$1000 Fender Bender Question Pay the Person Vs File a Claim?

[jeffdcar]

my wife hit a vehicle from behind this morning. The damage to his vehicle is $1,000. Should I pay him the $1,000 or let him file a claim? My vehicle cracked the bumper but not enough to file a claim. But if I let him file a claim for his vehicle should I also let my insurance repair my bumper? The big question is how much will my premium go up if I let file a claim? I have Liberty Mutual, no prior accidents/tickets. Thx for the input!

 

[Guest]

If you let the insurance fix the other car, then you might as well let them fix yours......Doesnt matter if an insurance company pays out $5 or $500,000, you get surcharged the same.......

 

[jeffdcar]

Thx for the info. Also, I have 1,000 deductible under collision
Will this come out of my collision and I have to pay the deductible or liabilty(which has a $0 deductible).

 

[Guest]

Thx for the info. Also, I have 1,000 deductible under collision
Will this come out of my collision and I have to pay the deductible or liabilty(which has a $0 deductible).

Do you have an agent or 800 number?

If you have $3000 in damage to your car, the insurance company will send a check to the body shop for $2,000 and you will have to pay the $1,000 out of pocket.........obviously just throwing numbers out there....

 

[jeffdcar]

800#, i'd rather just write the guy a check for $1,000 and move on. My bumper has min damage. Any idea what % my premium will go up?

 

[TeePee]

If you pay it out of pocket, your insurance company should never know of the damages.

 

[mmaedelins]

If the damage is $1000 and your deductible is $1000, then your insurance company will pay nothing but you will have the claim on your record.

 

[joshb]

There is no deductible for PD coverage. Collision would not pay out for the other drivers vehicle, PD will. A PD claim will bet an at fault surcharge on your policy. Collision coverage will pay for your vehicle and you will need to meet the 1,000 deductible or the claim isn't worth filing for your own vehicle, so no need to worry about your vehicle, by the sound of it, your not going to meet your deductible.

No idea how much your premium will increase. You could have accident forgiveness on your policy and it not go up at all, but odds are it will increase some.

 

[djs]

Wow, a bunch of confusing comments. Not sure everyone is reading the same question.

Here is the readers digest cheat sheet:
- Your insurance will pay to repair the other car. You have no deductible since this is paid under your property damage coverage. There is more to this than just the repairs to the car, such as providing a rental car while the car is in the shop.
- Some states have a minimum that must be paid out prior to it being rated as an at fault claim. This means the $5 or $500K claim has a very big difference. I have no idea how Colorado works on this, but its worth finding out. Your agent can help with this.
- If they file a claim on your insurance, you might as well get your car fixed. You will have to pay the deductible though, but it wouldn't have any more impact on your premium.
- Nobody here can tell you how much your rates would go up. If you were in CA, no other incidents on your record, I would say probably 30% for 3 years, but only on the car your wife is rated on. You may also have accident forgiveness on your policy and many other factors that come into play.
- Having a claim on your record, in most states, doesn't have any rating impact. Having a payout (above a certain amount?) does, if you are at fault. You may have to explain the claim, but that is about as bad as it gets if there is no payout.

Dan

 

[ReliableInsurance]

The amount each company will go up will be different. I personally wouldn't file the claim because the pay vs premium adjustment wouldn't really break even in your favor. Either way you should shop rates every term.