If your car has been damaged, you may want to get a quote for the repair before you file an insurance claim, especially if the damage is minor. As you’ll see, there are times when it’s best to avoid the insurance company claims process and just handle the repairs on your own.
With today’s cars, even the smallest amount of damage can be very expensive to fix. But, there are definitely situations where you might be better to pay for the repairs by yourself. Here are a few things to think about.
What is Your Deductible?
Your deductible is the amount you agreed to pay in the event of a claim when you first bought your policy. Generally, the higher your deductible the lower you will pay for your monthly premium costs. But remember, this is money you have to pay in the event of a claim. For instance, if you have a $500 deductible you will have to pay the first $500 of damage repair costs and then the insurance company will cover the rest. You should know and understand your deductible because it is an important consideration when deciding whether you should file a claim or not.
Are You Concerned About Resale Value?
Here is something that many people do not think about. Every time you file a claim for damage to your car, this information becomes part of your vehicle history record. This is part of the information you receive in vehicle history reports such as CarFax. So, filing many small claims for minor damage may affect the resale value of your car. Potential buyers may see a list of insurance claims and decide they don’t want a vehicle that has had so many repairs.
Knowing the Numbers Can Save You Money
You can see there are sometimes reasons to bypass the insurance company claims process and handle inexpensive repairs on your own. For instance, if you have a $500 deductible and your sideview mirror gets sideswiped off, you should first find out if it will cost less than $500 to fix it. If the cost of repair is below your deductible amount, you may want to skip the hassle of an insurance claim. You may even save money by not filing the claim.
Even minor accidents can become major headaches when you have to use the insurance company to cover a claim. Getting an estimate for minor auto damage before filing an insurance claim may actually save you some hassle and maintain the resale value of your car.
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