|
| After Approving Car Insurance Claim |
 Third Party Claim – A claim with the other driver’s insurance company
When you are in an accident with another driver and it is at least partially their fault, and you are not in a no-fault state, you may make a claim with the other driver’s insurance company. For a Property Damage claim, similar to your own insurer, the other insurer will typically pay the body shop directly for repairs once they receive an estimate from the shop. The other driver’s insurance will also pay for your rental car for a reasonable and necessary amount of time during which your car is being repaired.
If your car was totaled, (it would cost more to repair it than its value) they will pay you the ACV (Actual Cash Value) of the vehicle and take the salvage and sell it, keeping the profit, or, offer you the salvage (your damaged vehicle) and the ACV less the salvage value. An agreement on the ACV must be reached in order to settle this type of claim.
If you are injured and making a Bodily Injury claim with the other driver’s insurance company, there are no hard and fast rules regarding settlement. If you are offered a settlement amount that you believe is fair and you want to take it, you will be asked to sign a Release and Waiver, which waives your right to come back and sue for more money from them or their insured at a later time, even if you learn new information about your injury. It is always good practice to have an attorney look at the documents before you sign them. Better still, if you have anything more serious than a very minor injury, it is best to have an attorney represent you so you know you are being dealt with fairly.
If you are on your own and cannot reach a settlement, you may:
• Contact an attorney to negotiate for you unless time is of the essence (Check the Statute of Limitations in your state) in which case you may need that attorney to file suit to protect your rights.
• Contact a car accident attorney to file suit against the responsible party (especially if time is an issue).
• In some states, you may file suit and/or file a complaint with the Department of Insurance for Third Party Bad Faith. (At the time of this writing, those states are Alabama, Hawaii, Michigan, New Hampshire, Florida, Louisiana and Nebraska.) Check with an attorney in your state who specializes in bad faith cases.
|
|
After Approving Car Insurance Claim