QuestionIf i have had a "minor" incident which damaged my vehicle ( I hit one car with the other in my driveway Dah) and the deductible is 500 and the damage estimate is 1500 is it worth reporting or would I be better off eating the cost of repairs?
AnswerIf you report an accident in which you were at fault and the amount paid in repairs exceeds some minimum amount (i.e. $750), then your insurance can (and probably WILL) increase your rates for the next three years.
Find out what that minimum in by contacting your insurance or by asking your state insurance commissioner http://www.settlementcentral.com/links.php
Idea: get a work-out with your adjuster to claim just $10 less than the minimum. Thus, in my state, where anything beneath $750 CANNOT BY LAW BE USED TO INCREASE MY RATES, I would get the estimate and justify a payment to the repair shop of $740 and have my insurance pay me that amount, less my deductible of $500, leaving $240 in my pocket. You will have to decide whether or not it is worth $240 to go thru that hoop or not.
Do not be afraid to call your agent and ask her these questions. She CANNOT REPORT YOU FOR BEING IN AN AT FAULT ACCIDENT JUST BECAUSE YOU ELECTED TO ASK A QUESTION.
Best Wishes,
Dr. Settlement, J.D. (Juris Doctor)
http://www.SettlementCentral.Com
