Insurance question

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Bevii3
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Drives: Polo BlueGT
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Insurance question

Post by Bevii3 » Fri Sep 22, 2017 11:28 pm

I was in an accident which was my fault, not going into too much detail but all you need to know was i wasnt going more then 15-20mph. A fair amount of damage was caused still and the repair costs of both cars added together came to about 9k. I have protected no claims and im aware my premiums are going to go sky high no matter what. but the question i have is will the repair costs be considered when it comes to my renewal? or is it just the fact ive had a fault accident? thanks

SRGTD
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Re: Insurance question

Post by SRGTD » Sat Sep 23, 2017 6:37 am

Sorry to hear about your accident, but these things do happen. Hopefully you, and anyone else in the vehicles involved were not injured.

Its a difficult one to comment on as each insurer is different, so there won’t be a common market-wide renewal calculation process that all insurers use. However, it’s unlikely that your specific repair costs will be considered when your insurer calculates your renewal premium; an Insurers renewal calculation process is more likely to look at the number of claims and whether or not they were fault or non-fault claims, rather than the cost of the claims that an individual policyholder has had.

I suspect the majority of insurers will consider claims costs at a total level when they’re undertaking ongoing monitorig of the profitability of their motor insurance account - i,e, the total claims costs for all customers at an overall portfolio level. If the total claims costs are more then an insurer has projected they’ll be for them to make a profit, then they may apply a small premium increase to all customers to get the account back into profit.

Hope your claim gets sorted quickly, if it hasn’t been already.

Ricmondo
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Re: Insurance question

Post by Ricmondo » Sat Sep 23, 2017 8:35 am

A very comprehensive and accurate reply.

One accident should not make your premiums go sky high, unless of course they already are.

Expect some increase but don’t loose any sleep about it. A one off should not be prohibitive, if it is shop around although it might be best to hang on until renewal time.

The bright side is that all those texts and calls you get about “your accident” will not be entirely spurious.

Bevii3
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Drives: Polo BlueGT
Location: UK

Re: Insurance question

Post by Bevii3 » Sat Sep 23, 2017 12:53 pm

Thanks guys, very helpful information and I really appreciate it. Nobody was injured thankfully (only I was involved) won't be seeing my car till the beginning of next month some time. unfortunately I do have a non fault claim form like 3 years ago where someone ran a red light and smashed into the side of me but that was dealt with by the other persons insurance. End of the day this time it was my fault and im prepared to take the consequences. Thanks again guys.

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