Reimburse insurer?

cork93

I was recently at fault in a minor accident which caused approx 1000 euro damage to a third party. My insurance company is going to pay out to the third party and I have the option to reimburse my insurance company in order to retain my full no claims bonus (4 years). Is this generally worthwhile for a claim of this size? Unfortunately I've no idea how much my base premium will be affected by a small claim. Also I have step back protection so even if I do not reimburse the claim I'll still have 2 years no claims bonus (will this stepped back NCD be valid with all insurers or am I locked in with my current insurer?).

Appreciate any advice!

jimmycrackcorm

You will still have to declare the claim regardless so you might as well keep the step back.

cork93

jimmycrackcorm wrote: »

You will still have to declare the claim regardless so you might as well keep the step back.

Absolutely but I still have a decision to make.

Option A: let my insurance cover the cost of all repairs which might be around 1500 including my own car. And hope the long term effect on my premiums will be less than 1500 given that I have NCB protection.

Option B: fork up the 1500 myself now in the hopes that the unaffected NCB (extra 20%) will be worth more than 1500 over the next 3-5 years.

GM228

There's a third element to consider also, if you do not reimburse not only will you have less of a NCD, but will also probably become subject to loading, it may not be much on a €1500 claim, but nevertheless there will be something added to the base premium.

mik_da_man

What was your premium before the NCD last year?
Could you not use that to get a rough stab at the figures involved...

Sono

You also have to consider you may reimburse the insurance company and subsequently a personal injury claim comes in against you(they have 2 years from date of accident to pursue this) which makes your reimbursement pointless and you’re going to be affected anyway. When was the accident?