To claim or not to claim. That is the question drivers face when their car takes a knock from another vehicle. Whether it’s sensible to suffer the slings and arrows of outrageous insurance premiums the following year or pay up from your own pocket and lack cash in the short term. Let’s look at the facts.
How is a claim going to affect my premium?
When you suffer thousands of pounds worth of damage or a complete loss of your vehicle – the decision is straightforward. It’s exactly the kind of scenario your insurance is there to help with.
But with lower value damages, it can be a dilemma deciding whether to make a claim. Consider the long-term impact on your insurance premium before you decide to make a claim. If you can fund the repairs yourself, it may save a hefty amount of cash over the coming years.
Here’s a simple example of how claiming for incidents might increase your insurance premium.
| Incident reported to insurer | Additional cost over 3 years | % increase over 3 years |
| Policyholder collides with another vehicle | £600 | 22% |
| Policyholder collides with their own property (wall, garage or similar) | £520 | 20% |
| Personal belongings stolen from car | £510 | 18% |
| Parked car is damage by untraceable third party | £380 | 12% |
| Other driver collides with policyholders car | £150 | 5% |
No Claims Discount
Use your insurance documents to work out how much your no claims discount is benefitting you. If you make a claim, then this discount has to be earned back and often can’t be recovered at all because there is a serious claim noted on your insurance history.
Of course, after a number of years you can opt to protect your no claims bonus for a fee. This is a worthy investment. If you make a claim, then your no claims bonus is not affected and will maintain its value to your insurer and other major insurers. Always protect your no claims if you are offered that option.
Hassle, fuss and palava
One good reason many drivers choose to avoid making a claim is that – it’s a drag! The phonecalls, paperwork and appointments can take weeks to resolve your issue and can be a massive pain in your attached jpeg. If you prefer a quick and simple solution and can afford it, paying for repairs that won’t break the bank is a good call.
Do I have to tell my insurer about my accident?
Car insurers expect to be notified of any accidents and incidents that could lead to a claim. The short and skinny is this: you need to tell your insurer, even if you don’t intend to make a claim. Failing to do so could invalidate your insurance for future claims.
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