Motor Large claim settled - Impact on my renewal premium?

W

WorriedD12

Guest
Hi - I had a car accident a few years ago. It was my fault, and the other party claimed against my insurance. The insurance complany dealt with all of it. I received notification last week that the claim has finally been settled, and they provided details of the total amount of settlement (claim, fees, solicitors, etc). It was much larger than expected, but at least now the claim has been settled and I can move on.

My question is this - what impact, if any, will this have on my premiun when its up for renewal in a few months time? (my premium increased substantailly back when the accident happened).

Has anyone had experience of this, any advice?
I tried asking my insurer, but they were giving nothing away. Should I prepare myself for a big shock?
 
as soon as the incident happened they would have stepped back your no claims bonus or removed it completely. At this point it shouldnt affect your premium. But rates have increased so expect it to increase regardless of your claims!
 
agree with PeteB. Your NCB was or should have been stopped at the renewal date following accident. there shoudl be no further loadings applied.
 
if it was more than 3 years ago you should have no problems but depending on the size of the claim loadings can be applied up to three years after large claims depending on the company regardless of what they have done with your ncb
 
Disagree with you Gooner84. There's no loading. Just no no-claims bonus.
 
No claims bonus would be effected usually first renewal after incident ( depending how close to renewal incident took place and whether full details of incident were available )

Insurance companies can and do apply loadings following claims in addition to inpact on NCB depending on a number of factors, e.g. was speed a factor, was drink a factor, were penalty points / convictions awarded following the incident , number of claims in a short period.

Hope this is helpful.
 
Thanks to everyone for your feedback.
My no-claims was hit a the time of the accident, so hopefully there won;t be too much more added to the premium.
Thanks
 
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