Need advice from auto ins experts. Is it ever a good idea to pay "Out of Pocket" rather th
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Need advice from auto ins experts. Is it ever a good idea to pay "Out of Pocket" rather than file a claim?Honestly, I wouldn't ever pay out of pocket unless it was a one car accident (you) and you did damage to your own car & NOTHING else. IF you decide to pay out of pocket you will have to pay everything, the damage to the car, the towing bill, the rental bill, everything. You will also have to pay any and all bodily injury claims that result from this accident. Your insurance will not pay because once you pay the other party, you assume 100% responsibility for the accident & since your company can no longer defend you due to this, they are completely out of the picture. Now, the statute of limitations on a lawsuit is 2-3 yrs in most states, however, the statute on a minor child is to the age of majority (if longer than the 2-3 yrs). So, if this child was 5 yrs old, they have 13 yrs to sue you for their injuries caused by this accident. Also, if they do decide to sue, you will have to hire and pay for your own attorney plus pay any award given to the other people. Even if it is only a small award, you could be paying it off for a long time & put all of your assets on the line.
I don't think it would matter to me if my premium went up or if I was nonrenewed because it could end up costing SO much more. If Allstate nonrenews, you can always go to Progressive. It is not like you would become uninsurable. That is just my opinion. Good luck to you.
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