Subject: Small No-Fault Car Accident: Should I File a Claim?
Last week, while I was stopped at a stop sign, a lady slid into the back of my brand-new 2025 Chevy Traverse RS, which I purchased just three weeks ago for $70,000 CAD. The roads were a bit icy, making her vehicle, a 2023 Hyundai Kona, unable to stop in time. The damage to my SUV is primarily a noticeable paint scuff on the bumper and a minor mark on the tailgate. I’ve received a couple of repair quotes, and it looks like fixing the damage will cost around $2,000.
I’m hesitant to file an insurance claim, as I’m concerned about how it might affect the resale value of my vehicle in the future. The other driver is going through her insurance to cover her repair costs, which are estimated at $5,000.
So, here’s my dilemma:
Should I file an insurance claim, knowing it could negatively impact my car’s resale value? Or would it be better to just pay the $2,000 myself and move on?
Also, if the other driver’s insurance is involved, will this accident still appear on the vehicle’s title or Carfax report, regardless of whether I file a claim?
I’d really appreciate any advice, experiences, or insights into this situation, as it’s been keeping me up at night. Thanks!
It’s understandable that you’re feeling stressed about this situation, especially with your brand new car. Here are some factors to consider that might help you make a decision:
Insurance Impact: If you choose to file a claim, it could potentially have an impact on your insurance premiums, depending on your policy and claims history. Even if the accident was not your fault, insurers sometimes raise rates after claims.
Resale Value: While some accidents may appear on Carfax or similar reports, others may not if they don’t meet certain thresholds or are settled out of pocket. If you pay for the repairs yourself, there’s a good chance it won’t show up on the vehicle’s history, which could protect its resale value.
Repair Costs: Since you’ve already received quotes for around $2,000 and you feel comfortable paying out of pocket, this might be a more straightforward solution if you’re anxious about an insurance claim.
Her Claim: If she files a claim, it’s possible that the accident might be reported, but it can depend on how the insurance companies handle it. Ideally, if you don’t file, it may not directly affect your vehicle’s title.
Future Issues: Sometimes, hidden damages can arise that may not be apparent at the time of initial repair estimates. If you pay out of pocket, remember to document everything related to the accident and repairs in case any issues come up later.
Stress & Convenience: Consider how much time and energy you want to invest in navigating the claims process. Paying out of pocket could prevent future headaches and provide peace of mind since you can manage the repair on your own terms.
In summary, if you’re mainly concerned about retaining the vehicle’s value and avoiding potential future complications, paying out of pocket seems like a reasonable approach. Just make sure to keep all relevant documentation related to the accident and repairs for your records. Good luck!