Pharos-Tribune

Breaking News

Business

September 4, 2013

Consumer Reports: Should you report that fender bender?

(Continued)

Even the lack of immediate injury can be deceiving. The adrenaline rush accompanying even a low-impact crash can mask injury symptoms, and soft-tissue damage can take 24 to 48 hours to show up. Bogus injury claims are another possibility worth considering.

If you don't report and big costs surprise you later, your insurance company might not pay because its ability to investigate the claimed damage, when time was of the essence, has been lost.

WHEN IT'S A TOSS-UP

Your toughest decision-making challenge comes when the damage is to your own vehicle and property. Filing a claim would probably produce a tempting payout of several hundred to more than $1,000 after the deductible. You must consider an unknown factor of how your claim might impact your premiums.

Unfortunately, Consumer Reports points out, it's impossible for consumers to know in advance how much their premiums will increase, and for how long, to weigh that against a claim payout. But among its subscribers, 7 percent of claimants felt that their insurer unfairly raised their premium as a result of their claim. Most states regulate "chargeable" accidents, which are loss payouts that auto insurers are allowed to count against your driving record in calculating your risk and setting your premiums. The rules vary from state to state, but payout thresholds of $500 to $1,000 are typical, which means that accidents costing the insurer less than that can't raise your rate. Major insurers also apply their own loyalty programs, which give "accident forgiveness awards," based on how long you've been with the company and your good driving and payment record.

WHEN YOU SHOULDN'T REPORT

If the damage is minor and confined to your own vehicle and property, maybe from backing into your fence or garage door, you're typically not required to report it to your insurer if you're not making a claim. It also doesn't make economic sense to do so if the repair cost is smaller than or not sufficiently bigger than your collision coverage deductible.

Text Only | Photo Reprints
Business
  • US companies increasingly fish for growth overseas SAN FRANCISCO (AP) — Major U.S. companies are starting to reap their most rapid growth in fertile lands of opportunity far from home. Technology trendsetters Apple Inc., Google Inc., Facebook Inc. and Netflix Inc. all mined foreign countries to prod

    July 28, 2014

  • Indiana Packers acquires Michigan facility, label DELPHI — Indiana Packers, which owns a large meat processing plant on Delphi’s south side, this month announced it had bought one of its top customers.Private-label food manufacturer Quincy Street Inc. in Holland, Mich., has done business with Indian

    July 27, 2014

  • Business news in brief, July 27 Diabetes education accredited at LMHThe diabetes education program at Logansport Memorial Hospital was recently named an accredited diabetes education program by the American Association of Diabetes Educators.The program at Logansport Memorial Hospit

    July 27, 2014

  • Shannon Niedzwicki.jpg ON THE JOB: Stand out in the paper crowd Preparing or writing the cover letter to go with your resume can be a scary proposition. This added piece is essential in the job search process and should not be overlooked. The only time a cover letter is not needed is when you are handing out resu

    July 27, 2014 1 Photo

  • Consumer Reports: Living well into your 80s and beyond Sixty years ago, an American who made it to 65 could expect to live an additional 14 years. Today, Consumer Reports notes, it’s 19 years. So how do we grow older healthfully so that we can actually enjoy those extra years? No matter whether you’ve ju

    July 27, 2014

  • Resilient Stocks [Duplicate] [Duplicate] Global tensions don't dent enthusiasm for stocks A war breaks out between Israel and Hamas. An airliner is shot out of the sky in Ukraine. A Portuguese bank's finances look shaky. And the U.S. stock market's response? After dipping briefly on the bad news, it climbs higher. The market's resilience

    July 25, 2014 1 Photo

  • CORRECTION Fast Food Workers Convention-3 [Duplicate] [Duplicate] Fast food workers prepare to escalate wage demands CHICAGO (AP) — Fast food workers say they're prepared to escalate their campaign for higher wages and union representation, starting with a national convention in suburban Chicago where more than 1,000 workers will discuss the future of the effort th

    July 25, 2014 1 Photo

  • Earns General Motors [Duplicate] [Duplicate] GM profit 2Q falls 85 pct. on recall costs DETROIT (AP) — Recall costs chopped $1.5 billion from General Motors' bottom line in the second quarter, cutting its net income by 85 percent. The automaker, which is in the midst of the worst recall crisis in its history, posted a net profit of $190

    July 24, 2014 1 Photo

  • China McDonald's KFC [Duplicate] [Duplicate] Boss of company in China meat scandal apologizes BEIJING (AP) — The chairman of an American meat supplier apologized Thursday for a Chinese subsidiary that is accused of selling expired beef and chicken to restaurants including McDonald's and KFC. Fast food chains in China suspended use of products

    July 24, 2014 1 Photo

  • IMF sees US growth at weakest since recession WASHINGTON (AP) — U.S. economic growth this year will likely be at the weakest pace since the Great Recession ended, the International Monetary Fund said, mostly because of a sharp, weather-related contraction in the first quarter. But the global len

    July 23, 2014

Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Poll

Should grocery and convenience stores be allowed to sell cold beer?

Yes
No
Unsure
     View Results
Featured Ads
AP Video
Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.