I was involved in a minor no-fault car accident with my brand-new vehicle, and I’m unsure whether to file a claim. Last week, a woman lost control on an icy road and slid into the back of my 2025 Chevy Traverse RS while I was stopped at a stop sign. I purchased the car just three weeks ago for $70,000 CAD, and the damage is limited to a noticeable paint scuff on the bumper and a small 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 concerned about having an accident claim on my vehicle’s title or Carfax, so I’m leaning towards paying for the repairs myself. Meanwhile, the other driver, who has a 2023 Hyundai Kona, is looking at a $5,000 repair bill, which she plans to handle through her insurance.
Here’s my dilemma:
Should I file an insurance claim, knowing that it might decrease my car’s resale value? Or is it better to just pay the $2,000 out of pocket and avoid any potential issues? Also, will the accident appear on the title or Carfax even if I don’t file a claim, since the other driver is going through insurance?
I appreciate any thoughts or experiences you can share. This has been on my mind, and I’d love some insight. Thank you!
It’s understandable to be concerned about the impact of a claim on your vehicle’s resale value, especially with a brand new car. Here are some factors to consider when making your decision:
Claim vs. Out of Pocket: If you choose to handle the repairs out of pocket, you can avoid having an accident claim on your insurance record, which could affect your premiums down the line. Since the damage estimates are around $2,000, paying out of pocket might be a better option if you can comfortably afford it.
Insurance Impact: Even if you go through insurance for the repair, whether or not the accident appears on your Carfax will depend on what the insurance company reports. Typically, if a claim is filed, it may be recorded, but if you handle it out of pocket, it likely won’t be reported.
Future Resale: When it comes time to sell your vehicle, a clean title can certainly help maintain its value. Many buyers prefer not to deal with vehicles that have a history of accidents, regardless of the extent of the damages.
Warranty Considerations: If your new vehicle’s warranty covers certain repairs in the event of an accident, it might be worth checking if you can leverage that without a claim affecting your record.
Insurance Relationship: Consider your relationship with your insurance provider. If you are a long-term customer with a good history, they might provide options or advice that could influence your decision.
In conclusion, if you’re uncomfortable with having that potential claim on your record and can afford the repair,out of pocket might be the best route. However, if you’re uncertain about further complications or if unexpected issues arise, it might be worth consulting your insurance provider for advice specific to your policy. Good luck!