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How long does NON Disclosure impact your insurance?

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  • 02-10-2017 8:06am
    #1
    Registered Users Posts: 3,229 ✭✭✭


    Got done a few years ago for non disclosure which I couldn't afford to fight off. Just wondering is there a time frame where this will go away, similar to the claims question "any claims in the past five years etc"

    I had the pleasure of basically being told by my insurer that I do t really have many options other than pay what they ask for as they're the only ones who are likely to insure me. I'm getting a bit peeved off with all this bollo x ology they pedal out at renewal time..

    Any help appreciated


Comments

  • Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    For clarification.

    Can you advise what the non-disclosure was?
    Was it discovered, followed by a policy cancellation?


  • Moderators, Business & Finance Moderators Posts: 17,720 Mod ✭✭✭✭Henry Ford III


    Isn't it "all bets are off" after 5 years?


  • Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    Isn't it "all bets are off" after 5 years?

    No, it's different to claims and convictions, even though they are the associated as the reason for the majority of non-disclosures

    For example, if you had a DD conviction in 2010 and failed to disclose it. If the insurer finds out and cancels the policy, this cancellation needs to be notified to insurers long after the conviction does


  • Registered Users Posts: 3,229 ✭✭✭darragh o meara


    My insurance was cancelled in 2013 due to non disclosure. At the time I had failed to inform them that my occupation had changed from office worker to student, I had also taken a few nights working as a DJ which is where I was going on the night the car broke down and was subsequently burned out. The insurers claimed that I had associated equipment in the car at the time and was using it for commercial means. At the time I fought it through my solicitor but the costs associated with keeping up the fight against the insurer was more than I could afford so I let it go and followed it up with the ombudsman who sided with the insurer when they produced a pic of the burnt out car that showed the rear seat pulled forward a few inches. Long story short, I went with another company for 2 years before being offered a reasonable enough quote from the same insurer that originally cancelled my policy and I have been with them since.
     
    Up to this year, I didn’t bother trying to get my renewal prices down. However I decided to ring the other day to see if I could knock a few quid off the price and was met with a “ You’r not gonna get a quote anywhere else so your stuck with what we quote you” attitude and they refused to budge a euro on the price!!
     

    In 2013 they cancelled my policy for non disclosure and applied a claim for 360 euro to my policy to cover their costs. So as bad as Non disclosure is, I also have a claim in the last five years which makes me harder to insure than someone with multiple endorsements..


  • Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    Firstly, claim costs, €360 in your case, should not affect your bonus even though it is a stated figure, providing it is identified as costs. However, even though you weren't paid, you must mention that you had a loss to any insurer who asks about such in the last 5 years

    Although the non-disclosure (occupation) is on the lower end of the scale compared to convictions, it is taken very seriously by insurers. They can only decide to accept or reject a quote, or what premium to charge based on the information you give them. Utmost good faith. Also, if you are involved in an incident with a 3rd party and something like this is discovered, your insurers will find it hard to defend your position in court as you wouldn't be a credible witness. In short, misrepresentation is the most serious underwriting consideration for insurers.

    Were the other company you went with for 2 years made aware of your circumstances? Can you go back to them?

    Basically, you have to keep hunting around and see if somebody will take you on. Over time, potential insurers will take less of an issue with your problem but, unfortunately, I don't think you are near that point yet


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