Decide whether making a claim is worth it versus paying out of pocket.
Calculated locally in your browser.
Understanding your result
For losses near or below your deductible, claiming rarely helps. Larger losses usually favour claiming.
Formula and method
Cost of claiming = deductible + (premium increase × years). Paying out of pocket costs the loss amount. Claiming is worth it when its cost is less than the loss.
Worked example
A 3,000 repair with a 500 deductible and a 300 increase for 3 years: claiming costs 1,400 vs 3,000 out of pocket — claiming saves 1,600.
How to use this tool
- Enter the repair or loss amount and your deductible.
- Enter the expected annual premium increase and how many years it lasts.
- Press Calculate.
Common mistakes to avoid
- Forgetting that a claim can raise premiums for several years.
About the Insurance Claim Calculator
A small claim can cost more over time than paying out of pocket once your premium rises. This tool compares the two so you can decide.
Frequently asked questions
Will one claim really raise my premium?
It often does, by an amount and for a period that vary by insurer. Use figures from your renewal or insurer to be accurate.