I've never had to file a claim with my contractors insurance. Today a helper put his foot through a customers ceiling. Not really through it all the way, he just pushed the drywall out. Got a call from the drywall/painter guy that the worst case scenario is to repaint the entire foyer if the picky HO isn't satisfied with the patch/touch up. And it's a pretty big two story foyer. My question is, what should I expect if I have to file a claim? Will my premium go way up? I haven't spoken to my insurance agent yet but I was wondering if anyone has experience with this. Thanks.
Never had to file a claim untill........
- Thread starter tmbrk
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dduffee260
Senior Member
- Location
- Texas
tmbrk said:
Got some news for you. If you file, your insurance will go up. If you don't file, your insurance will go up because someone else filed. Insurance is going up anyways, if we have a hurricane during this season, it goes up. If we don't have a hurricane this season, it is going to go up because next year we are expected to have more and bigger hurricanes. Lobbyist and insurance companies run this country.
Liability insurance used to be cheap, that was the incenitive to get it back before we had it. Now that it is mandatory, it went up because they said they were going to have to pay out more claims. Nevermind they moved more money. Just think about how many cars you see while driving around everyday, how many houses do you see? All these are insured. Now, truthfully how many wrecks and fires do you see everyday? The hazards are miniscule compared to the money brought in.
Now I will get off my Insurance Bashing Soapbox and give you my 2 cents on the claim. We look at claims and say if it is under $1500 we just pay it. Over $1500 we file a claim. We mostly pay the bumps out of pocket. Good luck !
electricguy61
Senior Member
My insurance broker told me a number of years ago that he would kick my butt if I ever filed a claim for less then $5000. His explanation was that once you have a claim against your liability insurance, you may have difficulty getting insurance again. I believe him.
I'd pay the taper and painter and count my blessings that it wasn't more serious.
In regard to the statement that you must file a claim, that's never been in any of my policies.
I'd pay the taper and painter and count my blessings that it wasn't more serious.
In regard to the statement that you must file a claim, that's never been in any of my policies.
stickboy1375
Senior Member
- Location
- Litchfield, CT
Why even pay for insurance if your scared to use it? Sounds like a scare tactic thought up by the insurance companies. All I can tell you is your rates will NEVER go down, so I wouldn't sweat it.
bikeindy
Senior Member
- Location
- Indianapolis IN
If it is less than your deductible to fix it no reason to file a claim they won't pay on it anyway. If it is $100.00 more I would pay that too. Otherwise file.
Minuteman
Senior Member
- Location
- The Sooner Nation
Yep, I agreebikeindy said:
stickboy1375
Senior Member
- Location
- Litchfield, CT
220/221 said:
What happened to the TV? sorry, just curious.
quogueelectric
Senior Member
- Location
- new york
I buoght it on ebaystickboy1375 said:
Here is site that explains the reason for the file process http://oci.wi.gov/sm_emp/pl_liabcl.htm
It's not about the amount of money, it's about closing the claim from future liability. Many of the CE classes offer business courses that cover all the in's and outs of business insurances.
It's not about the amount of money, it's about closing the claim from future liability. Many of the CE classes offer business courses that cover all the in's and outs of business insurances.
e57
Senior Member
- Location
- San Francisco, CA
tmbrk said:
Knock on wood my friend - it could have been worse - the guy could have gotten hurt.
Years ago I had a client show up to the job - walk under the caution tape and out to where a floor used to be (that had been removed for the work I was doing) and drop half way through the framing and ceiling in a dress. Not a pretty picture - a few stitches with scratches and bruises.
- Location
- Lockport, IL
- Occupation
- Retired Electrical Engineer
I have nothing to add on the subject of liability insurance, but I can offer a short story on auto insurance. It may or may not work the same, but it is worth knowing anyway. When my daughter was learning to drive a stick shift (remember those?), she managed to bump into a tree in our yard. No damage to the tree, and only a minor dent in the fender. I thought about paying for the repairs myself, since I didn't think it would be much higher than the deductible.
I called the insurance company to ask for an estimated repair cost, so that I could make an informed decision. Big mistake. At that point, it no longer mattered whether I put in a claim against the policy or not. They knew about the incident, and that is all it takes to get the incident recorded against the policy. So that incident was going to have an impact on my rates, regardless of whether the insurance company paid any part of the repair bill.
So my suggestion is that if you are contemplating paying the costs yourself, don't ask the insurance company for advice.
I called the insurance company to ask for an estimated repair cost, so that I could make an informed decision. Big mistake. At that point, it no longer mattered whether I put in a claim against the policy or not. They knew about the incident, and that is all it takes to get the incident recorded against the policy. So that incident was going to have an impact on my rates, regardless of whether the insurance company paid any part of the repair bill.
So my suggestion is that if you are contemplating paying the costs yourself, don't ask the insurance company for advice.
SmithBuilt
Senior Member
- Location
- Foothills of NC
charlie b said:
That is good advise anytime your dealing with an insurance company. It never ceases to amaze me how little they know about their product, except when paying a claim.
Rampage_Rick
Senior Member
- Location
- British Columbia, Canada
Whoa, for the first time I have something positive to say about our government-mandated behemoth, ICBC. http://www.google.com/search?q=icbc+suckscharlie b said:
As a general rule of thumb, in the event of a small repair it's still a good idea to claim it on your insurance. (well, taking your deductible into account) To start with, ICBC gets better prices than anybody else. They have a set pricing schedule for all manner of repairs. I know that when I had my truck rebuild they paid about 60 cents on the dollar for what it would have cost me to get the work done...
Our rates are set on a claims-rated-scale, meaning that the more claims you have the more you pay. You can opt to pay the entire portion of the bill, which negates the claim, and your rates don't go up.
I gave this same advice to a friend who hit a boulder in the middle of the street (must have fallen off a truck?) She decided to pay for the repairs to the bumper herself, but then had a string of problems with the transmission, oil pan, etc. Cost a fortune in the long run.
The flip side of this is that those who have many crashes and deep pockets still pay the same for insurance as everybody else around them, which it would appear is in the process of being corrected:
"In the spring of 2007 ICBC announced plans to charge high-risk drivers more. Two initiatives - the Driver Risk Premium and a $25 premium when other higher-risk drivers use a vehicle - were subsequently approved by the BC Utilities Commission, which regulates basic, compulsory insurance.
The Driver Risk Premium is now being implemented in two phases. The first phase will see drivers with Criminal Code convictions (e.g. impaired driving) and one or more tickets for excessive speeding (more than 40 km over the speed limit), and drivers with two or more roadside suspensions pay more starting in 2009 based on their record starting January 1, 2008. Once fully phased in, the driver record scan will be for the past three years."
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