Car insurance: Is claiming always a good idea?
Can claiming on your car insurance be a false economy? In some cases the answer appears to be yes.
If you clipped your wing mirror while reversing into your garage, for example, it would be unlikely to make much financial sense to claim on your motor cover.
Firstly, there’s the cost of the excess on your policy, which could be anything from the first £100 to £500 of the claim.
Then there’s the loss of any no-claims bonus you have built up, which means your premium when you come to renew your insurance will be higher – and will remain higher for a number of years.
Even if you don’t have any no-claims bonus, the fact you’ve made a claim will also increase the price of cover in future.
No fault doesn’t mean no cost
But even if your car is damaged by another motorist, you can still lose out by making a claim against them – even if they admit liability and allow your insurer to claw back any repair costs from their policy.
As a recent campaign by Labour’s shadow transport minister John Woodcock has highlighted, blameless motorists can still face premium increases simply because they’ve been involved in an accident.
If you have caused an accident, your premiums will rise in future, not just through the loss of no-claims bonus, but because your insurer now thinks you represent a higher risk.
But there can often be similar consequences for innocent motorists.
Insurers’ statistics show that people who have been involved in accidents, even when not at fault, go on to make more claims than those who haven’t.
So although the innocent have no excess to pay and will not lose their no-claims bonus, their premiums could still rise in future.
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