How long should it take to settle a motor insurance claim?

[skot4th]

I was involved in an RTC back at the start of December last year.

 

The third party was clearly at fault as he contravined a giveway sign. He has admitted liability and my insurance has payed out on my car, however his insurance aren't paying my insurance company back, therefore my company are refusing to honour my NCB of 5 years for my renewal due on the 17th and instead are only giving me 2 years until his insurance pay out.

 

What is the timeframe for the claim to be resolved? Is there an industry agreed SLA when the third party is at fault?

[rebel11]

Hi sk

 

Welcome to CAG

The guys will advise as soon as they are available.

[Mwynci]

No such thing as industry standards when it comes to insurance, everybody works at their own pace.

Not much action will happen until the request for payments go out, until then the actionis not serious, from there the insurer will ususally do one or two chasers then pass it off to solicitors.

Some companies have backlogs of works going back months, if your's or the third party insurer are one of these, then this is going to cause issues. You also have the issue of the other third party being involved, there is nothing to govern when they decide to get their paper work into their insurer.

If you have been injured, then there are timescales to try to resolve, but these fall flat in most places.

 

I'd just keep the pressure on.

 

 

 

Regarding your NCB, they are fully entitled to retain this until they make a recovery, you shoul be then eligable to get a refund from any extra premium you have paid as a result of reducing the NCB (you have to be aware of possible market increases, other risk factor increases). If you change insurer, make them aware of this prior to going into the policy.