How much would Insurance rise by?

[Veee-dubber]

Hi guys..

Wasn't sure if this needed to go in the insurance board or not but was hoping some of you that have experienced making claims on their own insurance would answer rather than the providers themselves so here it is..

I have a friend who drives a Mk2 Seat Leon Cupra which he has hit and made a right mess of; Now rather than claim of his insurance due to the perceived rise in insurance which he claims will be astronomical he has beaten some of the dents out to the best he can to make it roadworthy and left it as that..

I know it probably varies in each case but as a rule how much would the premium actually rise by in the event of making a claim?
I would say his car is a definite right off, the arches and quarter panels are all battered so it wouldn't be a case of replacing individual parts.

Just had me wondering as I have always had insurances for my phone(s), laptop, TV, House etc etc.. I have never made a claim but it made be think is it actually worth having some of the non compulsory policies.

thanks all :)

[JoeDarKa]

Depends on the insurance as i wouldnt expect there is a standard "raises by x amount for x accident"

[paulw123]

my daughter lost 1yrs no claims aged 20, no damage on hers, but claim on taxi drivers car, but at renewal she was a year older, and the premium actually went down slightly to our complete surprise...admiral multicar 4 cars on it.

[edd666999]

You will be surprised how little it effects price sometimes. Especially if his NCD Is protected

[Viking]

Protected no claims is a con. You keep your full no claims in the event of having to make a claim on your policy, but they put up your initial premium prior to allowing you the no claims discount.

Insurance is something I don't bother with, unless it's required for legal purposes (such as household insurance for the mortgage company, car insurance, etc.).  My mobile phone insurance is that I keep it in my pocket and never drop it.

[edd666999]

Protected no claims is a con. You keep your full no claims in the event of having to make a claim on your policy, but they put up your initial premium prior to allowing you the no claims discount.

Insurance is something I don't bother with, unless it's required for legal purposes (such as household insurance for the mortgage company, car insurance, etc.).  My mobile phone insurance is that I keep it in my pocket and never drop it.

I don't see how it's a con? It's a % discount on a policy. So losing that discount after an accident will only make the price higher.

[Viking]

Protected no claims is a con. You keep your full no claims in the event of having to make a claim on your policy, but they put up your initial premium prior to allowing you the no claims discount.

Insurance is something I don't bother with, unless it's required for legal purposes (such as household insurance for the mortgage company, car insurance, etc.).  My mobile phone insurance is that I keep it in my pocket and never drop it.

I don't see how it's a con? It's a % discount on a policy. So losing that discount after an accident will only make the price higher.

People protect their no claims in the belief that it protects their insurance cost. Not true. It protects the discount off any premium which is charged. Insurance companies are wise to this and sell you a policy for an extra amount which implies that in the event of a claim you won't lose your no claims discount. And they charge you for this privilege. Then if and when you need to make a claim they simply increase to base policy premium, and then apply the full no claims from that increased price. How many people have an accident and then come renewal time say "Hey, I have protected no claims, so why has my premium jumped?" and the answer is that there's more premium because you're a higher risk, and the discount is still the same as you paid extra to have it protected. Still costs more though.

Dumb it down.

Unprotected policy costs £500, with 60% no claims, total cost £200.

Protected policy costs £500, with 60% no claims. Plus £50 protection premium. Total cost £250

Have an accident and...

Unprotected policy costs £600 with 40% no claims, total cost £360.

Protected policy costs £600 with 60% no claims. Plus £50 protection premium. Total cost £290

So every year you don't have an accident you save £50, and it all adds up. If you DO have an accident then it only takes you 2 years you'd have broken even against having protected no claims discount.

Same as the current trend for 80% no claims discount. It's a higher premium with more discount. Ultimately, it all boils down to the actual amount of money you have to hand over to the insurers, and the marketing techniques they use are irrelevant really.