The cost of third-party motor claims could be cut by as much as 40% by contacting the third party within 24 hours of any accident, a claims management specialist has said.
Town & Country Assistance chief executive Theodore Agnew said acting quickly could also reduce the likelihood of a personal injury claim, as third party drivers were then less likely to bear a grudge.
Agnew said: "Persuading the third party to accept a competitively-priced replacement car can often save up to 20% on the cost of a credit hire company.
"And repairing the vehicle in an approved workshop with a fully costed estimate and a managed repair can save a further 20% on the insurance repair rates of some garages."
He added that, although hard to quantify, other savings were possible. These included the reduced likelihood of a personal injury claim and the improved reputation of the insurance company or broker concerned for minimising disruption and keeping motor premiums lower.
Agnew said the proportion of personal injury claims was up by 25% in the last decade, the cost of settling them had risen by twice the rate of inflation, and legal costs had doubled in the past two years.
"If you do not get to the third party in less than 24 hours, the chance of having any impact on the action diminishes by 75%.
"We win over about 40% of third parties and get them to have their vehicle repaired in our bodyshop network and to accept a courtesy car rather than a credit hire vehicle," he said.
