I hit my friend’s tow hitch. Luckily, there was no damage to him, but it’s going to cost $1,500 – $2,000 to fix mine. I have a $500 deductible. Is it worth filing a claim? Also, do I need a police report?
Sorry to hear about your accident. You shouldn’t need to get a police report if you were at fault and will be filing as a collision claim. If you do file a claim you would need to contact your insurance company’s claims department and let them know what happened. They will fix the vehicle minus the $500 deductible you have. You may want to get an estimate and pay out of pocket though. Filing this claim would be considered an At-Fault Accident and can lead to rate increases on your insurance for 3 to 5 years.
How much your rates will go up depends entirely on which insurance company you have. For instance, Allstate’s average rate increase in year one after an at-fault accident is $9. State Farm, on the other hand, averages an increase of $973 in the first year after an at-fault accident. Check out the link below for even more information.