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Should all accidents be reported to insurance companies?

August 21, 2016

Accidents on Kentucky roads can be big or small. Some require the immediate intervention of your insurance company. Others, however, may be able to get a pass without you having to involve any additional parties. But which situations does this apply to?

The first thing to keep in mind, as backed by Consumer Reports, is the fact that most accidents do require the involvement of your insurance company. The main exception is if the accident is slow and only involves you. Though no accident is a good accident, the best possible accident you can be in is a single vehicle, slow-speed one on your own property. Backing into your own garage door, for example, is not something that should require you to contact your insurance company unless you ram into it. An exception to this is if you damage city or state property, or federal property like a mailbox.

However, in most other cases, you should report the accident. Higher speed collisions that only involve your vehicle and property can be determined on a case-by-case basis, but if other vehicles or people are involved, you should contact insurance immediately. This is because it’s impossible to just eyeball damage and make an assessment of how much it might cost. There could be hundreds or even thousands of dollars in hidden fees for auto repair or medical issues that come along later because of the accident, and you need to be prepared financially for these things.

In the end, taking a hit on the insurance front preemptively could save you a lot of money when repairs are done. Take a look at your situation to determine what option is best for you, while keeping this information in mind.