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Should i call my insurance company after a minor accident

 

Following a trivial fender bender, you could think it is sensible to finance the damages yourself and keep away from the rate hike on your auto insurance that is going to rise from the reporting of a claim. Though this could work out ideally in several cases, you must know that potential consequences of this decision are there that could return to bother you later.

When must you report a crash to the insurance corporation? You must consider every risk ahead of making a decision.

When to report a crash

Any crash where there is significant damage done to the vehicles has to be reported to the law enforcement. As an instance in Ontario, the overall damage sum from each of the cars is $1000 while in Alberta this sum is $2000. It is your duty to consult the police about the particulars for your accident – all accidents that cause damage to property and all accidents where somebody gets injured are going to have need of a police report. When a police report has been completed for the car crash, you have to also inform your insurance corporation. The police won’t report the crash to your insurance corporation. However, in a number of cases there is a possibility that the second party will take it away from your hands. When the other driver involved reports to their auto insurance corporation, yours is going to be notified.

Not reporting an Accident – what happens

If neither you nor the other driver contacts the insurance company, you won’t witness a rate increase due to the accident. However, just as some months have passed does not signify that you’re clear. Although each province could have diverse laws, in a good number of cases the second driver has till two years for filing a claim against you.

Numerous insurance companies expect that accidents be reported within a week from the incident. Though some could give a lengthier time period all of them have a limit. In several cases, inability to do so could imply that the insurance corporation will refute the claim.

Moreover, on the insurance company finding out regarding an accident that you had paid yourself, later, it can still lift up your car insurance rates. Not reporting a crash could be grounds for the insurance corporation to non-renew you.

The Bottom Line

Reporting or not reporting an accident requires you to weigh every risk against the benefits.

Tags: benefits, risk, insurance company

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