I replied to this ages ago.... anyway, yes all settled amicably. Thanks for the thoughts.