Common sense says if the repairs cost less than your deductible you're better off paying for them on your own and keeping the story to yourself. The wisdom that says take a higher deductible on your insurance to lower your rates extends to this scenario. Take the money you save on the lower rates and deposit it into a savings account. When an accident happens, you'll have the money for repairs even if the cost is slightly more than your deductible.
In addition, because injuries are not always immediately apparent, you should report an accident in case you sustain injuries that show up a day after the accident and need medical treatment.
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