Can I Cancel an Auto Insurance Claim?

Being involved in an auto accident can be very stressful, even if no parties are injured. One of the first things to deal with is your auto insurance. You may not be sure if you want to file a claim with your policy, in which case, you probably wonder can I cancel an auto insurance claim.  

Is It Possible to Cancel an Auto Insurance Claim?

Yes, you can cancel an auto insurance claim as long as you are not considered to be at fault in the accident. Once you file a car insurance claim, it takes a while for the whole process to be completed. This gives you time to get estimates of damages and think the idea through. There are many reasons you may want to cancel your claim and each situation is different. It may not be financially beneficial in some instances to allow a claim to be fully processed because of the implications it has on your auto insurance premiums.

Cancel an Auto Insurance Claim Because of the Deductible

One of the most common reason for not filing or canceling a claim is that you cannot pay or do not want to pay the deductible. If you have a $1,000 deductible on the collision or comprehensive portion of your policy, you not be able to or willing to come up with $1,000 to fix the claim. In some cases, even if you have a lower deductible, say $500, you may decide it isn’t worth it if the repair damages are only $600. The claim being paid by insurance company can certainly raise your auto insurance premiums, which normally isn’t worth the $100 you would get from the policy to pay for repairs.

At What Point Can I No Longer Cancel My Auto Insurance Claim

You have plenty of time to cancel your auto insurance claim. Even if you have already received the check from your auto insurance company, you should still be able to cancel the claim. Once you cash the check or put it into your bank account, you have usually passed the point of no-return. However, each insurance company is different and if you have already deposited the check and still want to cancel, give your insurance company a call and see if they will allow it if you sent them a check back.

How to Cancel an Auto Insurance Claim

Canceling an insurance claim is easy. It usually only takes a phone call to begin the process. You will probably have to fill out or sign some paper work and if a check has already been issued to you, you will have to return it. While filing the claim initially will remain on your auto insurance record, it will show that no money was ever paid out if cancelled. With most companies, this will not affect your rates. However, you should make sure that your claim history does indeed show that it was a $0 claim.

Auto Insurance in the Wake of a Cancelled Claim

If you cancel a car insurance claim and your rates do increase, then you should probably look around for another insurance provider. In most cases, you will be able to find a quality auto insurance company that will give you better rates. You can easily do this with our free rate quote tool. Shop around for the best rates and find out if you will be negatively affected by canceling an auto insurance claim.

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