Disclaimer: If there is any chance that someone may have suffered because of an accident or incident, then you must file a claim report with your insurance company. If you choose not to file a claim, you won't have the insurance policy to protect you from a lawsuit.

 When we talk about small claims, we do not want to diminish the financial impact of the cost of repairs; we simply want to differentiate losses which are all consuming (i.e a house fire) against those losses where there may be an option to absorb the cost of repair without an adverse or long-term impact. 

Three things to consider before filing a claim:

Amount of your Deductible A deductible is the amount that you, the policyholder, are required to pay towards the damage to your home or vehicle repairs in the event of an insured loss. Home policies typically carry a deductible of $1000 or greater; vehicle deductibles typically range from $250 to $1000.

If damage resulting from an insured loss, is less than, or close to, the amount of your policy deductible, we would recommend that you do not make a claim. This would needlessly add a claim to your record with no real financial benefit.

Estimated Cost of Repairs

If you can absorb the cost of repairs without enduring financial hardship, we recommend considering doing so. For example, if a tree falls on your garden shed, and the estimated damage is just slightly more than your $1000 policy deductible, you may benefit from taking on the repair costs yourself so that you can maintain your claim free discounting.

Long Term Impact on your Insurance

By suggesting that you withhold claims where no injuries have been sustained, our intention is to protect you against the long-term impact of adding frequent claims to your insurance record. Most insurers  will begin to assess clients with frequent claims as high risk – this may jeopardize your ability to maintain a policy that offers the most comprehensive coverage and the best pricing.

Talk to Us! Insurance is here to use, but maintaining a clear insurance record will keep your rates down and allow you to access the best coverage. If you are considering whether or not to file a claim, contact us - we will be happy to provide guidance.