Question
Could my parents' premium increase if I reported an accident to the insurance company but decided to repair the car out of pocket?
While in Louisiana on a drive from New York to Texas, I hit a huge object (an 18-wheeler tire). It was in the middle of the interstate. The impact caused both front airbags to deploy, the windshield to break, and damaged the front bumper and radiator. The car was towed. Luckily, I was not injured. I reported the accident to my insurance company, but now my parents don't want to go through the insurance for repairs. Can this still increase their premium?
Answer
The claim can still show up on your insurance report but it would show that $0.00 was paid on the claim. Having said that, it can still impact your rate for up to five years. It really depends on if the company reports the claim or not. Each company may handle this in different ways. For more information about when to file a claim, have a look at this article.
Good luck and if you have any questions, don't hesitate to ask. Have a great day!