Motor Give up no claims bonus for €600?

[Strathspey]

I'm looking for people's opinion regarding a recent bumper bashing. I bumped somebody's car door and left a note on their windscreen with my details. The repair quote is for €600, however if I went through my insurance company I would loose my 10+ years of no claims discount, of 50%. I currently pay €327. Would I be better off paying this out of my own pocket?

 

[wbbs]

I think you would, as you will be paying extra for possibly up to 5 yrs to build up the no claims bonus again.

However, one word of warning, I got caught some years ago like this, I agreed to pay for the damage (small tip to door of parked car, parked dangerously mind you!) and did pay but other person also contacted their insurance company who contacted mine and they also paid out to fix numerous dents to car which I had nothing to do with. Obviously I bumped into a dishonest person however it's not unheard of these days. If you have already passed on your insurance details make sure before paying that an insurance claim has not been put in process already.

 

[Claimsman]

It may depend on how your policy is written and whether you have a
protection for your NCB. For the definitive answer give your brokers/insurers a bell and ask them.

 

[AB74]

Most companies operate either step back NCBs as standard or fully protected NCB at a cost ( with T & Cs) so it is more likely to only take you closer to two years to re-earn your full NCB depending which of the above apply.

Remember though to take into account that if you do proceed with the claim you may be unlikely to negotiate a better renewal premium with your current insurer or obtain a quote elsewhere depending on the total cost of the claim.

This is particularly important in the current market where rates have been increasing for private car for the last two years and this is likely to continue into 2011 as companies attempt to return to accident year underwriting profitability with low investment returns etc.

As per previous Claimsman's advice speak with your insurer / broker to establish the full extra cost each year of going through your insurance for the claim

 

[luna]

Do you have step-back or fully protected no-claims bonus?
I bumped a car door last year and the bill was 600e. I advisd my insurance company and paid the claim through them - I went from a full NCB to 3 yrs NCB.
When my renewal notice came through my policy had increased by over 200e. I called around to other companies and went to a broker. I ended up with a policy that was fully-comp full NCB protection and was more than 300e less than the renewal price and 100e less than the previous year's policy.

So it isn't all bad - check how much it will effect your NCB.