Quick insurance related theory
26 August 2011, 08:48 PM
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Quick insurance related theory
Currently with Co-op insurance. Basically I was involved in a crash in feb where as my little Pug 106 was written off. Other parties insurers admitted liability and I was paid out for the value of the car.
Just sorting other expenses out now via the legal cover on my policy so the claim probably isn't toally closed yet. Now I looked at my policy documents last night and noticed that my insurers have me down as the party at fault for the accident (these documents date March this year).
So I rang up to query it. I was told this is statutory practise to have the worst case scenario down for the policy (i.e. my fault) until the claim is settled and closed.
So the accident was not my fauly and I reitterated this to them. They have sent a request of closure to another dept and this should hopefully see the record set straight. But this should surely mean a rebate on my insurance as it would be cheaper to insure my car with a non fault claim over a fault one.
Hypothetical figures here...
Say I was paying £50 a month for insurance after this accident (claim was 3 months into policy) and the accident was noted down as my fault until settled. But say as soon as the accident happened liability was confirmed and noted on my policy, my payments could have been far lower, say £35 a month. Now for 8-9 months worth of payments, we're talking a 3 figure sum owed here as well as an unfair 'at fault' claim on my policy.
Moley, can you help with this one bud? I'm concerned incase it isn't rectified in time for a renewal in December, possibly switching back to yourself
Oh and also losing 4 years NCD!
Just sorting other expenses out now via the legal cover on my policy so the claim probably isn't toally closed yet. Now I looked at my policy documents last night and noticed that my insurers have me down as the party at fault for the accident (these documents date March this year).
So I rang up to query it. I was told this is statutory practise to have the worst case scenario down for the policy (i.e. my fault) until the claim is settled and closed.
So the accident was not my fauly and I reitterated this to them. They have sent a request of closure to another dept and this should hopefully see the record set straight. But this should surely mean a rebate on my insurance as it would be cheaper to insure my car with a non fault claim over a fault one.
Hypothetical figures here...
Say I was paying £50 a month for insurance after this accident (claim was 3 months into policy) and the accident was noted down as my fault until settled. But say as soon as the accident happened liability was confirmed and noted on my policy, my payments could have been far lower, say £35 a month. Now for 8-9 months worth of payments, we're talking a 3 figure sum owed here as well as an unfair 'at fault' claim on my policy.
Moley, can you help with this one bud? I'm concerned incase it isn't rectified in time for a renewal in December, possibly switching back to yourself
Oh and also losing 4 years NCD!
27 August 2011, 08:59 PM
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Hey Andy,
Moley will no doubt be along (I'm with him too!), but thought I'd answer too because I spent 14 years, latterly as a Claims Team Leader, with, you guessed it, Co-op Insurance!
Yes, it's standard practice for the NCD to be disallowed after an accident, unless it's soemething very clear cut like a rear end shunt by the third party. Other than that, the NCD is allowed once Co-op have recovered the costs incurred in repairing your car, from the third party insurers.
You should get a refund of the increased premiums you have been paying post accident once it's sorted.
Andy
Moley will no doubt be along (I'm with him too!), but thought I'd answer too because I spent 14 years, latterly as a Claims Team Leader, with, you guessed it, Co-op Insurance!
Yes, it's standard practice for the NCD to be disallowed after an accident, unless it's soemething very clear cut like a rear end shunt by the third party. Other than that, the NCD is allowed once Co-op have recovered the costs incurred in repairing your car, from the third party insurers.
You should get a refund of the increased premiums you have been paying post accident once it's sorted.
Andy
28 August 2011, 07:46 PM
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Hi mate
Once the claim is closed and your NCB is re-instated they should give you a refund of any premium you have overpaid due to your NCB being stepped back.
Might be worth chasing them up, as they might not be in any hurry to close it off. A bit of a reminder sometimes helps.
Once the claim is closed and your NCB is re-instated they should give you a refund of any premium you have overpaid due to your NCB being stepped back.
Might be worth chasing them up, as they might not be in any hurry to close it off. A bit of a reminder sometimes helps.
30 August 2011, 09:58 PM
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Hello guys, just seen the replies.
Yeah I may call them tomorrow to double check this. I want it sorting before december 1st when my renewal comes in. I may be in a different car then so want my 5 years NCB!
Yeah I may call them tomorrow to double check this. I want it sorting before december 1st when my renewal comes in. I may be in a different car then so want my 5 years NCB!
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