A minor auto accident is a part of life, however, that accident can follow you around for years if your insurance premiums increase.
If you've had a minor accident and are debating whether or not to file an insurance claim, consider these 3 factors:
- Did the damage result in any injury to a person?
- Was any other vehicle involved?
- Would you estimate the damage to be greater than $1,000?
If the answer is "no" to any of the above 3 questions, then you might want to consider paying "out of pocket" to repair your vehicle.
If the cost of repairs is near to your deductible, you're better off paying "out of pocket" and keeping the fender bender off your insurance record.
It's a good idea to talk to your insurance broker to determine how your premiums might be affected by making a small claim, while they might not be able to give you an exact dollar amount, you'll have a good idea of the change in premium.
Some insurance companies offer a one-time claim "forgiveness" where you're not penalized for your first at fault accident. However, if you've had several claims in the past, another claim might significantly increase your premium, or you may be "dropped" by the insurance carrier.
If you have any questions about your auto insurance, please feel free to call us at 519-736-8228 or email
chris@gibbinsurance.ca.