Need some advice guys...
Let's say that I have been with the same auto insurance company for the last 15 or so years; and have never filed a claim. I find myself in a position where I need some fairly expensive work done but I am concerned about the repercussions of filing a claim. Here is the scoop:
1) my insurance company starts with g, ends with o, and has great commercials
2) #2 son bought a nice 2015 jeep cherokee latitude in April (I had to cosign)
3) #2 son is 21 and drove too close to a light pole base: scratching the mirror, denting and scratching the driver door, and tweaking the rear door pretty good
4) #2 son ships off to the USMC on 10/9 of this year at which time I am going to assume his car and give him my paid off fusion
5) I was pretty ticked off when he told me about the car!!
6) we can pay for the repairs (assuming a 3K hit) and he can pay us back after boot
7) we can file a claim (assuming 1K deductible) and he can pay us back
What could we expect our rates to jump to with a single car accident?
Is there a break-even point where the increased rate would equal the cost of us covering the repair? Assuming a 3K hit with a 1K deductable; would our 3 year increase be more than 2K?
When my son gets his own policy after boot, and come off ours, will our rates go back down?
Does the claim follow our policy, or, our son?
It seems kinda dumb to pay for insurance all my adult life and never use it. I just want to know when it is the right time to file a claim. Part of me wants to just turn it in and get it done. The cheap part of me wants to not be eternally screwed for this repair.
Any advice?
Let's say that I have been with the same auto insurance company for the last 15 or so years; and have never filed a claim. I find myself in a position where I need some fairly expensive work done but I am concerned about the repercussions of filing a claim. Here is the scoop:
1) my insurance company starts with g, ends with o, and has great commercials
2) #2 son bought a nice 2015 jeep cherokee latitude in April (I had to cosign)
3) #2 son is 21 and drove too close to a light pole base: scratching the mirror, denting and scratching the driver door, and tweaking the rear door pretty good
4) #2 son ships off to the USMC on 10/9 of this year at which time I am going to assume his car and give him my paid off fusion
5) I was pretty ticked off when he told me about the car!!
6) we can pay for the repairs (assuming a 3K hit) and he can pay us back after boot
7) we can file a claim (assuming 1K deductible) and he can pay us back
What could we expect our rates to jump to with a single car accident?
Is there a break-even point where the increased rate would equal the cost of us covering the repair? Assuming a 3K hit with a 1K deductable; would our 3 year increase be more than 2K?
When my son gets his own policy after boot, and come off ours, will our rates go back down?
Does the claim follow our policy, or, our son?
It seems kinda dumb to pay for insurance all my adult life and never use it. I just want to know when it is the right time to file a claim. Part of me wants to just turn it in and get it done. The cheap part of me wants to not be eternally screwed for this repair.
Any advice?