I have collision coverage. I can have my own insurance company pay for repairs or, if it’s a total loss, put a value my vehicle. But I wasn’t at fault, so why would I want to do this?

A:

There are several good reasons and usually no downside.

  1. Your own company might move faster
  2. Your own insurance company might very well pay more, even considering your deductible
  3.  The insurance companies settle-up between themselves later, and your insurer should get back any deductible you may have to pay up front
  4. Your policy requires you to report accidents, so you might as well see what your insurer will do in comparison with the insurance company of the owner at fault

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