To file or not to file (a claim)
Should I file a claim on my minor car accident?
When deciding whether to file a claim or pay for car accident damage out of pocket, consider the following factors:
Who else was involved in the accident? If no one else was involved and the cost of repairs is close to your deductible amount, it might be cheaper not to file a claim.
How much will the repairs cost, and how much is your deductible? Compare the repair costs to your deductible. If the repairs are less than or comparable to your deductible, paying out of pocket could be a better option.
Should you still tell your insurance? Even if you’re not filing a claim, it’s a good idea to inform your insurance company about the accident.
How to keep your premiums from going up after filing a claim: If you do decide to file a claim, explore ways to minimize the impact on your premiums. Remember to weigh the financial implications carefully before making a decision.
Why should I tell my insurance about the accident if I am not filing a claim?
It’s a good idea to inform your insurance company about an accident, even if you’re not filing a claim. Here’s why:
Record Keeping: Reporting the incident helps maintain an accurate record of your accident history with the insurance company. Even if you don’t file a claim, they may record it as a zero payout.
Future Impact: While a single incident might not lead to a rate increase, multiple incidents could affect your premiums down the line.
Liability Protection: If you caused damage or injuries to others, your liability insurance protects you from potential lawsuits. Your insurer is experienced in handling parties involved in accidents, regardless of their emotions.
Remember, transparency with your insurer is essential for your financial security and peace of mind.
What happens if I don't tell my insurance company about my car accident?
Failing to inform your auto insurance provider right away after a crash could result in any future claim being denied. That’s why it’s important to inform your insurance company about any collision as soon as you can, even if it was a minor accident that wasn’t your fault.
Remember, discussing your unique situation with our professional agent will help you make an informed decision. They can guide you toward the best policy that aligns with your goals and financial comfort.
