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Car Crash, cover damages self or Insurance co?.

  • 25-09-2014 1:23pm
    #1
    LMK
    Registered Users, Registered Users 2 Posts: 228 ✭✭


    Hi,
    I've had a crash and I've done €3.5K damage to a 3rd partys car, I have a 3years no claim bonus (insurance cover costed €1K this year) my Q is how do I know if its financially better to pay the damages my self without getting the insurance co involved? or to get the insurance to pay and put up with increased premium?
    Can I just call my insurance to check this out with them?
    No personal injury damages ect I know the person involved and there will be no hassle in that regard.


Comments

  • #2
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    LMK wrote: »
    Hi,
    I've had a crash and I've done €3.5K damage to a 3rd partys car, I have a 3years no claim bonus (insurance cover costed €1K this year) my Q is how do I know if its financially better to pay the damages my self without getting the insurance co involved? or to get the insurance to pay and put up with increased premium?
    Can I just call my insurance to check this out with them?
    No personal injury damages ect I know the person involved and there will be no hassle in that regard.


    they wouldnt be able to tell you even if you called them. They have no way of knowing what a premium 6 months not to mind a few years down the line will look like.

    if you have no NCD protection then your insurance following the claim will shoot up. If you look at your last renewal you should be able to see how much of a discount you were getting for your no claims and as such should be able to then work out how much roughly it will set you back next year

    remember it will also set you back to a lesser extent in the folowing 4 years as you reach your max NCD.

    Long term with the excess added its likely that it will cost you more over the next 5 years by claiming than not given its a 3.5k


  • #3
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    Just approximate figures. If you are paying €1k with 3 yrs NCB, we will assume your Bonus is worth 30%. Therefore your base premium is €1,430. Assuming your company has no rate increases and you don't have any bonus protection, you can expect the following

    Next renewal €1,430
    Following year €1,285 (10% off)
    Subsequent year €1,144) (20% off)
    Year after that €1,000 (30% off)
    Year after that €858 (40% off)

    I would put it through insurance


  • #4
    LMK
    Registered Users, Registered Users 2 Posts: 228 ✭✭LMK


    Thanks Guys,
    conflicting views because of the unknowable, I'm getting a colleague at work to call a broker they know and deal with to give an opinion tomorrow so ope to get some further clarity from that

    UPDATE - oldyouth your opinion matches the feedback from the broker so I'll be putting this through the insurance. thanks again


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