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Attn Insurance Guru's...i need advice
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| Paulinho |
So earlier today i got into a minor fender bender. I rear ended someone with very little damage. We exchanged info etc and i offered to pay for their repairs without goin the insurance route...her bumper literally had 3 scratches on it and she was fine with that. But afterwards she went to the collision reporting station (because her husband said she should go)....the cops called me to go in to report it as well and i did so. Now my question is now that the police are aware of the accident will my insurance company know about it as well. i've been told that as soon as the cops are involved that its only a matter of time before insurance finds out. I dont want to pay for the repairs out of my pocket if a claim will be filed and my rates go up either way.
Any help would be absolutely amazing. |
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| Abercrombie |
| If I stood in the front row of Marilyn Manson's concert and he hocked a loogie on me, can I sue him for getting his swine flu? |
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| Mortyman |
First mistake, paying someone out of your own pocket. Never do that because people will take your cash, then report it, then have the insurance company pay for their damages. They now have profited from this, plus your premium is gonna increase. So now you're paying out of pocket AND paying extra premium.
Regardless of the cops are called, once it's reported to the collision center, you're ed. |
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| ak87 |
the post above is not true in every scenario
I have been in 2 fender benders, both at my own fault
the one time i paid the lady 400$ for her repairs and that was the end of that
the other time i paid the guy $800 for the repair and that was the end of that
altho the second guy his good friend worked at a body shop and the damage was realistically like 300$, but I didn't care if he wanted profit from me since we weren't going to go through insurance
not everybody is out to screw ya! just try your best to read them |
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| PurpleHaze |
I think you're SOL to be honest...if it weren't for her husband telling her to report it then you could've gotten away from insurance finding out but now it's just a matter of time before they are notified.
If it was just a few scratches like you said, then that is kind of a "dick" move since it can easily be repairable without insurance finding out then both parties walk away and that's it.
I dunno your insurance policy/terms, but you may have a "freebie" reported accident that they just wave off. |
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| DigiNut |
I am not an expert, ChemEnhanced and Moral Hazard are, but I've had enough personal experience to be able to say that your insurance does not automatically go up from reporting an incident to police. One of those (I think CE) said that the police forward reports, but evidently it's either region-specific or some insurance companies don't care. Tickets, they will find out about and raise your rates accordingly; collisions, not necessarily.
Mortyman is paranoid on the first count and wrong on the second. I've never heard of anyone pocketing the money, most people aren't that evil, but if you're terrified that somebody will do that, then you should either get them to sign a waiver first, or tell them to get the collision repair centre to bill you directly (I did this when somebody smashed my parked car and caused a load of damage, because she wouldn't have had the cash to cover it anyway).
If you have a broker, I strongly recommend asking them - they will know about your specific circumstances, your underwriter, your location, etc., and be able to give you a definitive answer. |
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| StereoPrincess |
you will be fine.
don't worry.
your insurance would go up if you claimed the damages under your own policy.
why is everyone so paranoid. insurance is there to help you, don't worry.
firstly, this is what you should do. make sure that the person doesn't want to use their insurance policy. even if they reported it, it doesn't mean anything. tell them to get some estimates for fixing the damage. then offer to pay the shop directly once the repairs are finished. don't give them cash directly. You may even offer them your own repair shop that you like and trust using. Just make sure it's not some hole that will make them feel ripped off. also don't be surprised if 3 scratches are over 1000 dollars worth of damage. so actually you may want to get them to claim the damage.
my car has been hit on a few occasions and usually the people that hit me just pay for the damage. i didn't have to report one incident and it didn't do anything in terms of insurance. |
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| Abercrombie |
| I have to disagree with you a little, princess. It does not take a claim to raise insurance rates. If the insurance receives knowledge of an incident, that incident will be on your insurance record like it or not. You may or may not experience an immediate increase, but your rating definitely goes down and definitely cements an increase on the next time a collision takes place. |
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| ChemEnhanced |
| quote: | Originally posted by Paulinho
So earlier today i got into a minor fender bender. I rear ended someone with very little damage. We exchanged info etc and i offered to pay for their repairs without goin the insurance route...her bumper literally had 3 scratches on it and she was fine with that. But afterwards she went to the collision reporting station (because her husband said she should go)....the cops called me to go in to report it as well and i did so. Now my question is now that the police are aware of the accident will my insurance company know about it as well. i've been told that as soon as the cops are involved that its only a matter of time before insurance finds out. I dont want to pay for the repairs out of my pocket if a claim will be filed and my rates go up either way.
Any help would be absolutely amazing. |
There is a better chance of your insurance company finding out if its been reported to the police. Most insurance companies will automatically have police reports involving their insureds sent to their offices. This may have changed somewhat with the new privacy laws and what is considered personal information.
Your bigger concern should be if the other person does go through her insurance. If she does, her insurance company will be calling your company to confirm if you have valid insurance. Almost all companies will fill out a Third Party Report of the accident and it doesn't matter if you claim anything or not, your rates will go up. |
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| ChemEnhanced |
| Just for the record....you are obligated to report all accidents to your insurance company. It is a misrepresentation if you don't tell your insurance company about all accidents you have been involved in. This could lead to your insurance being cancelled and making it very difficult to get insurance. You would be surprised how expensive insurance is for those that have been cancelled by other insurance companies. |
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| Mortyman |
| quote: | Originally posted by DigiNut
Mortyman is paranoid on the first count and wrong on the second. I've never heard of anyone pocketing the money, most people aren't that evil, but if you're terrified that somebody will do that, then you should either get them to sign a waiver first, or tell them to get the collision repair centre to bill you directly (I did this when somebody smashed my parked car and caused a load of damage, because she wouldn't have had the cash to cover it anyway).
If you have a broker, I strongly recommend asking them - they will know about your specific circumstances, your underwriter, your location, etc., and be able to give you a definitive answer. |
I am an insurance broker, I hear like this EVERYDAY, therefore I must be paranoid and wrong eh? :rolleyes: |
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