Car insurance claim, query??

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Ezzie

51 posts

Master Geek

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#28678 8-Dec-2008 15:50

It looks like I am going to have to make my fisrt claim

Can anyone advise what to expect? The car was parked in a local carpark, and I came back to find that the front left indicator was broken/smashed and the bumber was dislodged.

Would this easily be covered by full insurance, I am paying extra to have a no excess policy with AMI.

Advice, experiences?

Thanks!

bobmeister

106 posts

Master Geek
+1 received by user: 3

#182794 8-Dec-2008 16:48

There are two things to consider. How much your repairs will cost and how much of your no-claims discount will be removed for the next few years.

Typically, your insurance company will reduce your premium each year you do not have a claim. If you make a claim then those reductions will not occur for about 3 to 5 years.

For instance, a few years ago, I nudged a post with the back rear fender of my car. The cost to repair was about $1400. However, over the next few years I was going to lose about $1400 in premium discounts because I would lose my no-claims bonus.

So I elected to pay for the repair myself and not have a claim against my name. Of course you could argue that it would have been cheaper to let the insurance company pay, as the cost of the repair would have been spread over several years.

Hope that helps.

Xt1ncT

110 posts

Master Geek

#182797 8-Dec-2008 17:15

Bob is partially correct.

Yes the claim would be covered by your full insurance. Subject to your excess of course, but if you have a nil excess that's a non issue.

Now, in regards to the no claims bonus - AMI do have a scheme where your NCB won't be affected even you you do have a "faul claim". This is however a bit misleading.

What happens when you have a claim is that your base rate for insurance normally increases. So let's say that would normally be $1,000, you may get a 20% increase taking it to $1,200. The insurer then deducts your NCB. So even if you do have lifetime NCB, due to the claim your premium could still go up.

Best thing to do is call AMI, find out if you have lifetime NCB and then work out how much the claim is going to cost.

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Ezzie

51 posts

Master Geek

Trusted

#182807 8-Dec-2008 17:57

Great, thanks very much on your replies. I will post on here once Ive had an update.
Ive gone in to AMI now.. it will be nil exces...and just waiting to get a quote from the panelbeater guy.
Hope its not going to be too major!