Ask Elite - March 2010
We are in the process of renewing our motor insurance and are considering dealing with third party claims ourselves. Could this be advantageous and what are the most important things for us to consider?
Your insurers will no doubt wish to have input into how you handle this and will most likely want to deal with any injury claims themselves and also claims over a certain limit, probably anything over say £10k but it is quite understandable why they would want to be in control of these higher cost cases.
Nonetheless most claims fall well within the limits they will likely set and so there are some considerable advantages in controlling claims cost for you if you deal efficiently with the remainder. Reducing third party claim cost will reflect in reduced annual premium.
The key to success is to work with an outsource provider that specialises in TP assistance, the ultimate goal being to inform them of incidents as quickly as possible preferably by your driver reporting the incident to them from the scene and providing contact details for the TP. Elite provides white labelled services and operates as an extension of your own company. Experts trained in liability assessment will confirm if your driver is at fault and then immediately attempt to contact the TP in an understanding and sympathetic manner.
TP claimants that are left without assistance very often utilise the services of credit hire and credit repair companies who by the very nature of extending credit facilities will cause the cost of the claim to be far higher. If you are paying for this yourself then clearly it hurts.
Remember speed is of the essence in controlling claim cost but it is also important for your company profile to demonstrate that you wish to offer assistance as soon as possible to the person who has suffered a loss through no fault of their own.
There are therefore both financial and commercial benefits. To be seen as a responsible company providing exemplary services whether in your normal business or when dealing with innocent third parties can only be good for your public profile.
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