Comparison of at fault claim or settling with other party outside insurance

[unclebulgaria67]

Do not deal with yourself, as you have to notify your Insurers anyway.  With protected no claims, the no claims will remain, but with a fault accident, you are probably looking at a premium loading of about 20 to 30% (guestimate based on previous underwriting rating knowledge).  And the premium loading will reduce over about 3 years, if you remain claim and accident free. Your excess is normally for own damage, unless your policy states it relates to all claims.

 

If you tried to go down the private deal route, you could end up with problems.  Yes the third party could notify their Insurers, who will tell yours and you could end up arguing with your Insurers who may later refuse to offer renewal.

 

  £650 repaie for a 2002 reg car, may be more than the cars value.  So they may just pocket the £650 and then scrap it to get more money.

 

You pay Insurance, so use it and let them deal with the third party insurers.  Tell the third party they will have to claim on their Insurance and their Insurers will claim back from your Insurers.

 

Lesson for future,  NEVER ADMIT LIABILITY, EVEN IF YOU THINK IT IS OBVIOUS. Can invalidate Insurance as your policy will tell you not to admit liability.