Should I just file a claim or pay for damages?

I was backing out of a tight spot, was looking behind me and banged my front left fender hard on the pillar next to me. Not first accident.. Have had 2 others in this car, but never with people only parking errors where I can’t see and hit things. Got an estimate for 885 today to repair our of pocket. Insurance is $500 deductible. Should I just pay out of pocket??

Feb 25, 2018 Seattle, Washington

Ava Lynch

Feb 25, 2018

Because of the amount of damages and your deductible, I do not recommend filing a claim. Considering you already have what sounds like an at-fault accident on your insurance record, another one where the savings is only $385 probably isn't financially worth it. Most insurance companies will rate (i.e., charge) you for accidents for 3 years. In Washington in 2017, an at-fault accident with damage less than $1,000, your premium would of increased by an average of $238. Over 3 years, that $238 stretches to over $700 - nearly the entire cost of the damages. While the decision to file a claim is ultimately up to you, it might not make the best financial sense.

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