In New Mexico
, our State of Insurance
report shows that an at fault accident increases rates by an average of $596 additionally per year. Since accidents impact your rate for at least 3 years, you would be paying an extra $1,788 in premium over that time frame. If you can afford to pay for the damage out of pocket then you would avoid having to pay an increased insurance rate, but filing a claim would also help you avoid having to pay such a large chunk out of your own pocket all at once. Ultimately, it's a judgement call for you so I would consider these statistics to help you decide what makes the most sense in your situation.