Insurance Claim -Pay back Insurance Company?

[idonno-1]

A claim has just been settled against my insurance to the amount of €1680 (damage was more €400 but this is what was claimed) My insurance company are giving me the chance to pay this back to them to keep my 5 years no claims bonus. I need advice on what I should do?? Do I pay them this and keep my no claims bonus or should I loose my no claims bonus and let my insurance premium go up? Does it go up by much?? Please help!!!

 

[ClubMan]

Might be worth contacting an insurance broker for advice.

 

[ACA]

You need to weigh up the pros and cons - how much would your insurance be without any NCB, then 1 yr, 2 yrs etc. to see would it be with your while paying back yr insurance company.

What kind of accident did you have? Some insurance companies would be willing to protect your NCB if there was no injury claim for instance - you'd still have loading on your policy but, it would only be there for 12 months and then everything would be back to normal. Ask yr insurance company if they'd be willing to do this for you - worst they can say is no.

5yrs NCB is 60% of the premium - for example original premium €1000 less 60% = €400 would be yr policy price.

 

[LUFC]

You need to weigh up the pros and cons - how much would your insurance be without any NCB, then 1 yr, 2 yrs etc. to see would it be with your while paying back yr insurance company.

What kind of accident did you have? Some insurance companies would be willing to protect your NCB if there was no injury claim for instance - you'd still have loading on your policy but, it would only be there for 12 months and then everything would be back to normal. Ask yr insurance company if they'd be willing to do this for you - worst they can say is no.

5yrs NCB is 60% of the premium - for example original premium €1000 less 60% = €400 would be yr policy price.

The NCB with some companies is max 50% other companies split the bonus between a third party bonus & a/d bonus. OP you need to check what way your bonus works, why not ring your insurance company & ask for a rough figure of how much you can expect to pay next year.