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No, you do not have to file a claim after an accident. Most car insurance companies require you to report accidents as soon as possible, but reporting an accident does not automatically mean that you are going to file a claim.
If you’re trying to decide whether or not to file a claim, it’s important to know how long your state allows you to wait. Depending on your state, you may have 1-6 years to file a bodily injury claim or 1-10 years to file a property damage claim.
Even though you don’t have to file a claim immediately after an accident, it’s typically in your best interest to do so. The longer you wait to file a claim, the more difficult it will be to investigate, which lowers your chances of receiving a settlement.
To learn more, check out WalletHub’s guide to car insurance claims.
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What is a waiver of subrogation?
A waiver of subrogation is a legal clause that prevents an insurance company from recovering the money they paid on a claim from the responsible party’s insurer. In car insurance, a waiver of subrogation usually keeps the not-at-fault driver’s insurer from recouping claims payments from an at-fault driver.
Waiver of Subrogation Example
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If someone hit your parked car, you should file a police report because it will make the claims process easier and might come in handy if there is more damage than you initially think. If the person who hit your car left a note, their insurance company should pay for your expenses with property damage liability insurance. But if the incident was a hit-and-run, you or your insurance company will end up footing the bill.
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