I pulled a dumb move and rear-ended someone at about 11mph. Their car had all of $700 in damage - mine? So far the tally is at over $11,000 and climbing... My car is worth (ACV) about $20k so it's approaching the limit percentage (75%) pretty quickly. I'm not worried about paying off my loan as I have GAP insurance.
My concerns are:
- How much might my insurance increase as a result?
- Could it be worth buying the car back, if so how much trouble is it to get back on the road/insured?
- The officer gave me a ticket for "failure to control at high speed", should I fight this? ($130, no points)
I've been driving for 8 years, am now 25y/o, and have a completely clean record other than this accident and ticket.
Also if it means anything the car is a 2013 BMW 135i, with about 67k miles on the clock. Is fully loaded and was in excellent shape before the accident.
Thank you in advance to anyone who can offer some input!