With a 500$ deductible, is

Submitted by deepti on Wed, 12/19/2007 - 13:36

With a 500$ deductible, is it good to claim insurance fro 620$ with the fault being mine

pls respond


Posted: 19 Dec 2007 01:43 Post Subject:

Good mornign deepti, and welcome...

With a 500$ deductible, is it good to claim insurance fro 620$ with the fault being mine

I'd say in most cases NO You are talking about an additional 120.00 that may raise your rates, I would check first with your carrier and see what their payment threshold is on chargeable accidents, if this amount is less (and likely will be) then and only then would i 'consider' turning in this claim. Minimally you will have another claim against your policy......

Posted: 20 Dec 2007 05:59 Post Subject:

Yeah, it doesn't sound right to turn a mere $120 claim to the insurer, especially when that may affect your rates in future.

Posted: 20 Dec 2007 07:49 Post Subject:

You need to understand this, my friend, that under any circumstances you are responsible to pay $500 towards the damages, and the insurance company will only cover the rest. And the rate of deductible is already pretty high in compare to the volume of the damage. Lori is right, as always :wink:, you should think about filing a claim with the insurer if only their payment threshold for chargeable accident, is significantly low.

Posted: 03 Jan 2008 06:01 Post Subject:

It would probably be cheaper in the long run to pay this your self once it is paid off it is gone.If the insurance pays it off you will be paying in higher premiums for years to come.

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