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To Claim or Not to Claim
I recently traded in a vehicle that sustained two different incidences of damage. One was a no-fault (the vehicle was hit while on the street - no one left any information). The other was a result of wintery conditions (I slid into a curb, damaging the wheel and some adjacent parts).
I had already put a claim in for the original incident when the second occurred (just one day later). Both claims would have resulted in me paying a $500 deductible ($1000 total).
That, in addition to the fact that I was very unhappy with the gas mileage of the vehicle that I was driving, prompted me to swap it out for another. I had already been cut a check for $526 from the insurance to go toward the initial damage.
My question is, do I cash this check (compensating me for the hit I took in value of the vehicle on trade in) or cancel the claim and destroy the check to avoid an increase in premium? Remember, the claim I opened was for a no-fault collision claim.
I have talked to my insurance company. They claim it will not affect my premium with them as long as I remain a customer but other companies will hold it in consideration if I open a policy with them (whether I cancel the claim or not because either way there will be a record of it).
Answer to To Claim or Not to Claim.
We think your insurance company is correct. It is too late now to “not have this claim against you.” It has been reported and there is no way now to go back and take out of the record (even if it is no-fault, no payment).
So why give the money back? It will likely not affect you any worse at this point. You had the coverage and did suffer a loss in the trade.
Also, if your insurance company says they will not hold it against you, then you should be pretty safe.
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