Step 4:
Consider your deductible
Your deductible is the amount you have to pay from your own pocket when an insurance claim is filed. For example, if your deductible is $500, and your car needs $2,000 worth of repairs, you may only receive $1,500 from the insurance company. You're responsible for the first $500 of any repair.
But what if your deductible is more than the actual cost of repairs? For instance, let's say your deductible is $500. You have a fender bender, but your car only suffers a small scratch or dent. The other person's car suffers no apparent damage. You bring your car by your local repair shop, and they estimate that it will only cost $100 to fix the problem. It may not be worth it to involve your insurance company, as reporting the incident could raise your premium.
Before making such a determination, however, always get a written estimate from a body shop. Even the most minimal looking scratch or dent could require an entire section of the car to be repainted, and that can be expensive.
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