Report: The True Cost Of An Accident

Wed 29th Jan 2020

A new survey of motor insurance has revealed that the cost of having an accident is now an average of £415 and these excessive costs are driving up insurance premiums.

Moneysupermarket has polled 2,000 drivers and found that more than a third had been involved in an accident and though a quarter of motorists said the damage was small enough not to warrant making a claim, those who did make a claim were likely to see their premiums rise by up to nine per cent the following year.

Underlining the minimal aspects of most accidents, the most common repair jobs on cars following an accident were to paintwork, bumpers and lights.

Medical professionals and drivers aged between 25 and 29 were the most likely to make a claim on their insurance following an accident according to the poll, while younger drivers aged between 17 and 19 were least likely, probably for fear of driving their premium even higher.

Dave Merrick, car insurance expert at MoneySupermarket, said: “In some cases, it can be more cost efficient to make a claim rather than paying for the costs yourself. 

“Whatever you decide, you should always let you insurer know. 

“Most policies will have a clause that requires you to declare any incidents, regardless of who is at fault. 

“Failing to do so could invalidate your policy.”