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Rear End...... Put through insurance or pay cash

  • 19-08-2010 11:18AM
    #1
    aw
    Registered Users, Registered Users 2 Posts: 786 ✭✭✭


    Just a quick query which I would like some opinions on.

    Have a small company with a vehicle, an old model Transit.

    One of the lads driving it ran into the back of a 2010 reg car.
    It is our fault and I have no problem paying for it. Quotes are around the €2k mark.

    My issue is whether to put it through the insurance or to just pay for it myself. My gut instinct is to pay for it myself as I feel the insurance company will go to town on my policy for the next few years.

    I rang them and they couldn't tell me how much it will increase my policy by but that it definitely would and that my NCB will be impaired.

    I have four named drivers on the vehicle, two of them are age 20 and 19 years old so the policy is pricey enough without this added cost.

    So am I right to just pay cash for it? The insurance industry is some racket by the way, but that's a whole other issue!

    Any advice would be greatly appreciated.


Comments

  • #2
    Gophur
    Closed Accounts Posts: 1,921 ✭✭✭Gophur


    Put it through the Insurance, that way you will be covered when a personal claim follows, up to 3 years later!


  • #3
    Anan1
    Registered Users, Registered Users 2 Posts: 22,815 ✭✭✭✭Anan1


    That's a bit of a tough one. If you pay for it yourself then the occupants of the other car might still make a personal injury claim, which would do in your bonus in any case.


  • #4
    bongi69
    Closed Accounts Posts: 370 ✭✭bongi69


    Having never dealt with commercial motor, I might just be talking out my a$$, but from a personal motor perspective, I'd be putting in the claim, based of course on your circumstances.

    If you have step back protection on the policy, you wont lose the full NCB, and any price difference (again depending on your arrangements) shouldn't be more than the claim. A claim for €2K shouldn't affect most insurers decision to take you on, should you wish to switch companies at a later date either.

    And as someone mentioned before, you're covered if any personal injury claim arises. If you settle the damage out of your own pocket now, any personal injury claim will be to, with the potential to run into tens, if not hundreds of thousands.


  • #5
    djimi
    Registered Users, Registered Users 2 Posts: 13,237 ✭✭✭✭djimi


    Inform your insurance company of the incident regardless of what you decide to do. This covers you should the other party decide to claim down the line.

    Even if you inform them you can still sort of the finances yourself. Doing this should mean that your policy and NCB will not be affected. Or another option would be to have your insurance pay out and then pay them back the money before your next renewal. This will also protect your NCB but will leave you with a claim on your policy which will affect you should you try to change insurance companies in the next 3 years.


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