How much would you be willing to pay yourself then go through insurance

billyhead

Just curious as to get an opnion from people as to how much you would you be willing to pay out of your own pocket for damge caused in an accident if at fault before you claim from your own insurance and affect your no claims bonus. Unfortunately had an accident myself (my fault) and estimate the damage to be at a minimum €1000. Don't know whether to cover it myself or inform the insurance company

Trampas

depends if you have any type of ncb protection.

some companies offer step back but that is only valid for that company.

Atlantic Dawn

Depends if I was young and paying a fair bit for insurance I would maybe pay up to €1500 as the claim would cost me more over time. It depends too what I can afford at the time of the crash, no point in struggling to get the cash when your insurance can pay, that's what it's for.

GERMAN ROCKS

2000-3000 id it was anymore I would get it go through insurance but thats only because Im a male 20 insured under my own name and would lose the 3 years ncb i have built up which at my age and with the type car I have means a lot.

billyhead

Just checked the insurance policy their and it has an endorsement on it which states
€500 all section excess applies.

Does this mean I woul at least have to pay this amount myself and the rest is covered by the company?

Our man in Havana

Excess only applies to your damage not the 3rd party.

kuro2k

If your insured with AXA put it through and let them pay for it. Best part is if you pay them back before you have to renew the policy it won't affect your NCB, I did this last year.

CiniO

Our man in Havana wrote: »

Excess only applies to your damage not the 3rd party.

That's what I thought.
That's actually what's written in the policy.

but

That's against what is written on information leaflet.
That's against what I've been told by customer service over the phone and through email (separately).

I was told by them, that excess applies to third party claims as well.
I still can't imagine how would that work. Luckily I didn't have a change to test it.

billyhead

Our man in Havana wrote: »

Excess only applies to your damage not the 3rd party.

Thanks for the info but I only have 3rd party cover so I only cover the other car

johndaman66

Trampas wrote: »

depends if you have any type of ncb protection.

some companies offer step back but that is only valid for that company.

Do you mean bonus protection is only valid for that company? I've full bonus protection on my insurance and its only valid for the company I'm with also. Perhaps I'm taking you up wrong though?

johndaman66

Our man in Havana wrote: »

Excess only applies to your damage not the 3rd party.

Are you sure of that? My understanding was that the excess would be added onto your premium come next renewal time in the case of a third party claim but I am open to correction though.

Not entirely sure what the situation would be if you weren't taking out insurance with the same company next time round either.

billyhead

johndaman66 wrote: »

Are you sure of that? My understanding was that the excess would be added onto your premium come next renewal time in the case of a third party claim but I am open to correction though.

Not entirely sure what the situation would be if you weren't taking out insurance with the same company next time round either.

does that mean if I alow the owner of the other car to claim via my insurance that my premium will be €500 more at the next renewal. Is that what the endorsement on the policy is?

oldyouth

Be very very very careful when looking after a claim yourself. Once you admit responsibility and disengage your insurer, you are on your own. Suddenly, what was a minor knock now includes injuries.

The best solution is to let your insurers defend the claim using their expertise and then reimburse any outlay to reinstate your NCB.

oldyouth

billyhead wrote: »

does that mean if I alow the owner of the other car to claim via my insurance that my premium will be €500 more at the next renewal. Is that what the endorsement on the policy is?

Insurers pay the 3rd party in full and send you a bill for the excess. They will persue it whether you renew with them or not

racer1

Had a little tip myself lately no 3rd party involved. Have full no claims protection with FBD that costs me 120 euro a year approx as its an old no claims protection policy that they dont do any more. 200euro excess... Think cost of repair is going to be approx 750... Should i go through insurance or cough up?

johndaman66

billyhead wrote: »

does that mean if I alow the owner of the other car to claim via my insurance that my premium will be €500 more at the next renewal. Is that what the endorsement on the policy is?

Assuming the excess on your policy is €500 then yeah I would imagine you will pay the €500 excess on top of your premium next renewal time, if as I say excess is applicable to third party claims, which I believe it is, but as I say am open to correction.

Of course you will have lost your NCD so you should expect your premium to rise in account of that also assuming its not protected. In the case of step back bonus protection just that would happen, you would loose part of your NCD built up

johndaman66

oldyouth wrote: »

Insurers pay the 3rd party in full and send you a bill for the excess. They will persue it whether you renew with them or not

Perhaps it depends on the insurer as they all tend to operate a little differently as far as I can see. I know when my father had an accident a few years back they added the excess onto his premium when sending out his renewal quote. Perhaps it was simply by virtue of the fact that the claim went through shortly before his renewal time. As it happened he renewed with them but there is no doubt in my mind that he would pursued for the excess one way or another if he hadn't

billyhead

oldyouth wrote: »

Be very very very careful when looking after a claim yourself. Once you admit responsibility and disengage your insurer, you are on your own. Suddenly, what was a minor knock now includes injuries.

The best solution is to let your insurers defend the claim using their expertise and then reimburse any outlay to reinstate your NCB.

Thanks oldyouth. I think I may let the other driver go through the insurance company as that is what they are thier for afterall. Will the 500 euro be loaded onto my next premium or do they just demand it as soon as the settlement is made?

oldyouth

billyhead wrote: »

Thanks oldyouth. I think I may let the other driver go through the insurance company as that is what they are thier for afterall. Will the 500 euro be loaded onto my next premium or do they just demand it as soon as the settlement is made?

Assuming the claim is settled before your renewal date, they will send out an invoice in the middle of the year. If it is still outstanding, but likely to go against you, they will ask for it as part of renewal negotiation. Either way, it is best leave it to the professionals to argue it out. Repay their cash outlay and you have used their experienced staff costs for free

billyhead

I presume my premium will increase on top of payin the 500

Anan1

billyhead wrote: »

Thanks oldyouth. I think I may let the other driver go through the insurance company as that is what they are thier for afterall.

Just so you're clear, it's the other driver (and not you) who decides whether or not to claim from your insurance. You can generally repay the money to your insurance company, though. Remember also that many insurance claims end up being a lot bigger than people expect.

Fiona

If the damage was up to €1000 then I would pay myself, anything else I would put through the insurance.

Our man in Havana

I doubt most people would have the resources to pay out a personal injury claim.

Settling yourself can open up awful cans of worms.

billyhead

Our man in Havana wrote: »

I doubt most people would have the resources to pay out a personal injury claim.

Settling yourself can open up awful cans of worms.

Their was absolutely no injury to the other party so that should not be an issue anyway

Our man in Havana

They have 2 years to raise an injury issue. You never know with some people.

billyhead

Just another query. Does the rise in the premium at renewal as a result of making a claim on the insurance determine the amounts by which it will rise in subsequent years i.e say a claim of 1000 euro results in less of an increase on the premium against a claim of say €3000

Richie_c

billyhead wrote: »

Just another query. Does the rise in the premium at renewal as a result of making a claim on the insurance determine the amounts by which it will rise in subsequent years i.e say a claim of 1000 euro results in less of an increase on the premium against a claim of say €3000

No technically its not dependant really on the value of your claim! If you lose your no claims bonus you lose your discount, its unlikely you'll be loaded as a result of the claims as well.

I think there was some confusion about the excess as well. The excess is the amount you are responsible for following a claim, it is not added to your policy at the following renewal. So if you were to have a single vehicle accident and the damage was 3,000, the insurer will pay 3,000 less your 500 excess so the total settlement figure is 2,500

billyhead

Richie_c wrote: »

No technically its not dependant really on the value of your claim! If you lose your no claims bonus you lose your discount, its unlikely you'll be loaded as a result of the claims as well.

I think there was some confusion about the excess as well. The excess is the amount you are responsible for following a claim, it is not added to your policy at the following renewal. So if you were to have a single vehicle accident and the damage was 3,000, the insurer will pay 3,000 less your 500 excess so the total settlement figure is 2,500

Does that mean I would have to pay the 500 directly to the 3rd party?

Richie_c

No it's paid to the insurance company

matt70iu

Richie_c wrote: »

No technically its not dependant really on the value of your claim! If you lose your no claims bonus you lose your discount, its unlikely you'll be loaded as a result of the claims as well.

I think there was some confusion about the excess as well. The excess is the amount you are responsible for following a claim, it is not added to your policy at the following renewal. So if you were to have a single vehicle accident and the damage was 3,000, the insurer will pay 3,000 less your 500 excess so the total settlement figure is 2,500

Think it depends on your insurer. Liberty/Quinn loaded my policy by 300e as well as loosing my NCB when I had a third party claim of 2400 the previous year.

This year, the same claim resulted in a further loading of 230 even with the 1 years NCB from the previous year.

Richie_c

matt70iu wrote: »

Think it depends on your insurer. Liberty/Quinn loaded my policy by 300e as well as loosing my NCB when I had a third party claim of 2400 the previous year.

This year, the same claim resulted in a further loading of 230 even with the 1 years NCB from the previous year.

As I said "technically" there's no loading! If you were to ask them why the increase they will tell you its down to a rate increase as well as the loss of your NCB