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First Notification of Loss: Why speed and accuracy are key

When you get in contact with your insurer to report that a vehicle has been involved in an incident, is damaged or stolen, it is commonly known within the industry as your First Notification of Loss, or FNOL for short.

The First Notification of Loss kickstarts the claims process and is used by your insurer to determine if a claim needs to be filed. If it is, the process will move on to the Claims Adjuster, who will determine fault and the amount of settlement needed.

Although it is only the first step in making a claim, it is very important to make a First Notification of Loss quickly and accurately. 

Keeping down the cost of a claim

Claims costs have risen, and have continued to rise, as a result of Brexit and the Covid-19 pandemic. 

Brexit has affected the cost of importing materials, including cars and their parts, which has added to the expense of repairing or replacing vehicles. Many insurers have therefore reflected these increased costs in their policy pricing. 

The supply issues created by the global pandemic have only exacerbated this issue – shipments and deliveries experienced long delays, which has meant that the car market has struggled to gather the materials it needs to build new vehicles or repair existing ones. This has once again made it more expensive for insurers to cover. 

These issues are beyond your control, but claims costs can also be hugely affected by the timeliness and quality of a First Notification of Loss. 

A late or unsubstantial notification gives your insurer less time to step in and contact any other parties involved (such as another driver) to mitigate the size of the claim. This can lead to additional costs being incurred, such as paying for storage and hired vehicles.

It also puts your insurer on the backfoot when it comes to investigating a claim, which could lead to more fraudulent claims being successful. It may also make the claims process longer and more difficult to determine liability. The longer the delay, the more costs may increase, which will impact the value of the claim and the amount the insurer has to pay. To recoup these losses, your insurance premium may go up.

For these reasons, we at One Broker have always championed the importance of a speedy and detailed FNOL.

Making an accurate First Notification of Loss

To start your claims process in the best possible way, it is important to contact your insurer or broker as soon as possible. 

You should provide details of:

  • The date and time of the theft, incident or damage
  • A police report if one has been filed
  • The location of the incident
  • A detailed personal account of the incident
  • Any eye-witness accounts and their contact details
  • Insurance information of anyone else involved, such as another driver
  • Details of the damage done, if applicable
  • Any dash cam or CCTV footage 

This information will allow your insurer to get access to the right people quickly and begin to investigate as early as possible. 

Learn more

At One Broker, we have an in-house Claims team on hand to help if the unexpected happens. Visit the Claims page to find out more.

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