What is the Motor Insurers Bureau (MIB) and what do they do?
The importance of early claims notification
Whether you or your insurance intermediary report claims, early notification after a motor accident has occurred is essential. The sooner we are notified, the quicker we are able to assist with the claim and get the vehicle back on the road or replaced. Whether a damaged windscreen, vandalism or a road accident, we capture all the information we need in one call or email to enable a fast response and get a claim.
We also know that the earlier a claim is notified, the less impact there is on a customer’s claims experience. For example, if the insured driver hits the rear of a stationary third-party vehicle at traffic lights and moderate damage is caused, as well as the third party driver suffering whiplash, the cost of the claim if notified on day one is estimated at £5,000. This is compared to £11,500 if notification occurs on day 15, and if a client waits until 30 days to notify us of a claim, the original figure quadruples to an estimated £20,000.
Not only can prompt claims notification assist with ensuring claims cost and experience against policy records are contained, by gathering information from our customers first hand, we are best placed to make enquiries, offer the third party to use our approved repairer network and act on our customers’ behalf if liability is contested.
This article originally appeared on Allianz.