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I was in an accident where I was at fault (minor, no one hurt). The other driver has made a claim against my policy, so I am trying to figure out if it now makes sense for me to also make a claim for my own vehicle under my policy as well. The claims representative at the insurance company says they don't have access to that information, i.e. an underwriting interface or premium change calculator tool, but that my insurance agent should. My insurance agent, of course, says they don't have this capability either, because "it is sooooo complicated."

It seems obvious to me that, as customers trying to make a cost/benefit decision, there is or should be some way to gauge the effect of a claim on rates/premiums beyond the simplistic "they are going to increase". Is there a way for me to figure this out, even if just as a percentage change, or a general ballpark SWAG?

  • Without knowing the formula, we might be able to guess "claim it" or "don't claim it" based on some basic knowledge. How much would your claim be, what is your deductible, and how much was the other car's claim? – TTT Jul 3 '18 at 18:55
  • My deductible is $500. The preliminary estimate for my damage was ~$2200. I do not know what the other's car claim is for...it was an economy sized Hyundai with (what looked like) minimal damage to the back driver's side wheel well, i.e. she drove away without issue. – mblatz01 Jul 3 '18 at 20:33
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    Regarding my previous comment, I think there are some scenarios we could make a reasonable guess, for example if the other car has $25K in damage, adding another $1700 probably would not have much additional affect on your premiums. Unfortunately in this case I don't think we know enough to make a good determination. Perhaps you could simply ask your agent this question, "Based on your experience, if I claim the $1700 reimbursement to my policy, how much would my premiums increase?" If the increase is less than, say, $500/year I'd consider claiming it. – TTT Jul 3 '18 at 22:06
  • @ttt: "Perhaps you could simply ask your agent this question" --> I tried that before coming here...they seem to be even less knowledgeable than I am on the subject. Or at least were more than willing to appear that way. Either way, I couldn't get an answer or even a SWAG out of them. – mblatz01 Jul 4 '18 at 23:03

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