There’s no doubt about it: taking managed risks improves your life. And when it comes to filing personal insurance claims, calculated risks can benefit you financially in the long-run, too.
“Regardless of your situation, minimizing the number of claims you file is the key to protecting your insurance rates from a substantial increase. If your car gets a dent on the bumper or a few shingles blow off of the roof on your house, you may be better off if you take care of the expense on your own.” — Investopedia
In some cases, it may be more profitable to not file a personal claim with your insurance company when an insured event occurs. It may also preserve your access to future discounts offered by insurers to customers with no claims. But deciding when and when not to file a claim is an inexact science. The “right” decision depends on several factors, including:
- Your insurance company.
- The policy you bought and your premium rates.
- Your financial situation and how much liquid capital you have on-hand.
- The type of insurance event.