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Car Accident Not Your Fault, What Happens to Your Insurance Premium? (Morethan Example)

Personal_Finance / Insurance Dec 07, 2018 - 11:19 AM GMT

By: N_Walayat

Personal_Finance

What happens to your car insurance if your involved in an accident that is NOT your fault? I imagine most motorists are thinking that given the fact that the insurance company will get ALL of their costs back from the third party's insurer, so there should be little increase in premium.

Well, that is not what actually tends to happens, in fact the driver at fault and the no fault driver are both likely to see a similar HIKE in insurance premiums! For instance if your insured with the leading RSA insurance brand MoreThan, and your involved in an accident that is NOT your fault then you can expect your insurance premium to rocket by as much as 42%! This despite the fact that the insurer (MoreThan) will have been fully reimbursed for costs incurred in the handling of the claim.


So what can motorists do to prevent themselves from being penalised by the likes of Morethan? The solution may be to use a third party claims handling company who will handle your claim rather than letting the likes of Morethan repair your car. So whilst you still need to inform your insurance company of the accident. However since your not making a claim then your premium 'should' not rise as it appears making a claim, even if the insurer gets all of their money back results in the customer being hit with a heavy premium hike.

So motorists really need to research their insurance company wisely by considering what happens to their premiums if they are involved in an accident that is NOT their fault else face being hit with an extortionate 42% premium hike that is the experience of Morethan customers.

Another thing to consider when selecting insurance companies is how good they are at following through in their handling of claims as the following video illustrates of what to expect when claiming for a NO fault accident with Morethan, that does not quite match up to expectations. Another reason to consider a third party claims handler.

Minor Car Accident! What Happens After You Report Your Accident to Your Insurer

The bottom line is that where insurance companies are concerned loyalty does not pay, which is why motorists need to at the very least enter their details into price comparison sites for alternative quotes at time of renewal, else risk paying the price in terms of extortionate hikes in car insurance premiums even if they have not been involved in an at fault accident. In fact it would be a good idea to call your insurance company and ask them what would happen to your premium if they are involved in NO fault accident before renewing.

Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2018 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Nadeem Walayat Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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