Car Accident Settlement Claims: How to Get Money From an Insurance Policy
To get money out of your auto accident insurance claims, you first need to find out which insurance policy will cover your vehicle damages. There are 2 main insurance policies that pay for your car repair fees. The first place to check is the.
1. Liability Insurance When you need money from your auto accident insurance claims, you should file a Third Party Claim against the other driver’s Property Damage Liability insurance. A Third Party claim is anytime you want to initiate a car accident claim against another driver’s insurance provider. The driver and the insurance company are the first two parties; you are the third party.
In most cases, the liability insurance is good enough to cover the cost of an average car accident. Even if the other driver bought your state’s minimum liability insurance requirement, you’ll see it is more than enough to meet your car repair costs. For instance, New York’s state minimum property damage liability insurance is for $10,000. Other states minimum requirements fall between $5,000- $25,000.
The very first thing you have to do is get a copy of the other driver’s insurance policy. In this way you can figure out the amount of money you can likely get from his/her liability insurance. The liability insurance will be listed as three numbers where the first 2 numbers are for bodily injury limits while the third number is for the property damages limits.
As an example, a New York State Liability insurance policy may read 25/50/10. This in essence means that there’s “$25,000 for each wounded person with a $50,000 limit per vehicle accident and $10,000 for property damages.” Looking at the insurance policy, you now know the most you can get from your auto accident property damage insurance claims is $10,000. You can then assess if this will be enough to pay for your car repairs.
Unfortunately, simply because the insurance company can afford to pay for your damages, doesn’t suggest it will. You’ve still got to demonstrate the other car owner was the cause of your car accident.
That means it’s important to gather evidence say like , photos, auto accident reports, statements from witnesses etc. The auto accident insurance claims process can take many months to complete because of the fact the insurance companies aren’t really in a big hurry to pay for your damages.
This can make working with another insurance company really frustrating and time consuming. To avoid this you can file a auto accident insurance claim under your.
2. Collision Insurance Coverage
Collision insurance coverage is a policy with your own provider that pays for your auto repair costs no matter who was the cause of the vehicle accident. The benefits of filing under your collision coverage are that:
*You are going to get money for your car damages.
*It will save you time since you don’t have to gather evidence against another vehicle owner.
*The accident insurance claims process is better, simply because you are going through your own insurance company instead of another insurance provider.
*The whole process is often carried out in a short time and you can receive a car accident settlement check within a few weeks.
However, the problem with filing under your own collision insurance is that you will need to pay a deductible. The deductible is typically a few hundred dollars that you have to pay from your own pocket. After you have paid the deductible, the insurance company will pay for your repair costs.
So you need to consider whether it is worth paying the deductible to get your car repaired quickly or not pay the deductible and start preparing to convince another auto insurance company to pay for your car damages.
There is no right or wrong choice here. Just be informed of the various choices you have and how much each could cost you both in terms of time and money
Learn more tips to increase your car accident insurance claims and personal injury settlements