Know anything about insurance claims?

Question

I am under my mom insurance we both own a truck and both have full coverage on both. i recently had a small accident proably a couple thousand in damage, im worried if i claim it they will drop her and i both or are insurance will shoot through the roof, any body know how much our insurance will go up from the wreck, other than that my record is clean, THANKS

Answer 1

Well it depends. Was this an at fault accident? If so, and they pay for the other person's damages it can be considered chargeable against you. It depends on the company and where this happened and some other variables. So no one can really say if you'll be dropped. In general, if you are not at fault, they don't usually look to increase the policy in that situation. However, regardless of how clean your record was before this, once you have that accident and it's your fault, your risk just changed, and they may seize the opportunity to re-rate your risk (charge more). Some companies have accident forgiveness. Some might just remove your good driver discount if you had it. And that might only apply to the one vehicle that you drive, not both.

You must report all claims to your carrier as required by your contract. Just reporting it does not effect your policy. If you are at fault they are responsible for contacting the other people, making sure no one was hurt, and handling any damages. If you're at fault and you decide not to make a claim under your collision coverage, or you go to the other party's insurance then they would just close out the claim with no payment.

Answer 2

Unless you have a lot of claims or a bad driving record then I doubt they will drop you. Was the accident with another car? Depending on the kind of accident and the amount of damage the insurance will probably go up. Call your insurance representative and see what they have to say. It might not be as bad as you are thinking.

Answer 3

was the accident your fault? If so, they could charge you for that accident for 3 yrs 3 months...most companies won't drop you unless you have a history of bad driving, ie. tickets, accidents..most surcharges are for 20% increase for an at fault accident...

You can also take an accident prevention course through triple A, and it will save money on your insurance for three years...

you also have a deductible on the policy for collision, you might consider what that deductible is.

Call your agent definately, but be smart about it....

good luck..

Answer 4

It really depends on the insurance company. You would have to ask the insurance company. They sometimes will forgive one accident especially if you don't have a history of accidents and tickets.