Reposting Car Insurance claims question (rental, driving record, vehicle, credit)

[caroldixit]

Reposting in the Personal Finance section hoping to get inputs from forum members...

A neighbor accidentally hit my stationary car which was parked on the correct side of the curb in our community. We are still friends

No damage to his truck but my car will need some repairs. My neighbor has filed a FNOL with his insurance company which (fingers crossed) will pay for the repairs & an interim rental car. Two questions:

1. I was planning to sell my car in a few months. Because of this accident, my car's Black-book value will go down and I will thus suffer a loss. I found on kbb.com (Kelly's Blue Book) that I stand to lose approximately $1000 in value because of this minor no-fault accident. Can I get compensated by the other driver's insurance company?

2. This is my second no fault accident. Is it possible that my Insurance premiums will rise? If yes, then can I claim some additional $$ from the other driver's insurance company?

[Falconman]

The insurance will pay to have the car repaired and assume you should have no issues after that. You will have to prove that the fair market value of the car is now less after the repairs. As a trade in the dealer really doesnt care if the car has had body repair as long as it doesnt look like it which it shouldnt. The age and model figure in too.

[mathjak107]

most states wont allow insurance companies to raise you for comprehensive claims.

they can however drop you and all those claims are reported to clue where they appear in your history like a credit report.

other insurance companies can and do charge you or not take you based on that clue report of claims even if they werent your fault. the best thing to do is go directly to the other persons company if its clearly their fault and collect from them without even getting your company involved.

[Zembonez]

Minor repairs due to him backing into your vehicle are not going to cause you any loss of value provided they are done correctly. Your insurance company has no reason to change your rates if they are not paying for the claim.

[mathjak107]

if he reports it to his own insurance company and they pay him until they collect from the other guys company sometimes that can take a very long time. in the mean time that payment from your own company shows up in clue.

if you try to switch companies it can be held against you until its resolved.

[md21722]

Generally insurance premiums are calculated by credit score, driving record, and the number of at-fault accidents on your record. There are standardized databases that keep up with this information even if you change carriers. Since you were not at-fault I cannot see this hurting your insurance premiums.

Keep in mind that you do not have a contract with the other driver's insurance company. In the eyes of the law they have to make you whole. Insist on a repair that includes dealer parts, the same as your car had before the accident. If you do not think their repair estimate is good enough, or they're telling you to use the worst body shop in town, you don't have to accept it. You may have to sue your neighbor if the insurance company refuses to pay or pay a sufficient amount.

Your experience will depend on the carrier and the people handling it. In my experience they will low-ball you and cause you grief. This is not insurmountable. You can call your insurance company and ask them for advise in dealing with this claim. You won't need to open a claim with them, but they can give you some advise and answer some of your questions.

These claims adjusters and handlers get paid when the claim is closed. They don't want to spend time on them because it means no money for them. Let them know you have all the time in the world. Expect to be lied to, and be happy if you aren't.