Carol Nash I

MAR.600

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Hi
Had a bump on my bike ktm 1090
Slow collision clipped the back end of a car into the side grass verge. Damage wise
Front head light cowl brackets damaged .
Wee scratches etc it's an 2018 plate .
They have claimed it a cat N damage .
They payed me a settlement figure for the bike.
My policy ends in August .
They have told me I need to start a new policy. Is this correct what they are saying
How does this effect my no claims 12yrs protected.
Any info would be great.
Cheers

M

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Usually if a vehicle is a full loss claim (write off or stolen etc) the policy is cancelled at point of payout. Regarding the protected no-claims I suspect you will need to read the policy small print to be sure.

Stu.
 
You could ask them to continue cover until policy expires, always worth an ask.

You'll have lost your no claims bonus.

Good luck anyway.

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Quite normal for a motor policy to be cancelled following total loss pay out. As you have protected no claims discount I'd expect this to be maintained (subject to the policy wording of your policy)

Bear in mind the premium pricing structure will normally include a "claims free" discount (in addition to NCD) which will reduce following claims, so expect a price increase.
 
You could ask them to continue cover until policy expires, always worth an ask.

You'll have lost your no claims bonus.

Good luck anyway.

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You sure?

When in discussions with my broker over my recent accident they suggested I'd lose 6 of the 9 years I currently have.

Luckily the other party have now accepted liability.
 
I went through this with my loss adjuster regarding a write off of mine, don't accept any pay out until they assure you that 1, they will offer you insurance again, You do not want a refusal on your insurance history, 2, stand by the continuation of your insurance.

If you have cashed the cheque you are too late, i have been through this and stood my ground, kept my no claims, kept my current insurance and assured there would be no refusal on next years renewal.

Ged
 
Insurance is a minefield. If the 3rd party have accepted liability you shouldn’t loose anything. I had a incident years ago while insured with CN. A object was deflected from the road and hit my engine causing €3000 worth of damage. CN payed out no problem. At Insurence renewal time my insurance jumped by 250% aprox. When I queried this in the light of my protected no claims bonus I was politely informed that I still had my ncb but I had been on a special discount which they were no longer offering me. €250 to €850. Luckily there are other operators out there that had no problem honoring the ncb. JJH
 
Even if you have protected No Claims Discount whether the accident is yours or a third parties fault your premiums can still go up as you are presumed by statisticians to be a greater risk to insure
 
Even if you have protected No Claims Discount whether the accident is yours or a third parties fault your premiums can still go up as you are presumed by statisticians to be a greater risk to insure

I’ve read that somewhere. Even if it was parked. Effing mad. JJH
 
Even if you have protected No Claims Discount whether the accident is yours or a third parties fault your premiums can still go up as you are presumed by statisticians to be a greater risk to insure

My experience here was that I retained my max no claims, but as a theft was recorded from my address my premium went up anyway....
 
Insurance is a minefield. If the 3rd party have accepted liability you shouldn’t loose anything. I had a incident years ago while insured with CN. A object was deflected from the road and hit my engine causing €3000 worth of damage. CN payed out no problem. At Insurence renewal time my insurance jumped by 250% aprox. When I queried this in the light of my protected no claims bonus I was politely informed that I still had my ncb but I had been on a special discount which they were no longer offering me. €250 to €850. Luckily there are other operators out there that had no problem honoring the ncb. JJH

A no claims bonus is a discount, most usually expressed as a percentage applied to a premium. For example, the numbers being for simple illustrative purposes only:

Premium EUR 100 less a 10% no claims bonus (EUR 10) gives a discounted premium of EUR 90

During the year you made a claim against your insurer for EUR 3000. That the cause of the damage was not your fault is irrelevant, you made a successful claim and were indemnified accordingly.

Come renewal, your insurer increased the premium from EUR 100 to EUR 500 and still applied the 10% discount as it was protected (EUR 50) giving a discounted premium of EUR 450.

You didn’t like it so you switched to another insurer. Job done.

Just be thankful that:

A. You were able to receive EUR 3,000 for your ‘it wasn’t my fault’ * claim, versus a premium of EUR 250

B. There was sufficient alternative choice in the Irish Motor insurance market to allow you to switch to another insurer at renewal


* It certainly wasn’t your insurer’s fault but they coughed up anyway
 
Quite normal for a motor policy to be cancelled following total loss pay out. As you have protected no claims discount I'd expect this to be maintained (subject to the policy wording of your policy)

Bear in mind the premium pricing structure will normally include a "claims free" discount (in addition to NCD) which will reduce following claims, so expect a price increase.

So you can still have a full NCD but the price increase is due to the premium increase because you're more of a risk.

See Wappings detailed explanation below.

A no claims bonus is a discount, most usually expressed as a percentage applied to a premium. For example, the numbers being for simple illustrative purposes only:

Premium EUR 100 less a 10% no claims bonus (EUR 10) gives a discounted premium of EUR 90

During the year you made a claim against your insurer for EUR 3000. That the cause of the damage was not your fault is irrelevant, you made a successful claim and were indemnified accordingly.

Come renewal, your insurer increased the premium from EUR 100 to EUR 500 and still applied the 10% discount as it was protected (EUR 50) giving a discounted premium of EUR 450.

You didn’t like it so you switched to another insurer. Job done.

Just be thankful that:

A. You were able to receive EUR 3,000 for your ‘it wasn’t my fault’ * claim, versus a premium of EUR 250

B. There was sufficient alternative choice in the Irish Motor insurance market to allow you to switch to another insurer at renewal


* It certainly wasn’t your insurer’s fault but they coughed up anyway
 
Insurers are taking the piss with premium increases imposed especially after a no fault incident, my wifes boss had her car parked outside her house when her 88 year old neighbour drove into it causing £2000 plus damage. In her case the neighbours insurer accepted full liablility and damage was paid out, she has protected no claims bonus discount yet come renewal time all the companies she tried all quoted an increased premium double that of last year because statisticaly she is now a greater risk to insure .
 
Or maybe the base premiums in her area, just went up? Or maybe her premium for the last year and for those proceeding it were just too low, as to be unsustainable?

Nah, feck it. It’s all a rip-off, as anyone who has ever had their bike stolen, dropped in a car park or ‘laid down’ whilst hooning with like minds, will tell you. No doubt our Irish corespondent thought that when he lumped his insurer with a EUR 3,000 bill against his annual premium of EUR 250? Yup, that rip off two fifty must have looked like feckin’ good value when he studied his trashed engine cases.
 


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