Should I file a claim?
We get this question all the time as an independent insurance agent.
If I file an insurance claim, are my rates going to go up?
What will my new premiums be if I file this claim?
The answer is I don’t know what your rates are going to go to, and yes, most likely, they will increase.
No matter if it’s your home, your auto, or maybe your business insurance, filing insurance claims can and most likely will increase your rates, not just that though. Having tickets or violations or things along those lines will probably increase your rates as well.
The claims that you filed, the tickets that you get, the situations that you’ve been in, whether they’re your fault or somebody else’s fault, there is a good chance your insurance premiums will be affected by this.
How insurance is rated
The way insurance is rated and calculated is significantly different then it was years ago. Insurance carriers now use tier rating. Some insurance companies might have as many as a hundred tiers. You must understand that every little thing can make a difference when it comes to your current rates or if you look to shop your rates.
No longer is a case where it’s only at-fault accidents or major violations. DUI’s, major speeding tickets are all things that affect your insurance premiums. Not necessarily because they surcharge you for it, but they can adjust your tier. The windshield replacement, the tow claim, the hit and run accident where you’re parked in the grocery store and somebody smashed into your car are all of these things that can affect the tier system.
Let me say, I am not saying they are going to, I am saying it could.
Discuss Claims First
One of the main reasons that you need an independent insurance agent is so you can discuss a claim first before actually filing them with the insurance company. When working with a captive insurance agent, or an online insurance carrier, you most likely have to call the insurance company directly to file or discuss a claim. The moment you make that call, the claim is being filed.
When using an independent agent, like us at Crowley Insurance, you get to contact a team of professionals that can discuss your specific situation, and your specific policies to see if it is a good idea to file that claim.
This way, if it’s a minor claim on a hit and run and it’s under your deductible, you’re not filing a claim. If it’s a claim that will fall right over your deductible, you’re still not filing a claim.
We can weight the risk verse the reward on an individual basis to prevent future insurance rates from jumping.
Again, if you need any claims assistance, reach out to an independent insurance agent. Build a trusted relationship with them so they can advise you on every claim scenario and how it relates to your specific policy.
If you don’t have a relationship with an agent or want a review of your insurance?
Click below to learn more about how to proceed.