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Rosie8

Car is a write off-what happens to premium

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Hello,

 

I am completely clueless and dealing with other stressful situations on top of a collision a couple of days ago.

Other party's fault and my car is not worth fixing.

 

I was asked to send in photos of car for evaluation purposes.

Other party's insurance company offered to settle the case too.

 

What do i have to look out for?

I've read something about paying out premium.

I have no idea what that is and I don't have time to deal with this as there are other very urgent pressing matters in my life.

 

I was told something on the phone about my premium and no claims bonus not getting affected.

Also I will have to keep the car and have it fixed from write off money as I had a former damage to the car that never got fixed and I won't be paid enough now to buy a new car.

Help please!

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Rosie,

I'm sorry that you are having a hard time at the moment, which is all the more reason to record any telephone conversations you have on the matter, as you do not appear to remember was was said.

 

I suspect that you have been paying your insurance premium by monthly instalments, so your insurance company will require you to pay the remaining premium on settlement. This is normal as the risk has been taken by them from day one and they would be at a loss if you failed to continue the payments.

 

Unless you received an offer in writing from the third party insurer, your own company will expect to deal with the claim and in turn claim from the other party. The insurance company is entitled to value the vehicle as it was immediately before the incident that is being claimed for, so the evidence of the previous damage will devalue it. You should be able to negotiate a settlement which includes your retaining the salvage (assuming that it is merely cosmetic damage - Category D).

 

Your insurance company will deduct any unpaid premium and will continue to insure the vehicle but may require evidence of repairs completed, or reduce cover to third party risk.

 

The main thing is to record all future calls!

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My time as a Police Officer and subsequently time working within the Motor Trade gives me certain insights into the problems that consumers may encounter.

I have no legal qualifications.

If you have found my post helpful, please enhance my reputation by clicking on the Heart. Thank you

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I am adding some more info.

I will pay the last monthly direct debit on my policy tomorrow.

 

1.Is it better to settle with other party's insurer to avoid having a claim?

2.How much time do I have to make decisions?I made the claim on 21st.

3.Can I just send the photos to both parties and make a decision after their offer?

 

Thanks

 

Thank you for the reply Gick.

In the meantime I added more info.

I was sent a text message by the other insurance company and I called them after i made a claim.

 

My thinking is that maybe I could get somewhat more money from them to definitely cover the cost of fixing as I have no money.

 

Because it would be less costs for them settling directly with me.

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I think you will find that having already been in contact with your own company, they will register it as a claim. If the circumstances are such and the third party pay up as suggested by you in #1 it will be put down as a no blame claim and may not affect your NCB. BUT, this is a NO CLAIM BONUS, so theoretically and with some compnaies, practically, there could be a reduction even for a no blame claim.

 

You do not need to send the photographs to the third party company, instead quotations (2) for the repair from body workshop would be sufficient. They could even authorize a repair, but be aware that they might wish to have repairs done at their nominated workshop, or send an engineer to assess the damage.

Edited by Gick
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My time as a Police Officer and subsequently time working within the Motor Trade gives me certain insights into the problems that consumers may encounter.

I have no legal qualifications.

If you have found my post helpful, please enhance my reputation by clicking on the Heart. Thank you

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as you pay your insurance by monthy DD then you still have to continue paying the premium, even whne you dont have the car. Now part of the settlement with the other prty will be claiming your insurance premium costs back if you cannot transfer the policy to a new vehicle

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I've informed third party that I've already made the claim and they still went ahead and advised me what they would offer.

 

I think they said I would have some time to decide.

This could have passed.

The car is a write off, no fixing within the claim.

 

I will have to do that myself after I was paid.

 

as you pay your insurance by monthy DD then you still have to continue paying the premium, even whne you dont have the car. Now part of the settlement with the other prty will be claiming your insurance premium costs back if you cannot transfer the policy to a new vehicle

 

Thank you Ericsbrother.

I am getting to know the terms.

My policy is ending now.

I am paying the last DD and renewal due in June.

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