Insurance query - advice required.

RedorDead

I ended up damaging my suspension and steering rack after sliding into a kerb during the snowy/icey spell a fortnight back. The front left hit at about 15km/h at the far side of a roundabout. Fair whack on the front left wheel. The car (00 Ibiza 1.4) has been checked by two garages - one independent which i brought it to myself and one on quinn directs instructions.

Both companies have come to the conclusion that its uneconomical to repair - ie the damage total is too near to the value of the car to justify repairing it.

Quinn rep rings me today and the conversation goes something like this:

QR: Bad news - car is unrepairable and we advise scrapping it.
Me: Tut tut - where do i stand in terms of my car then.
QR: We value it at €1400 - and by the time you remove the excess €200, remaining finance €250 and remaining premium payments - it doesnt make sense to claim from us as the money you receive back from us will be too small and will not justify losing your no claims bonus.
Me: Hold on - carzone shows no similar model with a value less than €2300 and the revenue site shows an OMSP of €2000. I think in my head i would probably settle for €1850. And say what re the remaining premium payments?
QR: Because you pay monthly by direct debit - even if you scrap the car - you will need to continue paying the balance due €52 per month until your policy ends in November.
Me: So if i scrap this car tomorrow and buy a new car and insure it with you - i will need to pay two premiums until November - one on the scrapped car and one on my new car?
QR: Er - yes.

So they are saying that 1400 - 200 - 250 - 468 = 500 and that the compensation i stand to gain does not justify the increase in premium hike.

Obviously i think he is pulling my leg and is just doing everything in his power to stop me claiming.

Anyone had similar experience?

How much do premiums usually increase when a claim is made? Ive heard figures between 20 and 30%. I am 31 with nearly 30 months no claims (until now:() driving on a full licence - fully comp.

Any help would be appreciated as its my first time dealing with an insurance company re a claim and I dont know if im missing something here.

Ta in advance.

thenightrider

Ok so are you saying you will only get 500 if you make the claim if so what ever you do dont claim you will just end up paying it back and then some well not some a lot more

even if you were geting €1850 it is something you would still have to think about a you would end up paying that back with the amount thry will put your insurance up by sad as it is i think insurance is only for real big accedent's that you just cant aford to pay for :mad:

PCPhoto

maybe you should ask your insurer if they give a no claims protection .....for next time.

my advice is suck it up - sell the car for whatever you can - pay off debts and get a new one - you will be paying a lot more if you claim.

Random

I'm with Quinn for insurance. Policy booklet says they can deduct any outstanding premium when settling a claim. Really not too happy about it, but what can ya do? You won't pay 2 premiums. You'll pay off your current one and your insurance will be paid off for the year. Then if you put another car on your policy you will pay the difference in premiums (if any) between the different types of cars.

Have you tried asking them how much it will affect your premium? Or even for an indication?

thenightrider

PCPhoto wrote: »

maybe you should ask your insurer if they give a no claims protection .....for next time.

He would not have a long enough no claims to be able to get a no claims protection yet at least with Quinn

RedorDead

Okay so just to update:

Quinn have agreed with me that they undervalued the car :rolleyes: and have agreed to revalue it at 1800 pre incident.

So this leaves me with two options:

1. Take the compensation (1800 - 200 excess - 450 remaining premium = 1150) and buy a new car to be insured with premium of roughly 30% extra. Ive worked the 30% extra to mean an extra 15e a month (on existing payments). So it will work out as 76 months of higher premiums to make up the 1150. At that stage i would hopefully have 6 years no claims bonus built up - does a claim follow you longer than that??

2. Sell the car for scrap and purchase a replacement car to be insured with a lower premium. Any idea what a dealer (main or scrap) would give me for the car as detailed above? Currently undriveable considerable front left wheel/steering/suspension damage.

Which one would you go with?

Thanks.
R.O.D.

Mr Benevolent

Tricky tbh. The total you'll get is hardly enough to put you back in the position you were before you bought the car. Selling it as scrap is risky - it's not guaranteed you'll get even close to the value that Quinn are offering. Seems like it took a real beating. Personally I would (reluctantly) take the money.

One more thing - I'd seriously advise not paying by DD in future - it's costing you a fair chunk more than the actual premium in interest.

Bogger77

Confab wrote: »

One more thing - I'd seriously advise not paying by DD in future - it's costing you a fair chunk more than the actual premium in interest.

From experience, Axa are the only company whose method for spreading premimum over the year is not a high interest loan. Thats was a couple of years ago, so it may have changed. I think it cost me 30euro's extra to pay over 9months.
I'd rather get a loan from bank or Credit Union, and pay insurance company in one chunk than use their spread amounts. At least that way, you can cancel policy, etc, without owing Quinn a shed load of money.

as for selling for scrap, you should be able to get more than the amount Quinn's apointed scrappage agent offers, I'm surprised the cozy relationship between insurance co's and scrap dealers isn't questioned, but moving on, you'll have to pay towing charges etc, as it sounds like your car's not drivable. It may cost you more to pay the towing charges for the car, than the car's worth. Also, you may get hit for "storage" charges, from the garage that's currently got your car.