Many people have asked themselves this question: should I file a car insurance claim if I have been in a really minor accident or a small-time collision in a place like a parking lot? This can be a really difficult question to answer. Everyone knows that filing a claim can result in higher car insurance premiums, but it is very difficult to know how much the increase will be and for how long.
However, filing a claim when things like fires, floods and other potential disaster occur can put you in a position where you are paying a higher premium. And perhaps too many claims over a period of time could result in you losing your policy. Each time there is a potential for you to file a homeowner's insurance claim, you should carefully weigh all of the factors involved to determine if it makes sense to file a claim or more sense to pay for the repairs yourself.The most important thing you should do is read your policy and make sure you are clear on all of the terms. You should definitely be familiar with your deductibles and liability. Then, get some repair estimates for the damage that has take place. Compare the costs outlined in these estimates with your policy's deductible. In most cases, if the deductible is higher than the cost of the repairs, it would make sense to not make a homeowner's insurance claim.
Conversely, you typically always want to make a claim when the cost of repairs exceeds your deductible amount...though there are a few exceptions. It would be recommended that you always make a claim when someone becomes injured on your property.
Legally, he is responsible for the losses you incurred, but that does not mean he will be willing to pay you (similar to an accident with an uninsured motorist). If you do not have renters insurance, you may have to hound him to pony up. However, if you do have renters insurance, all you have to do is file a claim with your insurance company. They will cover the damages as outline in your policy, then go after your neighbor for reimbursement of those funds.
If you are the cause of a two-vehicle collision, you are under legal obligation to provide the other drive with your insurance policy information. However, there is nothing wrong with explaining to them that you would rather pay to fix their damages out of your own pocket to avoid filing a claim. They can always file a claim later on (as long as it is within 10 days of the incident) if they do not feel like you will honor your commitment of paying for the damages yourself.
If you have the funds to take care of repairs in some cases, it is definitely a consideration to make. If you want to stay in good standing with your insurance company and keep your premiums as low as possible moving forward, perhaps you decide to tackle the problem yourself.
This way, you have all the back up you need to avoid being stuck with the bill. The last thing you want is to have to file a claim with your car insurance company for an accident that you did not cause in the first place. You will be stuck paying your deductible and perhaps with a higher premium moving forward.
CNC Insurance offers all types of insurance of your home or business. If you are in the Frisco area and need homeowner's insurance or any other type of policy, give us a call today.
However, filing a claim when things like fires, floods and other potential disaster occur can put you in a position where you are paying a higher premium. And perhaps too many claims over a period of time could result in you losing your policy. Each time there is a potential for you to file a homeowner's insurance claim, you should carefully weigh all of the factors involved to determine if it makes sense to file a claim or more sense to pay for the repairs yourself.The most important thing you should do is read your policy and make sure you are clear on all of the terms. You should definitely be familiar with your deductibles and liability. Then, get some repair estimates for the damage that has take place. Compare the costs outlined in these estimates with your policy's deductible. In most cases, if the deductible is higher than the cost of the repairs, it would make sense to not make a homeowner's insurance claim.
Conversely, you typically always want to make a claim when the cost of repairs exceeds your deductible amount...though there are a few exceptions. It would be recommended that you always make a claim when someone becomes injured on your property.
Legally, he is responsible for the losses you incurred, but that does not mean he will be willing to pay you (similar to an accident with an uninsured motorist). If you do not have renters insurance, you may have to hound him to pony up. However, if you do have renters insurance, all you have to do is file a claim with your insurance company. They will cover the damages as outline in your policy, then go after your neighbor for reimbursement of those funds.
If you are the cause of a two-vehicle collision, you are under legal obligation to provide the other drive with your insurance policy information. However, there is nothing wrong with explaining to them that you would rather pay to fix their damages out of your own pocket to avoid filing a claim. They can always file a claim later on (as long as it is within 10 days of the incident) if they do not feel like you will honor your commitment of paying for the damages yourself.
If you have the funds to take care of repairs in some cases, it is definitely a consideration to make. If you want to stay in good standing with your insurance company and keep your premiums as low as possible moving forward, perhaps you decide to tackle the problem yourself.
This way, you have all the back up you need to avoid being stuck with the bill. The last thing you want is to have to file a claim with your car insurance company for an accident that you did not cause in the first place. You will be stuck paying your deductible and perhaps with a higher premium moving forward.
CNC Insurance offers all types of insurance of your home or business. If you are in the Frisco area and need homeowner's insurance or any other type of policy, give us a call today.
About the Author:
CNC Insurance Brokerage Services is in the business of covering every aspect of your life with amazing and affordable insurance coverage. CNC offers you a central hub for yourauto insurance , homeowners, life, renters and every other insurance need you have. CNC services families and businesses in Frisco, Dallas, Plano, McKinney, and their surrounding communities. We pride ourselves in giving you the best bang for your buck. We go to work to protect your assets for you at a price that fits your budget.
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