Need a little insurance advice

[etherealfocus]

Backed into someone in a dark parking lot a couple days ago, dumbass mistake. My truck was fine but messed up his back end a bit. Two mechanics quoted him $800 to fix it. My question is whether I should just tell him to call my insurance company or whether it'd be smarter to just pay it out of pocket. Losing 800 would suck when I'm about to have the truck paid off, but if it's gonna cost me a heap more than than from skyrocketing insurance costs I'd rather just eat it.

What do you guys think? I've got cheapo minimum coverage insurance (A-MAX, probably buying Progressive since that's usually cheapest for my demographics) if that makes any difference. Am I going to get a rate spike or a black mark just for calling and asking them what happens to my rates if I make the claim?

 

[etherealfocus]

If it matters, my demographics: I'm 30, male, clean driving record, college degree, got pretty much every deduction there's a name for except being married.

 

[etherealfocus]

Right now I'm paying about $50/mo for minimum coverage on a 96 Ram 1500 Laramie SLT.

 

[T9D]

You're going to have a deductable anyway. If that's $500 then basically they are only paying $300. I'd probably just pay it and get a receipt for the work.

 

[Pardus]

comment removed

 

[BoomerD]

You're going to have a deductable anyway. If that's $500 then basically they are only paying $300. I'd probably just pay it and get a receipt for the work.

Ummm...no. His deductible won't come into play for damage to someone else's vehicle...but his premium MIGHT increase.

 

[sixone]

If there was a police report made, you might as well make the claim. They'll see it next time they look at your history to determine your rates. Your premium will go up, regardless.

 

[etherealfocus]

No police report was made. The guy I bumped was a friend and we've had no trouble handling it. Just trying to figure out how to resolve this cheaply. If my premium's gonna go up only 10%... hell, that's nothing. I'll pay 55 instead of 50 to save 800 bucks. Seems like a pretty good trade, and I'd still be able to pay off the truck this month.

Anything else I should be worried about?

 

[sactoking]

If you just pay the other driver, leave a very conspicuous paper trail to protect against them taking the cash, making a claim or suing you anyway, and you standing there with no way to prove they were already paid.

 

[etherealfocus]

Good advice and I'll certainly take it, but like I said he's a friend so I'm not worried.

 

[Wreckem]

Your premiums are going to go up substantially for 3-5 years. Get it in writing if you pay $800 in cash.

 

[richardycc]

call your agent or insurance company to find what is the claim amount will cause your rate to go up, I think mine is $799 or something like that.