Hello:
I was recently involved in a fender bender where I reversed into another driver. There's minor damage on both of our vehicles (scratches and a dent on their rear bumper and some scratches on my rear bumper as well). Neither driver was injured as a result of this accident. I am claiming 100% responsibility for this accident, as it was my negligence that caused it. I am now dealing with the repercussions and have filed an insurance claim through my provider, Geico. The other party will also be filing an insurance claim with my company, so at least some will have to be paid out for their repairs.
I am currently responsible for a $500 deductible under my collision coverage, and this will be the second at-fault claim filed on my insurance within the last year, so I'm expecting my rates to rise. My question is, would it be financially sound to cancel my claim with Geico and pay my own repair expenses out of pocket? The damage is minor enough to where it can't be much more than the deductible I'd have to pay, and others have advised me that not using my coverage for my personal repairs will help offset the increase in my rate.
Just wanted to get some thoughts from folks who have more experience dealing with this sort of thing. Thanks in advance for any guidance you provide!
-Best,
Tarheel6793
Submitted December 16, 2018 at 10:06AM by Tarheel6793 https://ift.tt/2SQIIoG
