Insurance claim v pay yourself

Bob_the_dog

I had a meeting with a tree in the ice and need to decide weather to pay for damage out of my pocket or claim through insurance which has an excess of €250. I have a full no claims bonus(13yrs) and do not have no claims protection.

I have tried to work out which option to go for by using the online quick quote system for my insurer, I calculated by reducing the number of yrs NCB from max which is 8yrs+ to no no claims bonus. So based on the 8yrs I would pay approx €1900 extra premium over the 8yrs. Is this the best method to calculate or am I being too simplistic.

I'm due to get the quote back from local garage lad today but don't expect it to be less than €2k

Apologies for this on a Monday morning. Been bothering me all weekend:)

blackbird98

will you lose all your NCB or have you a step-back?

depends on your annual premium whether you should claim or not....eg.if your premium is 500pa, then this will prob increase by 250 -300 pa., however, if your premium is 1200pa, then the increase will be substantial. also, maximum NCB is normally allowed after 5 years.

if it was me, i'd probably claim. wait until you get the quote. If the quote is coming from a main dealer, you can be sure that you could get it done for a lot less elsewhere, it's worth shopping around.

Bob_the_dog

Many thanks Blackbird, I will loose all NCB(no step back) and current premium of about €450PA.

Car currently with a local garage lad as he was closest. Haven't gone near main dealer yet.

Hotwheels

Start by getting a few quotes for the repair, one as an insurance claim, and one paying yourself (from different repair shops). So you can compare prices.

You may be able to source second hand panels etc, and save a bit of cash.

Or consider what the scrapped value is + cost of repair, and see if you can buy a replacement car..

Rotten luck hitting the tree, I Hope it works out for you...

ShatterProof

Correct me if I'm wrong but NCB is only for thrid party.

Unless the tree is going to claim , you wont loose anything.

(The is a small ncb on comprehensive but not a lot to worried about loosing - iknow is sounds like a contradiction)

Henry Ford III

So much incorrect info here.

If premium is €450p.a. without step back or NCB protection and the claim is €2000 before excess, the sums go like this:-

1/. Claim payable is €1750 net of €250 excess.

2/. Scale of NCB varies a little insurer to insurer, but the most it could be is €450 x 5 (Assuming a 50% ncb). In reality it'll be less because of the sliding scale.

3/. There is no loading for a recent claim. There may be an issue if o.p. wants to move insurers before it's fully reinstated however.

4/. NCB is a discount against a premium. It applies to whatever is covered under the policy, not just 3rd party damage.

To answer the op's original question - it's a marginal call.

Bob_the_dog

Quote in for €3.8k. Just off to call the insurance company:(

Vertakill

Bob_the_dog wrote: »

Quote in for €3.8k. Just off to call the insurance company:(

Ouch.

Make sure to shop around because bodyshops tend to go nuts on the quote when they hear it's an insurance job.

Henry Ford III

Doesn't sound marginal anymore at €3.8k.

Bob_the_dog

Many thanks for your help folks. Much Appreciated

blackbird98

Henry Ford III wrote: »

So much incorrect info here.... but the most it could be is €450 x 5 (Assuming a 50% ncb)

don't know where you get the 450 x 5 (2250) ? if it's 450 net of 50% ncb, then the gross would be 900. bear in mind that the ncb discount applies to the annual premium only, and not the optional extras on offer

Henry Ford III

blackbird98 wrote: »

don't know where you get the 450 x 5 (2250) ? if it's 450 net of 50% ncb, then the gross would be 900. bear in mind that the ncb discount applies to the annual premium only, and not the optional extras on offer

Gross premium = €900 yep. Current premium (net of NCB) = €450.

Highest possible increase is therefore the difference x 5 years (the period required to re earn it).