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Insurance implications after a claim

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  • 25-03-2020 2:50pm
    #1
    kig
    Registered Users Posts: 263 ✭✭


    My daughter who is a named driver on my wife's policy (but not on mine) had a small accident. This will affect my wife's insurance, as the insurance company has been notified, but if we don't claim, does it still affect her renewals in future (she only has a step-back NCD protection. And my wife is a named driver on my policy, will this affect my renewal next year. Does anybody know, it's such a minefield to try to evaluate the implications?


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    #2
    Eggs For Dinner
    Registered Users Posts: 2,945 ✭✭✭Eggs For Dinner


    Not enough information there to advise. Is it damage to your car only? Is there another party, injury etc??


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    #3
    kig
    Registered Users Posts: 263 ✭✭kig


    There is a third party involved, and she is assessing whether to pay for the repairs or go through insurance. but i'm really looking for whether anyone knows how the various scenarios affect my wife's and/or my insurance in the future.


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    #4
    jinkybhoy
    Registered Users Posts: 692 ✭✭✭jinkybhoy


    Really depends - If someone else involved there may be a chance of personal injuries down the line. Might be worth letting the insurer pay for all damages and then you can pay them back down the line if it is a small amount.

    Depending on the company - wife would lose up to 4 years of her bonus.

    It's hard to say witout knowing the amounts involved.


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    #5
    El Gato De Negocios
    Registered Users Posts: 6,704 ✭✭✭El Gato De Negocios


    kig wrote: »
    My daughter who is a named driver on my wife's policy (but not on mine) had a small accident. This will affect my wife's insurance, as the insurance company has been notified, but if we don't claim, does it still affect her renewals in future (she only has a step-back NCD protection. And my wife is a named driver on my policy, will this affect my renewal next year. Does anybody know, it's such a minefield to try to evaluate the implications?

    If no formal claim is made through your wifes insurance then it will not effect her policy going forward. If a claim is made then she will lose some of her bonus. If your daughter is under 25 then there may also be a higher excess as some insurers apply higher excesses for "young drivers". Best advice I can give is let her insurer handle it. I'd be very wary of paying for damages out of your own pocket as the other part has up to 2 years to lodge a personal injury claim. If the claim is small then let the insurer handle the settlement and you can then reimburse them for their outlay which will essentially mean the claim is stricken from the record and will have no effect on your wifes bonus.


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    #6
    Del2005
    Registered Users Posts: 18,915 ✭✭✭✭Del2005


    kig wrote: »
    There is a third party involved, and she is assessing whether to pay for the repairs or go through insurance. but i'm really looking for whether anyone knows how the various scenarios affect my wife's and/or my insurance in the future.

    Insurance ask if anyone on the policy has any claims in the last x years so you'll have to tell when you renew if she's on your policy, your wife and daughter will have tell when they renew or if your daughter looks for a policy of her own.

    FYI When the other party comes back with their quote you only have 2 options pay them or go through insurance, you can't dictate where the work is done or by whom(they don't even have to repair the car).


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    #7
    galwaytt
    Registered Users Posts: 12,761 ✭✭✭✭galwaytt


    kig wrote: »
    My daughter who is a named driver on my wife's policy (but not on mine) had a small accident. This will affect my wife's insurance, as the insurance company has been notified, but if we don't claim, does it still affect her renewals in future (she only has a step-back NCD protection. And my wife is a named driver on my policy, will this affect my renewal next year. Does anybody know, it's such a minefield to try to evaluate the implications?

    We had this almost exact incident last year, and renewed just last week. Again a tiny, tiny car park thing.

    First off, notifying the company of an incident is not an issue. If you settle it privately, you get a receipt stating the claim has been settled in full (from the other Party), and send that to your Ins Co to close out the file.

    As it happens we did that, and when the renewal came out, the incident was listed as 'open', I emailed them that there was no claim, and it needs removing from the record: which they promptly did and the new NCB came out as intact.

    Going forward your NCB is not affected.

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



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    #8
    Del2005
    Registered Users Posts: 18,915 ✭✭✭✭Del2005


    galwaytt wrote: »
    We had this almost exact incident last year, and renewed just last week. Again a tiny, tiny car park thing.

    First off, notifying the company of an incident is not an issue. If you settle it privately, you get a receipt stating the claim has been settled in full (from the other Party), and send that to your Ins Co to close out the file.

    As it happens we did that, and when the renewal came out, the incident was listed as 'open', I emailed them that there was no claim, and it needs removing from the record: which they promptly did and the new NCB came out as intact.

    Going forward your NCB is not affected.

    It will affect your premium though, you've reported a RTC so you are now a higher risk.


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    #9
    Eggs For Dinner
    Registered Users Posts: 2,945 ✭✭✭Eggs For Dinner


    Del2005 wrote: »
    It will affect your premium though, you've reported a RTC so you are now a higher risk.

    Bollocks


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    #10
    con747
    Registered Users Posts: 5,903 ✭✭✭con747


    Statutory Ape wrote: »
    If no formal claim is made through your wifes insurance then it will not effect her policy going forward. If a claim is made then she will lose some of her bonus. If your daughter is under 25 then there may also be a higher excess as some insurers apply higher excesses for "young drivers". Best advice I can give is let her insurer handle it. I'd be very wary of paying for damages out of your own pocket as the other part has up to 2 years to lodge a personal injury claim. If the claim is small then let the insurer handle the settlement and you can then reimburse them for their outlay which will essentially mean the claim is stricken from the record and will have no effect on your wifes bonus.

    A person has two years less one day from the date of knowledge to bring a claim forward. So it is possible to lodge a claim beyond 2 years.

    Don't expect anything from life, just be grateful to be alive.



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    #11
    Del2005
    Registered Users Posts: 18,915 ✭✭✭✭Del2005


    Eggs For Dinner wrote: »
    Bollocks

    Do you honestly think that telling your insurance company that you crashed has no impact on your risk and therefore your premium?


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    #12
    Jayzee.
    Closed Accounts Posts: 63 ✭✭Jayzee.


    A related question if you dont mind

    If a young named driver has an accident, is the main policyholder affected the same way as if he had the accident himself or how do they work it

    Let's say the named driver driver later came off the policy, is the car owner still seen as an increased risk when renewing?


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    #13
    Eggs For Dinner
    Registered Users Posts: 2,945 ✭✭✭Eggs For Dinner


    Del2005 wrote: »
    Do you honestly think that telling your insurance company that you crashed has no impact on your risk and therefore your premium?

    You never said that you crashed, you said reported a RTC (road traffic collision)


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    #14
    Eggs For Dinner
    Registered Users Posts: 2,945 ✭✭✭Eggs For Dinner


    Jayzee. wrote: »
    A related question if you dont mind

    If a young named driver has an accident, is the main policyholder affected the same way as if he had the accident himself or how do they work it

    Let's say the named driver driver later came off the policy, is the car owner still seen as an increased risk when renewing?

    The policyholder is the person who has the claim, the named driver is the one who had the accident. Both are likely to be similarly affected, insurance wise


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    #15
    El Gato De Negocios
    Registered Users Posts: 6,704 ✭✭✭El Gato De Negocios


    Del2005 wrote: »
    Do you honestly think that telling your insurance company that you crashed has no impact on your risk and therefore your premium?

    Yes. Insurers do not have the capacity to review every single policy they have that have claims on them. The vast majority of insurance renewals are calculated automatically by inbuilt system rules, from personal experience in a mid level underwriter, approx 10% of policies are manually reviewed, at least 50% of those were reviewed for non claims related issues such as vehicle type, multiple permanent transfers, suspicious activity, suspicion of fronting etc.


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