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To claim or not?

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  • 26-04-2018 3:43pm
    #1
    sid40
    Registered Users Posts: 70 ✭✭


    Parents had accident with car, 08 golf, no-one else involved, no one hurt!
    Reported it to insurers, they have had it assessed and deemed it a write off as in not worth repairing. Assessor values car at approx €5500. Excess of €500 on policy. Question is, parents are elderly (late 80's and early 90's). How will this effect their premium and their ability to get insurance? 9 years + no claims bonus. Should they not put it through the insurance at all?

    Views appreciated.


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    #2
    2Mad2BeMad
    Registered Users Posts: 2,790 ✭✭✭2Mad2BeMad


    at their age, and if they want to continue driving while having decent insurance (we all know insurance companies are ageist) they should not claim.


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    #3
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    2Mad2BeMad wrote: »
    at their age, and if they want to continue driving while having decent insurance (we all know insurance companies are ageist) they should not claim.

    Why?


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    #4
    coylemj
    Registered Users Posts: 25,361 ✭✭✭✭coylemj


    At their age they won't be able to get a quote from an alternative insurer, regardless of claims history. Which means they are stuck with their current insurer, who is aware of the crash, whether it leads to a clam or not. I'd say they might as well claim the 5K and be done with it. Do they have any level of no-claims protection?


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    #5
    pearcider
    Registered Users Posts: 1,033 ✭✭✭pearcider


    I would advise against claiming too. They will hammer them on renewal. 10 year old car not worth it.


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    #6
    2Mad2BeMad
    Registered Users Posts: 2,790 ✭✭✭2Mad2BeMad


    Business Cat wrote: »
    Why?

    Cause their premium will be sky high specially taking there age into account which could of been the cause of the crash. Why....


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    #7
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    2Mad2BeMad wrote: »
    Cause their premium will be sky high specially taking there age into account which could of been the cause of the crash. Why....

    How do you know it will skyrocket?

    Answer is, you don't. You are basing your opinion presented as fact on the square root of zero.


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    #8
    ravima
    Registered Users Posts: 848 ✭✭✭ravima


    If they do not have protected NCB, then the NCB is lost, so premium doubles next renewal (from 50% to 0%) . If they have protected NCB, then you need to see what level of protection they have and do the sums


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    #9
    2Mad2BeMad
    Registered Users Posts: 2,790 ✭✭✭2Mad2BeMad


    Business Cat wrote: »
    How do you know it will skyrocket?

    Answer is, you don't. You are basing your opinion presented as fact on the square root of zero.

    You must be old. Calm down you'll have a heart attack. It's a fact. Simple. Continue to live in lala land.


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    #10
    grogi
    Registered Users Posts: 8,615 ✭✭✭grogi


    ravima wrote: »
    If they do not have protected NCB, then the NCB is lost, so premium doubles next renewal (from 50% to 0%) . If they have protected NCB, then you need to see what level of protection they have and do the sums

    The premium is calculated in a complex way.

    Firstly, the base premium is calculated. It takes into account various things, such as claim history, current NCB, age, address, vehicle etc. Then the NCB is applied to the above.

    So even when the NCB is preserved, there is a high probability that the base premium increases and the quote to paid as well.


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    #11
    askU
    Registered Users Posts: 466 ✭✭askU


    What category of write off is it?


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    #12
    coylemj
    Registered Users Posts: 25,361 ✭✭✭✭coylemj


    askU wrote: »
    What category of write off is it?

    That's of no interest to the OP's parents, their insurer has said the car is not worth repairing.


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    #13
    mickdw
    Registered Users Posts: 23,292 ✭✭✭✭mickdw


    It can be of interest. Even if it's deemed uneconomical from the insurers point of view, it's quite possible that a 10 year old golf could be repaired for less than 1000 euro using second hand parts etc. I'm making the assumption that there was no major speed involved to do serious damage.
    So if they decided not to claim, the hit to repair might not be quite as bad as it would appear.
    On the other hand, if it was written off as a breaker only, well the option to repair is not there at all.


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    #14
    TomOnBoard
    Registered Users Posts: 5,109 ✭✭✭TomOnBoard


    sid40 wrote: »
    Parents had accident with car, 08 golf, no-one else involved, no one hurt!
    Reported it to insurers, they have had it assessed and deemed it a write off as in not worth repairing. Assessor values car at approx €5500. Excess of €500 on policy. Question is, parents are elderly (late 80's and early 90's). How will this effect their premium and their ability to get insurance? 9 years + no claims bonus. Should they not put it through the insurance at all?

    Views appreciated.

    Much depends on how much their policy is costing now. If it is costing say 600 now, then loss of ncb is 600 a year. However, if it's costing 2,000 now, then the loss of ncb is much more of an issue.

    Other than loss of ncb, I don't see the insurer being able to massively increase premiums. Clearly its a small loss in insurance terms and there is no 3rd party exposure.


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    #15
    TomOnBoard
    Registered Users Posts: 5,109 ✭✭✭TomOnBoard


    mickdw wrote: »
    It can be of interest. Even if it's deemed uneconomical from the insurers point of view, it's quite possible that a 10 year old golf could be repaired for less than 1000 euro using second hand parts etc. I'm making the assumption that there was no major speed involved to do serious damage.
    So if they decided not to claim, the hit to repair might not be quite as bad as it would appear.
    On the other hand, if it was written off as a breaker only, well the option to repair is not there at all.

    Good points.


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    #16
    yer man!
    Registered Users Posts: 1,648 ✭✭✭yer man!


    I was involved in a collision in my 2008 Golf a few years ago. Door was damaged and the front left wing was fecked. Insurance assessed that it would cost about €2500 to fix and my premium would jump up massively. Decided to fix it myself with a local indie garage and he did it for €600, looked perfect. As one of the posters here mentioned just because the insurance company has deemed it a write off it could actually be easy enough to repair.


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    #17
    coylemj
    Registered Users Posts: 25,361 ✭✭✭✭coylemj


    mickdw wrote: »
    It can be of interest. Even if it's deemed uneconomical from the insurers point of view, it's quite possible that a 10 year old golf could be repaired for less than 1000 euro using second hand parts etc.

    All fine if you're in the trade and can take it on board as a restoration job using spare labour and parts bought via the trade but the ordinary guy would be mad to risk it. You could spend hundreds of euros and then discover that the damage is worse than originally estimated.

    And how much will you get for a 10 year old Golf that was written off by the insurance company?


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    #18
    Marcusm
    Registered Users Posts: 10,222 ✭✭✭✭Marcusm


    grogi wrote: »
    The premium is calculated in a complex way.

    Firstly, the base premium is calculated. It takes into account various things, such as claim history, current NCB, age, address, vehicle etc. Then the NCB is applied to the above.

    So even when the NCB is preserved, there is a high probability that the base premium increases and the quote to paid as well.

    This is the important point; they have notified the insurer of the accident and irrespective of the claim, they are entitled to use that information to set next year’s premium. Failing to claim may not lead to substantial savings depending on the insurer’s view of the cause of the accident.


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    #19
    Mikenesson
    Closed Accounts Posts: 318 ✭✭Mikenesson


    Marcusm wrote: »
    This is the important point; they have notified the insurer of the accident and irrespective of the claim, they are entitled to use that information to set next year’s premium. Failing to claim may not lead to substantial savings depending on the insurer’s view of the cause of the accident.

    There seems to be conflicting opinions on this?

    I've been told a number of times here that if there's no claim involved the premium wont be affected.

    I reported a minor accident and there was no claims involved ,I don't know where I stand with this at renewal


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    #20
    mickdw
    Registered Users Posts: 23,292 ✭✭✭✭mickdw


    coylemj wrote: »
    mickdw wrote: »
    It can be of interest. Even if it's deemed uneconomical from the insurers point of view, it's quite possible that a 10 year old golf could be repaired for less than 1000 euro using second hand parts etc.

    All fine if you're in the trade and can take it on board as a restoration job using spare labour and parts bought via the trade but the ordinary guy would be mad to risk it. You could spend hundreds of euros and then discover that the damage is worse than originally estimated.

    And how much will you get for a 10 year old Golf that was written off by the insurance company?
    The point was that claiming may mess up the elderly parents driving future. My idea is that the car could likely be repaired quite cheaply allowing the parents to continue driving. The value of the repaired car is not really a consideration if they were to be keeping it.


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    #21
    Fanny Wank
    Registered Users Posts: 1,288 ✭✭✭Fanny Wank


    I have never seen or heard of an insurer using accidents where no claim arose as a rating factor
    2Mad2BeMad wrote: »
    we all know insurance companies are ageist

    Really? How do "we all" know that?


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    #22
    thebiglad
    Registered Users Posts: 1,575 ✭✭✭thebiglad


    Fanny **** wrote: »
    I have never seen or heard of an insurer using accidents where no claim arose as a rating factor



    Really? How do "we all" know that?

    I look after my 80+ year old mother in law's motor insurance - every year I try to get a range of quotes to get the cost down but there are very few insurers who will provide a quote.

    Not saying they are ageist but they certainly view age as an adverse rating factor.


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    #23
    Fanny Wank
    Registered Users Posts: 1,288 ✭✭✭Fanny Wank


    thebiglad wrote: »

    Not saying they are ageist but they certainly view age as an adverse rating factor.

    They view age as a rating factor. The age rates will be different for different ages based on the insurer's observed experience. Younger and older drivers have worse experience

    Similarly pre gender directive gender was a rating factor. Did that make insurers sexist?


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