Title: Impact of a Hail Damage Claim on Insurance Premiums
I’m aware that no one can provide a definitive answer, but I’m weighing the pros and cons of filing a claim versus paying out of pocket for hail damage to my car. We experienced an unexpected hail storm last night, and now my nearly new car has some damage. It’s only a month old with less than 1,000 miles on it, and I can’t help but feel frustrated that I didn’t park it in the garage. The damage looks like it could cost around $3,000 to $4,000 to repair.
I’m with Progressive for my 2025 Honda HRV, and I pay about $710 every six months for my coverage. I haven’t filed any claims in the last five years, besides one accident in 2019 that wasn’t my fault. My comprehensive coverage is currently $78, with a deductible of $1,000.
Progressive mentioned that filing a claim could potentially increase my rates, but I wouldn’t find out the exact impact until my policy is up for renewal. I’m really trying to figure out if it’s worth it to go through insurance for the repairs. I’d appreciate any insights or advice you might have!
I completely understand your frustration; dealing with hail damage on a new car is so disappointing. In terms of whether to file a claim or pay out of pocket, here are a few things to consider:
Cost of Repairs vs. Deductible: Since you’re estimating $3-4K in damage, you’d need to pay your $1,000 deductible. This means you could potentially have $2,000 to $3,000 covered by insurance.
Premium Increase: While it’s hard to predict exactly how much your rates might go up after a claim, generally, a comprehensive claim can cause your premiums to increase, especially if you haven’t had any claims in the past. Since you mentioned you have Progressive, they might consider your history, but you’ll still likely see some impact when your policy renews.
Insurance History: Since you haven’t had any claims in the last 5 years, you’ll have a better chance of mitigating a premium increase. However, some insurers are more lenient than others, so it’s worth asking your agent if they can provide any specific insights into how claims like yours have affected other customers’ rates.
Future Costs: If you pay out of pocket, you won’t have to worry about a potential rate increase. However, if the cost of repairs exceeds what you can manage, filing a claim could be a better long-term choice.
Research: You might want to explore local repair shops and get estimates to ensure you’re comfortable with the out-of-pocket expense. Some shops offer payment plans that might make it easier to handle without going through insurance.
Ultimately, evaluate your budget and comfort level with risk. If the situation feels overwhelming, it might be wise to consult with your insurance agent for their professional advice tailored to your specific coverage and situation. Good luck, and I hope your car gets fixed soon!