What's the finanical impact of no claim, accident reported for "information only"?

[nightkid]

Hi All

I'm was recently involved in an accident which the third party crashed into my car in a car park. 

The third party admitted liability and I have our conversation in social media to reinforced this fact. 

Having looked at the "damage" to my car the next day I found it’s barely a scratch and that I can easily T-Cut any visual imperfection. 

 

As per my knowledge, I called the insurance and informed them of the situation and it’s for “information only” as no claim is necessary.

The insurance said there was no need for me to call them unless I was claiming but since I called they would note it down in my records which I now need to declare for any future insurance I buy. Ultimately I don’t think I can even claim for the damage even if I wanted to as it’s too superficial.

 

The third party is happy to pay for the damage directly but other that my time and some T-cut,

do I need to factor in a possibility of my insurance cost going up next renewal?

Would it go up as I have reported it?

If so, how to I even calculate that if I’m not claiming?

 

In this situation feels like I getting financially penalised for doing the right thing and not at fault.

In theory the third party doesn’t have to declare to their insurance,

therefore no impact to their future premium.

 

Thanks you any advice in advance.

 

[unclebulgaria67]

No point in suing third party for possible insurance increase, as you cannot quantify this yet and you are expected to mitigate against such losses, by for example shopping around for cheaper Insurance. People have tried suing for losses suffered such as premium increases and have lost. It is more complicated than you would think it should be.

 

Best thing to do in this situation, is either forget about it or get a quote for repair and ask the third party to pay for this. 

[ericsbrother]

the insurer will hike your premium because they use an algorithm for their computer that decides that your driving style is somehow to blame for other people's errors so they will decide that you must have parked in an awkward way or too near the road or on the wrong kind of tarmac etc.

What has the other party offered to pay? they certainly arent going to tell their insurers and if you take the car in for a quote it will be for £1200 for the replacement of some structural component that couldnt possibly get damaged so you have some leverage on the other party to reach a deal at around £100

[nightkid]

Well I got lucky in this case that the other party had moral integrity. I had a quote from a local body repair shop, send the quotation and other party pay me without any question on the same day. It could have gone a lot worst. Still I have no idea how this would impact my insurance premium next time so I can only hope this payment will cover this on-cost.

Edited February 11, 2020 by nightkid