After filing a car accident claim, some claimants may wish to cancel. The deductible may be more than the repair costs, for example, or some may wish to avoid premium increases if they suffered only minor vehicle damage. The insurance company loses money if they have to pay claims, so it may be a good idea to cancel if you can handle the short-term charges so that you don’t have to pay more over the long-term.
Should I Cancel My Claim?
If you will ultimately not complete the claims process, it’s best not to start it in the first place. But if you’ve already filed, consider the effect canceling might have on your ability to recover compensation and cover any damages you suffered.
Fully consider the implications of withdrawing an insurance claim before you do so. For example, some might wish to cancel because the other driver promised to write them a check. But even if the amount offered covers your current damages, you must consider if it will cover any future costs you have. Will you require ongoing medical care to treat chronic neck pain, for example?
Will Canceling Keep My Insurance Premiums from Going Up?
Whether or not your insurance premiums go up will depend on a few factors. For one, they may not go up if you’re filing against another driver and were not at fault for the accident. The other driver’s insurance company won’t set your premiums, so whether you withdraw the claim or not won’t have any effect on whether your rates go up with your own insurer.
How Do I Cancel My Claim?
Contact the insurance company with which you filed the claim to learn how to cancel it. You may have to fill out certain forms or cancel it in writing. Make sure you go through the proper channels to cancel it if you wish to do so.
Do I Have Other Options Besides Insurance Claims to Recover Damages?
Indiana is a fault state, meaning that your primary recourse to recover damages after an accident for which you are not at fault is typically by filing an insurance claim with the at-fault driver’s insurer. If you cannot reach a fair settlement, you may have to take the case to court and it might go to trial.
Depending on your own auto insurance coverage, you may be able to file a claim with your insurer. This may be the case if you have medical payments coverage or collision coverage, for example, that provides coverage regardless of fault. Your uninsured or underinsured motorist insurance might allow you to recover damages if the other driver is uninsured or doesn’t have enough insurance to cover all of your damages.
If you were in a serious accident, talk to your attorney about the options you have to recover damages, and whether you should cancel an existing insurance claim. Indiana provides a two-year statute of limitations to file a claim against an at-fault driver, so get started as soon as possible.
For help after a car accident in Indiana, call Hensley Legal Group at (317) 472-3333 or contact us online.