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Main->Auto insurance->3 Reasons Not To File A Claim For That Fender-Bender - ValuePenguin

3 Reasons Not To File A Claim For That Fender-Bender - ValuePenguin

Insurers totaling cars after fender benders

Y our car insurance provider frequently tells you to report even the most minor car accident. A few years ago, I was in a minor fender bender with another car. I admit it: the accident was definitely my fault. But the damage was minor, and I thought I could afford the repairs out of pocket. I exchanged insurance information with the other driver, but he agreed not to report the incidence to his insurance company. My accident represents just one circumstance where it might be smarter, easier, and, in the long term, cheaper not to file a claim.

The particulars of accident forgiveness vary from insurer to insurer.

You'll never forget your first fender bender - especially if the car you're driving is the very first one you've owned. But once you get over the initial shock of the. Apr 4, - Small fender benders can still cost you thousands of dollars in way that someone just casually looking at the vehicle after an accident would. Sep 12, - How will car insurance rates be affected if you have accident forgiveness. When you're already carrying a $ deductible on your collision coverage In general, minor fender-benders are surcharged the same - whether.

It might be free to drivers that qualify, or you may have to upgrade to a premium policy. Certain insurers will add it to your policy immediately, while others require an accident-free record for a number of years. In some cases a simple speeding ticket will disqualify you.

Insurers totaling cars after fender benders

Liberty Mutual offers accident forgiveness for free to qualifying customers, says spokesperson Glenn Greenberg. Some insurers allow drivers to cash in on accident forgiveness more than once, but it usually comes at a price. Allstate offers accident forgiveness as an "add-on" to your car insurance policy. Thus, to have the coverage, you'll pay a higher premium to begin with. Forgiveness doesn't mean the accident never happened. The incident still appears on your claims report.

And accident forgiveness isn't portable: If you decide to switch insurers, the accident will be used when calculating your premium with the new company. Once you cash in your accident forgiveness chip on a claim, you will usually need three to five years of accident-free driving to get it back, says Gusner. Leaving a little money on the table to preserve low future rates isn't a luxury everyone can afford.

But wherever you draw the line for your pseudo-deductible, it's not about getting your money's worth. Com managing editor Michelle Megna. But don't file a claim just because you can.

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However, when you're involved in a collision with another vehicle, you're usually better off contacting your insurance company right away, says Carole Walker. Had accident? Your auto insurance premiums don't have to increase, necessarily. Here are 6 clever ways to keep car insurance rates low after an accident. Deciding when it's worth it to file an auto insurance claim can be difficult. Let's take a look at the available options after a car crash.

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Do Minor Vehicle Accidents Need to Be Reported?

By Mark Vallet Posted : September 12, Share on Facebook. Share on Twitter. Share on Linkedin.

Some of the most common car accidents are minor “fender benders” that do not involve . Learn more: Contact Your Car Insurance Agent After a Car Accident. If you're unlucky enough to suffer a serious car accident, you'll almost certainly elect to have your insurance company cover the cost of the mishap, since those. A few years ago, I was in a minor fender bender with another car. I admit it: It is required by law to exchange insurance information after an accident. But if you.

Share on Reddit. Share via Email. But what about a little tangle with a concrete pillar? So, should you fork over the money or call your insurance company?

Auto insurance after fender bender

To claim or not to claim It almost goes without saying, but if you were in a minor accident and the claim amount is barely above your deductible, pay out of pocket. Going it alone on a minor solo crash can spare you long-term pain. The impact of making a claim varies by the state, the insurer and how long it is since you submitted a claim, if at all.

But the hikes can be hefty.

ValuePenguin researched rates in multiple states for a year-old male who drives a Toyota Corolla and has an accident that he claims on his insurance. We found his rates would increase sharply by an average of a third after an accident in which there was both bodily and vehicular damage. But the hike was only slightly less-- an average of a little under one quarter--with accidents that involved only damage to property or a vehicle. View the discussion thread. Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution.

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Jan 23, - Often a small car insurance claim may cost you much, much more than the damage itself. While there are plenty of reasons not to involve your insurer with a fender-bender, the Rates after accident claims can soar quickly.

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When to File a Car Insurance Claim

For more information please see our Advertiser Disclosure. Currently insured? Yes No. Find Insurers. The Damage Cost Is Close To Your Deductible Any damage you do to another vehicle is covered under the liability component of your policy, while damage you inflict to your own car will handled through your collision or comprehensive insurance, assuming you have such coverage some people drop it for older vehicles. Bodily Injury Liability Insurance.

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