7. Consider Whether to File an Insurance Claim

Deciding whether to seek formal insurance compensation requires a rigorous analysis of several factors. Even for structural repairs that only slightly exceed your personal deductible, be aware that filing a claim could increase your premiums by 20% to 40% over the next three years.

Conversely, if your vehicle suffers severe damage or you sustain personal injury, filing a claim remains the wisest option. Assuming the accident was entirely caused by the other driver, your insurance company can obtain compensation directly from the other driver's insurance company through subrogation.