MegaSack DRAW - This year's winner is user - rgwb
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Any insurance professionals here? My son wrote his car off on Christmas day in a black ice incidedent at low speed. Luckily he was uninjured. My question is...the car is declared a write off & we're waiting a settlement offer...what does he do about insurance going forward. Can he sort out a new car now and try and get the best insurance he can ( he had 3 years no claims prior to this) or does he stay with the old Co until the claim is settled etc. Hope that's clear?
He can do either.
He can take out a new policy on the new car with a new company (will still have to declare the accident) and hence his loss of some/all of his no claims.
Or he can wait and take out a new policy with the old insurers.
His policy for the crashed car will be terminated on payout/settlement of the claim.
Just make sure you don't accept the first settlement offer. Print out loads of similar cars from autotrader as proof of real world price and use them as evidence to increase the payout from the insurers.
The policy shouldn’t just end, get the new car and transfer that onto the policy(additional premiums/fees will probably apply. The anniversary dates will stay the same.
Agree about the Autotrader thing, had to fax a number of adverts to the assessor as part of the argument to increase a pay out.
I'm working on the same kind of thing now, I wrote my car off in a similar incident on December 3rd.
I've already got a couple of autotrader ads stored up ready to send them. they asked for all the paperwork relevant to the car (V5, MOT certs, service history etc) so basically the car belongs to them now. I'm in the process of getting the tax back on it through the DVLA. In the meantime I'm having to continue the policy with them cos they're still sorting the claim out, I can't just stop paying them which is a shame.
Re new car - they said they can just update the policy if I buy a new car before getting the payout from them. Fortunately, I've got protected NCD but I still think they'll try and sting me when I get a new car...
Last two posts sound a bit ropey to me. As far as I was aware the policy is always terminated after a write-off
legend, sorry you're wrong, from personal experience (unfortunately) for my company/policy at least.
Spence...are you sure they haven't just sold you a new policy under the cover of 'transfering' the old one.
Last two posts sound a bit ropey to me. As far as I was aware the policy is always terminated after a write-off
Do you know what, I can't remember what happened with mine?! I had one written off and bought another car about a month later, but I don't remember whether I got a new policy or just transferred it. I should check that out!
When my car was written off they just transferred my new car onto the policy with no extra charge ... It was just a cheap run around for a couple of months though.
dooosuck, no. Same policy number and anniversary dates ie continuation of the original.
It depends on the insurer.
Most companies will cancel the policy when the claim is made* and then reinstate it when a new car is added on, with the possibility of additional premiums if the car is higher rated, etc. Speak to the CS dept of your insurer to find out which way they work.
*The policy is normally cancelled because if there is an active policy running, that insurer is liable for anything done with the car. So for instance, if a car is stolen and the thieves knock over and debilitate David Beckham, then the insurer would be liable for Beckham's injury costs (inc loss of earnings etc) even though the driver wasn't insured by them.