Hi Kiwi bikers. I was knocked off my 2004 1200 Bandit by a car last year. He left the scene pretty quickly. His insurance company contacted me later saying he had filed a claim that it was my fault. My insurer (Kiwibikes with a Swann policy) advised me to file a claim myself. Result of that was a "knock-for-knock" claim settlement. Internet research tells me that my premium should not be affected but this year's renewal has gone up by 30 dollars. Kiwibikes say that is Swann's final decision.
Does anyone have a similar experience?
If you ride like there's no tomorrow, there won't be......
I'm not sure that your internet research is quite as good as it could be.
There are three main ways the insurance claims can go with a 2-party incident:
1. Your fault - your insurance pays for your damages, their insurance pays for theirs and then asks your insurance company to reimburse them.
2. Their fault - their insurance pays them, your insurance pays you and then asks their insurance company to reimburse them.
3. Knock-for-knock - their insurance pays them, your insurance pays you, neither makes a claim against the other.
In situation 1, you are going to see an increase in your premium. In situation 2, you shouldn't see any increase in your premium. In situation 3 (the situation you have mentioned), your insurance company didn't have to pay the other motorists costs, but they did have to pay you. If you ran off the road into a tree and made a claim it would work out similar for your insurance company. They have had to pay out, you would expect an increase in your premium. An increase of only $30 in your premium is pretty good considering that you have made a claim in the last year - I'd consider that a win if I were you.
No, the KfK is an insurance industry agreement whereby some (but not all) insurers agree to hold each other harmless on mv claims. The idea is that your insurers pay your damages, the other guys insurer pays his costs no mater whose fault it was. The theory is that in the long run, costs average out.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Bookmarks