Every claim you make—and even if you ask an insurance agent about making a claim—gets entered into a database that your current and future insurance carriers can access. If you have had any recent accidents or traffic violations, you may be more expensive to insure than someone with a clean driving record. Simply put, you are considered a higher risk since you already had an accident or any kind of violation. If you’ve made any recent claims, your insurance premiums will likely go up. And if you shop around for a new company, they’ll have access to your records and will take your driving record into consideration. Therefore, it is wise to consider the long-term effect on your premium when submitting a claim. As a rule, we at Wise Men Insurance do not advise you to submit a small claim for reimbursement. While it is annoying to pay out of pocket when the opportunity of reimbursement exists, but the fallout will be years of higher premium. Some insurance carriers carry an accident forgiveness endorsement. That means that the premium won't be adjusted because of a small accident. Be aware though that this ties you to this particular insurance company. Because any other company will still see the accident and will adjust the premium accordingly! As always contact Wise Men Insurance for all your insurance needs.
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