Should I file a claim for a parking lot fender bender?
My 20-year-old son accidentally backed into a car while parked. The other vehicle was quite small and positioned directly behind him during the brief time he was out of the truck. He was carrying a heavy load and didn’t have a backup camera. The damage to the other vehicle amounts to $1,911, plus there’s a possibility of rental costs. Should I pay for it out of pocket or file a claim? There’s no police report involved.
In situations like this, it generally depends on a few factors to decide whether to pay out-of-pocket or file an insurance claim. Here are some things to consider:
Cost of Damage: If the damage to the other vehicle is $1911, check your insurance deductible. If your deductible is higher than this amount, it’s usually better to pay out-of-pocket.
Insurance Premium: Filing a claim might result in an increase in your insurance premiums, especially if it’s determined that your son was at fault. If you choose to pay, it may help you avoid a potential hike in rates.
Rental Car Costs: If the other party will incur rental car costs while their vehicle is being repaired, clarify how much that might be. This might influence your decision to file a claim.
Negotiation: You might want to discuss the situation with the owner of the other vehicle. They may be willing to settle for a lower amount or accept payments without going through insurance.
Insurance Policy: Review what your insurance policy says about accidents like this. There may be specific guidance or requirements for handling such claims.
Future Considerations: Consider any future implications (both financially and in terms of coverage) of filing a claim versus handling it directly.
Ultimately, if your son feels comfortable and you can manage the financial impact, handling it directly might be the simpler option. However, if you’re unsure or uncomfortable, consulting with your insurance agent could provide clarity on the best course of action.