How Soon Should You File an Auto Insurance Claim?

You can file claims even for small, single-car accidents.

Avoid Filing to Save on Premiums

Some financial gurus advise that you shouldn't file a claim for a minor accident right away. If the damage costs less than your deductible, you may be better off paying it yourself and not filing. You can file after you have a repair estimate if the costs are more than you think.

File Now Without Penalty

Industry experts contend that filing a single claim won't end up with a policy nonrenewal. When people are at fault in more than one accident in three years, they trigger an evaluation for dropping a policy. These experts say that you're paying for insurance and should report any problems immediately.

Bottom Line

Having as much information as possible helps insurance companies decide how to handle a claim. The necessary information, such as witness identification and damage estimates, will be more accurate if you file as close to the accident as possible. Verifying information becomes difficult the longer you wait.

References

• MoneyCentral.MSN.Com: 6 Things to Know When Filing an Insurance Claim
• Insure.com: Pros and Cons of Filing for Small Damages
• Bankrate.com: Steps to Filing an Auto Insurance Claim