geico claims question?

[snoopy5386]

So today I got into a stupid accident - backed into someone else's parked car while backing out of a parking space. Believe it or not I did the same thing last year! I'm trying to figure out if it is "worth it" to report the accident to my insurance company Geico or just pay for the damages out of pocket. Last time I did report and my insurance went up by 20% (it was my first accident with them). I want to know if I report again, will my insurance go up by 20% again or more? Anyone know? Anyone work for Geico or another insurance company?
Can I call and ask them without reporting the claim?

My car ended up with a broken tail-light cover, the other car has a shallow dent in the driver's door. I told the owner we'd most likely pay out of pocket, but....I calculated last night, if our insurance goes up again by 20%, it will cost us an extra $420 for the next 3 years, so if the damage to the other guy's car is less than $420 I would pay out of pocket and if it is more than $420 I would report it to the insurance company. But that scenario only works IF my insurance only goes up again by 20%.

 

[usnuzuloose]

I do not have Geico, but do you have a contract that talks about that? Is there a message forum? I would look at those few things and see if that gives an answer. Or see how much the damage is and then decide from there. If it is not more than your deductible I would probably just pay. Hope this helps some. JO

 

[snykymom]

Don't assume that the other car owner won't report the accident. Why should he trust you that you'll pay just because you said you would? (It's also highly unlikely that repairing the dent to the door will cost less than $420.) There are too many cases in small claims court because the person who said they'd pay didn't.

Report it yourself. If he does first, and you don't report it within the time in your contract (usually "within a reasonable time"), Geico could not only deny your claim but cancel your insurance.

Don't risk it.

 

[johnsontrio]

So today I got into a stupid accident - backed into someone else's parked car while backing out of a parking space. Believe it or not I did the same thing last year! I'm trying to figure out if it is "worth it" to report the accident to my insurance company Geico or just pay for the damages out of pocket. Last time I did report and my insurance went up by 20% (it was my first accident with them). I want to know if I report again, will my insurance go up by 20% again or more? Anyone know? Anyone work for Geico or another insurance company?
Can I call and ask them without reporting the claim?

My car ended up with a broken tail-light cover, the other car has a shallow dent in the driver's door. I told the owner we'd most likely pay out of pocket, but....I calculated last night, if our insurance goes up again by 20%, it will cost us an extra $420 for the next 3 years, so if the damage to the other guy's car is less than $420 I would pay out of pocket and if it is more than $420 I would report it to the insurance company. But that scenario only works IF my insurance only goes up again by 20%.

So wouldn't the tipping point be $1260 ($420 X 3) rather than $420? Don't forget that you will probably need to cover the rental car for the other party. If you pursue this, be sure to have the other party sign an agreement releasing you and your insurance company from further claim. Lastly, be sure to get a copy of the car registration. It may be owned by someone else and I wouldn't write the check to anyone but the owner of the car. Good luck.

 

[snoopy5386]

It would be $420 total over 3 years - $140 a year for 3 years. The person I hit was a 20ish year old college kid - he'll be on vacation next week and will get the car fixed then, not worried about a rental car. I'll definitely do the letter though.
He didn't call today, hopefully I'll see him at the pool tomorrow - he is the lifeguard at our swim club.

 

[tvguy]

Don't assume that the other car owner won't report the accident. Why should he trust you that you'll pay just because you said you would? (It's also highly unlikely that repairing the dent to the door will cost less than $420.) There are too many cases in small claims court because the person who said they'd pay didn't.

Report it yourself. If he does first, and you don't report it within the time in your contract (usually "within a reasonable time"), Geico could not only deny your claim but cancel your insurance.

Don't risk it.

I have Allstate. DD has an accident and I was frantic to get it reported and resolved quickly. The Allstate claims rep told me I have a full year to report it. 2 1/2 years later it's still listed as an open claim on my policy. The other party did not file a claim against me, nor did I.