Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Please note that it is not permitted to have referral links posted in your signature. Keep these links contained in the appropriate forum. Thank you.

https://www.boards.ie/discussion/2055940817/signature-rules
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Minor incident, Insurance or Cash?

  • 24-09-2012 11:19am
    #1
    dnme
    Registered Users, Registered Users 2 Posts: 3,429 ✭✭✭


    I drive a 98 Corolla, I insure it 3rd party F&T for about 240 a ear. I have full NCB.
    On Saturday, I hired a van and did the usual transfer of my own insurance onto the van for the day. Unfortunately, I hit a car, a 2003 Hyundai Elantra. I damaged the drivers headlight unit and front bumper. The owner seems sound and I think we can sort this out.

    What would you do here? Let him claim off my insurance or try to fix for cash. I have spent the morning trying to source parts but can't find any. I reckon we are going to have to get the parts from Hyundai. Would it be wise for me to buy he parts and then pay his mechanic to fit?

    Any advice greatly appreciated as always.


Comments

  • #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    It's basically up to the other driver and what they are happy to accept


  • #3
    CiniO
    Registered Users, Registered Users 2 Posts: 16,069 ✭✭✭✭CiniO


    Depends how much is the cost of fixing Hyundai be. And how much is your insurance premium rise in case you claim. F.e if you will loose full NCB and your premium will rise by 100% in next year, and you will need to collect NCB from the begining, it will come something like that.
    current premium = 240.
    Premium next year = 480. (NCB at 0%)
    Premium in 2 years = 432 (NCB at 10%)
    Premium in 3 years = 384 (NCB at 20%)
    Premium in 4 years = 336 (NCB at 30%)
    Premium in 5 years = 288 (NCB at 40%)
    Premium in 6 years = 240 (NCB at 50%).

    So total premium over next 6 years will come as 2160.
    If you didn't claim your premium would be 6x240 = 1440.

    Difference is 720.

    So if cost of fixing Hyundai is more than 720 it might be worth claiming, while if less, then is might not be worth it.

    Obviosly calculations are very simplified - there might be some addtional factors, but it's meant to show general look of it.

    PS - How did you manage to swap your insurance temporarily from a car to a van? I didn't know this was possible...


  • #4
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    CiniO wrote: »

    PS - How did you manage to swap your insurance temporarily from a car to a van? I didn't know this was possible...

    Just ring your insurance company and do it on the day.


  • #5
    CiniO
    Registered Users, Registered Users 2 Posts: 16,069 ✭✭✭✭CiniO


    Stheno wrote: »
    It's basically up to the other driver and what they are happy to accept

    Some people in this forum were saying, that other party might claim from insuance, and your (as person who caused accident) can refund insurance company on this claim, and therefore they will treat it like calim never existed.
    But that's only what I heard here on this forum, never confirmed it.


  • #6
    CiniO
    Registered Users, Registered Users 2 Posts: 16,069 ✭✭✭✭CiniO


    Stheno wrote: »
    Just ring your insurance company and do it on the day.

    I thought that private insurance on private car, was compeltely different than commercial insurance on a van. That's why I'm confused.


  • Advertisement
  • #7
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    CiniO wrote: »
    Some people in this forum were saying, that other party might claim from insuance, and your (as person who caused accident) can refund insurance company on this claim, and therefore they will treat it like calim never existed.
    But that's only what I heard here on this forum, never confirmed it.
    You can, I did it for a small claim a few years ago
    CiniO wrote: »
    I thought that private insurance on private car, was compeltely different than commercial insurance on a van. That's why I'm confused.

    Dunno, I rented a van for a day and transferred my insurance onto it.
    It's the same class driving licence so perhaps its the class of vehicle, and the fact it's for personal use?


Advertisement