Insurance is like any tool: It’s useful, but if you use it for the wrong task, it won’t do you much good. Whether you’re talking about car insurance, business insurance, homeowners insurance or another type of policy, insurance is meant to protect you, but it’s not meant to be used in every situation.
So, if insurance isn’t meant to be used in every type of accident or incident, when should you file an insurance claim? Knowing when to file an insurance claim in Ohio can be tricky, but the Wallace & Turner team is here to help. We’ve put together this simple guide on when to file and when not to file an insurance claim.
Read on to learn more, or reach out to our helpful and knowledgeable team of independent insurance agents to make sure you’re covered affordably and completely.
When Should You File an Insurance Claim?
Every accident and loss is different, but in general, you will want to file an insurance claim in the following situations:
When the Damages Clearly Outweigh Your Deductible
If your car looks like an elephant did jumping jacks on it or your home has been split in two by a fallen tree, you’re almost certainly going to want to file an insurance claim. That’s because the cost of the damage is going to far outweigh your deductible.
When Someone Gets Hurt
This applies to accidents in vehicles, at your home or at your business: If someone gets hurt, you probably want to file a claim. If nothing else, letting your insurance company know about the incident can alert them to potential liability, which could be helpful to you if a legal claim arises from the accident later on.
Keep in mind that this general guideline applies whether it was you, a member of your family or someone else who got hurt. Others may file a legal claim against you, and if the medical damages are your own, you may be shocked by the total cost, which will likely make your deductible look like a walk in the park.
When It’s a Total Loss
Whether it’s your car, home or another valuable asset that has been totaled by an accident, you should consider filing an insurance claim. That’s because a total loss means you have to start fresh — either with a new car or home or with massive and costly repairs. There’s almost no situation in which paying for a total loss out of pocket is going to make more sense than filing a claim.
When Fault Isn’t Clear
Accidents are tricky. Sometimes, you don’t really know who caused a T-bone car accident or what created a slip-and-fall accident at your home until a while later. And by then, you may be facing a lawsuit or getting ready to file your own.
This is a time when knowing if you should file an insurance claim can pay off big time. By filing when fault is unclear in an accident, you give the insurance company as much notice as possible, and you’re prepared in the event of a legal claim or serious expense.
When Shouldn’t You File an Insurance Claim?
We’ve covered when you should file an insurance claim, but what about when you shouldn’t? Knowing when to leave insurance out of a situation can save you as much money as insurance itself in some situations. That’s why you may want to consider not filing a claim in the following situations:
When You Can’t Afford a Rate Hike
If the cost of the damages is somewhere near your deductible and you can’t afford an increase in your monthly insurance premiums over the long term, it may be wise to skip the claim.
If you’ve been in multiple car accidents in a relatively short period of time, it’s possible your insurance company will raise your premium after you file the most recent claim. This isn’t always the case, of course, and there is a fair amount of nuance involved. However, the fact remains that filing a claim does risk a premium hike the next time your policy renews.
When You Only Have Liability and Damage Your Own Car
If you don’t have collision coverage for your car and you’re in a single-car accident, filing a claim isn’t going to do much for you. That’s because if you only have the liability insurance required by Ohio law, you aren’t likely to be covered by your policy if you’re the only driver involved in the crash.
When There Are No Injuries and Nothing More Than Minor Damage
If no one got hurt in the incident and the damage is relatively minor, an insurance claim may not be necessary. In fact, filing one could be pointless because if the cost of the damage doesn’t exceed your deductible, you will still pay for everything out of pocket.
Keep in mind, however, that some injuries can take a while to show up after an accident, and damage to vehicles and homes can be structural or internal without looking too severe on the outside. That’s why it’s a good idea to make sure there truly are no injuries and double-check that the damage isn’t worse than it looks before you decide not to file a claim.
Get the Right Insurance So You Can File When You Need To
Knowing when to file an insurance claim is only going to be helpful to you if you have the right insurance policies. If your policy isn’t as comprehensive as it should be, filing a claim won’t do much for you other than increase your frustration.
That’s why it is so important to make sure you’re fully covered now, rather than wishing you had purchased the right coverage when an accident has already happened. The world of insurance policies can often be confusing and overwhelming, but it doesn’t have to be. And when you work with Wallace & Turner, it won’t be.
Our experienced team has been serving the insurance needs of the Springfield and Urbana, Ohio communities since 1870. Not only can we guide on when to file an insurance claim, but what kind of policy you need to cover everything you care about. Ready to make sure you’re insured the right way? Reach out to our team by calling 937-324-8492, emailing us at info@wtins.com or contacting us online today.