Insurance news
Stolen sat nav could put insurance costs through the roof
11 January, 2007
Satellite navigation systems may be the latest must-have gadget, but if one is stolen from your car it could wreck your no claims bonus
Thousands of drivers will have received sat nav technology over Christmas, with most displaying it proudly in their cars. But a leading financial adviser has warned that some insurers will refuse to quote for people who have made claims for stolen systems.
Managing director of insurance at Moneysupermarket Richard Mason said that this means sat nav claimants will have a much smaller pool of insurers to choose from when seeking a quotation.
When asked how a single claim would affect premiums he said they would be "hugely more expensive".
He added: "Rather than having 60 different insurance companies quoting for you, you will now have 30 and the price those 30 insurance companies will charge is inflated enormously because you have just had a claim and they assume that you will be claiming again and again.
"So if you buy a sat nav and shove it in your car you will find that your insurance will cost you exactly the same. It's just that if you leave it on show it is more likely that you will be burgled and then your costs will spiral through the roof."
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