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Every year millions of consumers
file claims with their insurance agents and insurance companies.
The trauma of an auto accident or theft is stressful enough without
having to worry about your insurance claim. The following information,
prepared by the Independent Insurance Agents of America, is designed
to help you understand the claims process. First Southeast Insurance
Services will be there to ensure your claim is handled promptly
and fairly.
Taking
It To The Road
There are two basic types of claims.
The first involves loss or damage to your automobile. The second
type is a liability claim which arises when someone else suffers
an injury or damage to their property because of something you
did or did not do. For example, if you run a stop sign and hit
another vehicle, you could be liable for the damages to that vehicle
and any injuries that may have occurred. Liability claims may
result in a lawsuit against you. To cover these two key areas,
most auto policies subdivide the coverage into the following categories:
- Auto liability covers damage to
property of other people and injuries to the people.
- Collision covers damage to your
own vehicle.
- "Other than Collision"
or "Comprehensive" coverage pays to repair damage
to your car caused by fire, theft, vandalism, natural disaster
or similar events.
- Medical payments, termed "good
faith" coverage, guarantees immediate medical payments
for you, your passengers and other parties involved in the accident,
regardless of who is at fault. The point is to help someone
who is injured get the necessary medical attention and deal
with the issue of fault and insurance later.
- Uninsured and underinsured motorists
coverages protect you if you are injured in an accident with
others who themselves do not carry enough insurance or have
no liability insurance.
Is
That It?
No. There are additional coverages
such as towing and temporary replacement vehicles available for
your auto insurance policy. In fact, just about any contingency
can be covered by adding clauses and conditions known as endorsements
or riders to a standard policy.
After
An Accident
For several reasons, the first conversation
you have should be with your independent insurance agent at First
Southeast. Chances are your policy includes a stipulation
that the insurance company be notified promptly. Conversations
with others about the situation can inadvertently waive some of
your rights in the case.
When
The Time Comes
If you do suffer property damage
or injury or incur liability, it is time to file a claim. You
will be asked to fill out a claim form -- the formal document
on which you request benefits to be paid according to the terms
of the policy. Be complete and supply as much detail as you can
and, of course, be truthful. All this will help your adjuster
do his or her job and therefore speed the process. To support
your claim, it may be necessary to supply the insurance company
with some documentation such as a "proof of loss" form,
auto repair and medical bills, and a copy of the police report.
Be sure to keep a copy of your claim and any associated paperwork
for your records. You may need to refer to it in the future.
What
Is A Deductible?
When you file a claim for property
or loss, the payment made by the insurance company is subject
to a deductible. Basically, when you purchase your insurance policy,
you agree to pay the first specified amount of any damage as your
share of the cost of repair or replacement. The insurance company
adjusts its rates accordingly, charging less for those who agree
to pay a larger first share -- or deductible. For example, if
your car should sustain damages costing $2,000 to repair and you
have a deductible of $250, you would pay $250 and the insurance
company would pay $1,750.
What
Is A Claims Adjuster?
Once you have reported your claim
to your agent, he or she will contact the claims adjuster of your
insurer -- usually within the hour. The adjuster will begin the
settlement process, the length of which will depend on the cooperation
of the other party, if any. While some claims are relatively
easy and straightforward, others are more complicated. Your adjuster
is charged with investigating the claim and then making a recommendation
to the insurance company. The recommendation can be to accept
the claim and pay the full amount requested, accept part of the
claim and make a partial payment, or refuse the claim and make
no payment. The insurance company will then make a decision regarding
your claim and notify you of its final decision.
A
Final Note
The amount of compensation offered
can vary according to the adjuster analysis of your claim. Keep
in mind, if you feel it is too low, you do not have to accept
the first amount offered. While you may have to do some research
to prove a higher payment is valid, it may be worth it. Your First
Southeast agent should be able to assist you in reaching a fair
settlement.
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