How Would You Pay for your Collision Deductible

[creditcardfree]

Doesn't apply. I'd use our EF, that's exactly what it is there for!! Because we have an EF, we chose high deductibles for auto and home insurance, thus lowering our premiums. Works for us.

[adam_c]

Shop around and find a better deal. Depending on your insurance company, some will require you to use a preferred vendor to do the repairs, others will simply estimate your damage and write you a check for the estimate less your deductible.

I damaged my car and took it to a friend who does body work on the side. He said expect a $2,500 quote from a body shop, but he could do it for $1700.

My adjuster called and asked if I had any idea what the damage would be, I told him $2,500. We have a $1,000 deductible. He wrote an estimate for $3,500, applied the $1,000 deductible and sent me a check for $2,500.

[maat55]

Do those companies have a surcharge to use a CC to pay? I tried to pay our electric by CC and there was a $4 charge to do so. Obviously I didn't go that route.

I'll have to look at the phone to see if we can pay by CC for free.

You have to check with them individually. I pay my home gas, cell, telephone, internet and cable by auto draft to my CC. I pay my electric by checking account auto draft because they charge for CC.

[greeryan]

Wow what a great response, I am glad to see that so many people have already set up a reserve account, those on this forum are definitely the minority when it comes to financial preparedness.

Here is a fun savings fact for you if everyone in the USA that had a Collision Deductible of $500 or less raised it to $1000, It would free up $60,000,000,000 a year in savings to the american public!

Now that is what I call a stimulus package!

lets keep this thread moving!

thanks Ryan

[disneysteve]

My adjuster called and asked if I had any idea what the damage would be, I told him $2,500. We have a $1,000 deductible. He wrote an estimate for $3,500, applied the $1,000 deductible and sent me a check for $2,500.

Are you saying the adjuster based his estimate purely on your word and that he padded that estimate by $1,000? Did the adjuster examine the car? Did he require a written estimate from the body shop? What if you had told him the repairs would be $3,500? Would he have made the claim for $4,500?

[MonkeyMama]

Yeah - I'd pay it from savings. If I didn't have the savings I would keep a pretty low deductible probably. Thankfully I have never been in a position to choose from #1, 2, 3 or 4.

I actually had my car hit (hit & run in parking lot - that could be my middle name - though in many instances people left their info and manned up) and it was just a blemish and of course $1k to fix. In that case I didn't bother fixing it! But I would be wary to answer #3 if the integrity of the car was compromised by the colission. In that case #3 would not be an option I would choose.

As much as my car(s) have been hit I would be wary to bother spending the money to fix a blemish anyway. It's kind of futile given my track record.

[maat55]

Yeah - I'd pay it from savings. If I didn't have the savings I would keep a pretty low deductible probably. Thankfully I have never been in a position to choose from #1, 2, 3 or 4.

I actually had my car hit (hit & run in parking lot - that could be my middle name - though in many instances people left their info and manned up) and it was just a blemish and of course $1k to fix. In that case I didn't bother fixing it! But I would be wary to answer #3 if the integrity of the car was compromised by the colission. In that case #3 would not be an option I would choose.

As much as my car(s) have been hit I would be wary to bother spending the money to fix a blemish anyway. It's kind of futile given my track record.

My truck has a small dent in the rear that was left in a parking lot. I just got some touchup paint and covered it. It does not bother me either.

[LivingAlmostLarge]

Charge it. I could not ask family for money. Assuming that the person in the scenario even HAD family to ask for money.

I've found people bad with money usually learned it somewhere.

[maat55]

Charge it. I could not ask family for money. Assuming that the person in the scenario even HAD family to ask for money.

I've found people bad with money usually learned it somewhere.

I feel the same way. IMO, asking help from family is like admitting failure. I know many will disagree, but it is my personal standard to avoid it. That leads me to do what it takes, too avoid it.

[swanson719]

Pretty certain an adjuster padding an estimate is insurance fraud. Regardless, we have our emergency fund exactly for those unexpected expenses.

[LivingAlmostLarge]

True maat, but I notice bad habit started somewhere. And if you ask family for money, and they are bad with money. All they'll end up doing is a cash advance anyway. So cut out the family involvement.

And if your family is good with money, then why isn't the person?

[maat55]

True maat, but I notice bad habit started somewhere. And if you ask family for money, and they are bad with money. All they'll end up doing is a cash advance anyway. So cut out the family involvement.

And if your family is good with money, then why isn't the person?

You are right, many with bad habits learn them at home. I came from a poor family with poor financial skills. I learned to fear CC debt from watching my dad suffer from it, but I still did not learn the skills I have until late in life.

I'm fortunate that I never had to borrow from family. I've been blessed with a good work ethic and occupation. I give credit to people like DR and Suzie for reaching those who need the knowledge.

[adam_c]

Are you saying the adjuster based his estimate purely on your word and that he padded that estimate by $1,000? Did the adjuster examine the car? Did he require a written estimate from the body shop? What if you had told him the repairs would be $3,500? Would he have made the claim for $4,500?

He did examine the car. He wrote his own repair estimate using whatever estimating program they use. It was jibberish to me. My point in posting the story is that you would be surprised how helpful a majority of insurance companies and adjusters can be.

Full disclosure; I am a property claims adjuster. I didn't know the adjuster who handled my claim, though.