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Pay insurance claim?

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  • 11-04-2008 3:52pm
    #1
    jimmay
    Registered Users Posts: 534 ✭✭✭


    I had a minor accident a few weeks back. The person I ran into put in a claim against me including a personal injury claim of whiplash. My insurance company has already settled the claim but I have been given the option to pay the €2700 compensation back to the company and retain my no claims bonus otherwise I will lose my 3 years no claims.
    Does anybody have experience with paying off a claim against you yourself as oppose to the insurance company paying it and then losing your no claims bonus. If so what would you suggest? I am just trying to figure out which would be cheaper for me to do?


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    #2
    Suzette
    Registered Users Posts: 14 ✭Suzette


    Firstly you want to make sure they have settled the personal injury claim as well as the claim for damage to the vehicle. If the other person is claiming for whiplash then generally they would get alot more than €2,700.00 and it would take a good few months if not a couple of years for the personal injury claim to be sorted. Typically Personal Injury claims for whiplash can settle for anywhere up to €18,000.00, the average is about €12,000.00.

    You need to get onto your insurance company and find out waht the €2,700.00 was for, was it just for car repairs or was it for injuries as well.

    If it was only for the repairs and the injury claim is outstanding then there is no point in reimbursing the insurance company to keep your no claims bonus as you will lose that anyway when the personal injury action is settled.

    If the €2,700.00 is for both the injury and the repairs then I would suggest you pay the insurance co back, it will save you money in the long run.


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    #3
    Ferris
    Registered Users Posts: 2,287 ✭✭✭Ferris


    Nearly the same situation, without the personal claims issue, about 3yrs back. Its a bit borderline weather it'll save you money in the long run to be honest.

    If you choose not to pay you better realise that you will not be able to move insurance companies easily in the next 2 yrs at least.

    The company you're with now should be able to give you an indication of the cost for next years insurance (with 0% no claims) and their no claims bonus discoints for 1-5 yrs. You should be able to work it out pretty accurately from that.

    Bear in mind tho that insurance gets a little bit cheaper year on year as you get older too. Also depends if you can afford to pay it now, I couldn't at the time I had mine. Also check that the claim is fully settled as the last poster said.


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