Should I file a claim after I've been ticketed for an accident?

So, I'm stuck on whether to file an accident claim or pay out of pocket. My insurance has already gone up $700 this year, due to a claim filed 3 years ago expiring in Nov, plus the company having researched a non point ticket through the courthouse system. I had a minor fender bender last Thursday that has resulted in $3,400 in damages on my part. I currently have 3 point ticket on my record. The accident resulted in a ticket that will be taken down to no points with a lawyer. The question is whether to let insurance take care of the damage or pay myself. Obviously, my rates will go up, but where am I actually saving money?

Jul 28, 2018 Bloomfield, NJ

Ava Lynch

Jul 28, 2018

Based on the fact that you received a ticket for the accident, the accident will be listed on your motor vehicle report (MVR) regardless if you file a claim or not. Having the accident on MVR means that your insurance rates will be impacted even if you pay out of pocket for the accident. Your rates will still increase, albeit not as much. Another factor to consider is some companies will drop you at the time of the renewal if you've had a certain amount of claims within a short period of time (within the last 3 years). Every company is different so you will want to check your specific policy to find out what their terms are.  Check out our guide to filing claims to learn more about when to file a claim and what to expect from the process.  Best of luck!

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