I get asked the “should I make an insurance claim?” question on a weekly basis. Insurance rates, especially if you live in Canada and the GTA area can sky rocket the first time you call insurance. This can make your rates unaffordable for the next 3-5 years.
I want to share a quick trick to help you make the best decision on whether or not to make an insurance claim. A trick that will help you determine how to keep the most amount of money in your pocket. A trick that most people neglect to think about. Therefore I have broken out the two scenarios below. This should also help answer all of the following questions you might have.
- How much will my car insurance go up if I put in an insurance claim?
- Should I pay out of pocket or go through insurance?
- If I am not at fault, will my insurance still go up if I put in an insurance claim?
- Should I file an insurance claim for minor damage?
MAKING AN ACCIDENT CLAIM?
To help determine if you should pay for the damages out of pocket or go through insurance I encourage you to refer to an online car insurance comparable quote site. I personally like Kanetix if you are Canadian or Compare Car Insurance Quotes if you are in the USA. Why do I say that? Simple. Both sites don’t collect personal identifiable information about you other than your postal code for the quote. (You could put in a fake phone number, name and email to get a quote.
To make your quote accurate enter in all of your driving history information. Since you aren’t inputting your full name or licence the quote could be for anybody. When you get to the “claims” section add 1 more accident claim than you would normally have. This will return an estimated quote that you would pay if you had to renew your insurance today. Now, take this number and compare it to what you are currently paying for insurance. This dollar figure is what you can expect to pay roughly for the next 3-5 years. If this dollar figure amounts to being less than what you would pay for the repairs out of pocket over those 3-5 years than making an insurance claim is smart.
If your car is written off be sure to visit our post on how to make sure you get the most value for your vehicle from the insurance company
MAKING A VANDALISM INSURANCE CLAIM?
Has your car been keyed or vandalized in some way? If it is just some scratches you can attempt to use our DIY scratch repair guide to assist you in your repairs. If you don’t feel comfortable attempting the repairs yourself you can also use the insurance quote method mentioned above. Search for an online comparable quote through Kanetix, (Canada) Compare Car Insurance (USA) or other type of online car insurance comparable site. Input your current driving history along with adding this new claim and you’ll see how going to insurance will impact you.
This information is better than anyone speculating what you “might” pay. Be educated about your choices and smart about the money you work hard to earn.
Please note that online insurance quotes are just an estimate and rely on you accurately inputting your information. They are subject to change at any time and we are not responsible for how your rates change or may be impacted by any insurance quoting systems. This is merely a guide to help you make an educated choice.
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