Just got into accident. Should I claim insurance?

[Somebody]

Situation:

 

I reversed into a car today. Both my bumper is damaged. His is cracked, and his is a new car under warranty so he wishes to go back to his authorised dealer for fixing. I estimate it to cost around 3-4k at least as it is a conti car.

 

Current insurance

$3,800/yr 0% NCD because I just started having insurance tagged to my name been driving without accident for 12yrs.

 

Scenario 1: I pay out of pocket

$4000 (replacement of his bumper)

$100 ( cheap repair of my bumper)

 

Scenario 2: claim insurance

$4000 (replacement of his bumper)

$2000 ( replacement of my bumper)

 

I don't mind claiming insurance coz I don't lose ncd anyway. But I have the following questions

 

1) will my insurance cover the repair of my bumper if it is found to be my fault?

2) will they load and make my insurance more expensive since they got no NCD to take away?

 

Please advice! Thank you thank you!

[Yeshe]

Situation:

 

I reversed into a car today. Both my bumper is damaged. His is cracked, and his is a new car under warranty so he wishes to go back to his authorised dealer for fixing. I estimate it to cost around 3-4k at least as it is a conti car.

 

Current insurance

$3,800/yr 0% NCD because I just started having insurance tagged to my name been driving without accident for 12yrs.

 

Scenario 1: I pay out of pocket

$4000 (replacement of his bumper)

$100 ( cheap repair of my bumper)

 

Scenario 2: claim insurance

$4000 (replacement of his bumper)

$2000 ( replacement of my bumper)

 

I don't mind claiming insurance coz I don't lose ncd anyway. But I have the following questions

 

1) will my insurance cover the repair of my bumper if it is found to be my fault?

2) will they load and make my insurance more expensive since they got no NCD to take away?

 

Please advice! Thank you thank you!

 

since 0% NCD, then just claim insurance.

your insurance will cover your repairs as long as its under comprehensive and if u use their appointed workshops.

your next insurance premium might have some loading

[Blackyv]

Just curious, what ride you drive? With 12yrs driving experience mean your age above 30yrs, even with 0ncd, $3800/yr premium is very high..... If you claim insurance, next yr premium will shoot thru the roof... Prepare $5k range....

[Optramagnum]

Just claim own insurance and pay the excess. That's y we bought insurance in the first place right? Of cos, you may face problem renewing next year. Need to hop company. Next premium shouldn't be as much as 6k, which is your estimated repair cost.

Edited March 18, 2014 by Optramagnum

[Hamburger]

I don't mind claiming insurance coz I don't lose ncd anyway. But I have the following questions

 

1) will my insurance cover the repair of my bumper if it is found to be my fault?

2) will they load and make my insurance more expensive since they got no NCD to take away?

 

Please advice! Thank you thank you!

 

for someone who has driven for 12 yrs, i am rather surprise you ask those question.

 

no offence intended.

[Somebody]

Hamburger: Haha! No offense taken. Just that I've never claimed or been claimed against.

 

For those of you who are suggesting just to claim, mind sharing what's the loading you've heard of before? Thanks!

[Ronleo]

Hamburger: Haha! No offense taken. Just that I've never claimed or been claimed against.

 

For those of you who are suggesting just to claim, mind sharing what's the loading you've heard of before? Thanks!

My advice to u is to juz claim insurance. Because AD will not juz change bumper. At the same time, will check here, check there and add a few more items.

 

FYI, a 6-7yo Cefiro went back to AD for bumper change, juz bumper alone is $1800! Total bill add up to be close to $3k.

 

My job actually requires me to know abt all these GI stuff and my estimation for your next renewal would increase from $3800 to ard $4800-$5500, but there are always other insurer to get quotes from.

 

Even if u stick with current insurer for renewal, it's still much cheaper than doing private settlement.

[Topspin]

If you plan to claim insurance, you need to make a police report within 24 hours. Assuming you did not proceed with a private settlement and the other party decide to claim third party through their own insurance with a police report, you will later be queried why you did not make a police report. Not reporting is sometimes viewed as an admission of fault and your own insurance MAY (I emphasize MAY!) decide not to cover you. You best call up your insurance to seek their advice. Calling them for advice is ok, there is no obligation to proceed with an insurance claim by just calling them for advice.

[Somebody]

What if I really think it's my fault?

[Sosaria]

I don't think police will entertain non-injury accident reports. If TS wants to claim, should report the accident to his insurance company first within 24 hr. Claiming can be done later if still wish to proceed.

[Vega]

share with you my personal experience which happened almost 10 yrs ago.

my wife crashed into my neighbor's car while doing parking. both my ride and my neighbor's total repair cost is about $15K.

I have 30% NCD that time and my insurance is about $1.5K. I go ahead to claim insurance.

I loss all my NCD but surprisingly, my next yr insurance is only $1.6k with the same insurance coy.

 

hope this apply to your case if you decided to claim.

[Hamburger]

Hamburger: Haha! No offense taken. Just that I've never claimed or been claimed against.

 

For those of you who are suggesting just to claim, mind sharing what's the loading you've heard of before? Thanks!

 

you are lucky and safe driver then that you need not go through this ordeal.

 

i will do away with the technical stuff and advice on this:

 

go to your appointed workshop and ask them to file a report and let them write. And also to fix up your own damage.

 

As for the third party, the workshop would settle it on your behalf. Its that simple.

 

Depending on loading, possibly 1.5 or 2X your present premiums.

 

suggest you transfer to your wife if car is without loan.

[Dafansu]

If you plan to claim insurance, you need to make a police report within 24 hours. Assuming you did not proceed with a private settlement and the other party decide to claim third party through their own insurance with a police report, you will later be queried why you did not make a police report. Not reporting is sometimes viewed as an admission of fault and your own insurance MAY (I emphasize MAY!) decide not to cover you. You best call up your insurance to seek their advice. Calling them for advice is ok, there is no obligation to proceed with an insurance claim by just calling them for advice.

No Police report is need

[Darryn]

I'd be curious about the loading.

 

Let's work in round figures to make it easier.

 

Say my insurance is $2k.

 

I get a loading after an accident to $3k

 

a) How long does that "loading" stay?

 

If my insurance is going to be $3k a year from then onwards (let's not worry about annual increase for the sake of simplicity) then my actual cost is

 

$3,000 - $2,000 + ($2,000 * 10%) [ the NCD I would otherwise have got]

+

($3,000 * 0.9) - ($2,000 * 80 %) [the difference in my second year insurance - what I would otherwise have paid]

+

($3,000 * 0.8) - ($2,000 * 0.7)

 

+

($3,000 * 0.7) - ($2,000 * 0.6)

 

+

($3,000 * 0.6) - ($2,000 * 0.5)

 

For a total cost of $5,000 (if my mental arithmetic is correct)

 

 

Let my just add - jumping to conclusions -

 

When I hear "driving 12 years but first time insurance in my name" I jump to the conclusion that you have had a license for a long time, but just now purchase car.

 

If insurance agent jump to the same conclusion - you may kenna bad insurance rates.

 

 

 

 

[Jman888]

Let my just add - jumping to conclusions -

 

When I hear "driving 12 years but first time insurance in my name" I jump to the conclusion that you have had a license for a long time, but just now purchase car.

 

If insurance agent jump to the same conclusion - you may kenna bad insurance rates.

 

 

 

Driving for 12 years without insurance in his name could be he has been driving family car (under father's name) for this while.

[Vinceng]

Just claim insurance. That's what insurance is for. Your NCD is 0% anyway.

 

But what I find weird is that even with a claim free record, with an additional 10% NCD annually, the insurance payable is still the same amount.

[Somebody]

Been driving using a car registered under my dad's name for the past 11yrs. That's why... Damn sian...

 

No ncd no problem. Only scared how much they load.

[Darryn]

Driving for 12 years without insurance in his name could be he has been driving family car (under father's name) for this while.

 

Could be a lot of things - that's why I say "jump to conclusion"