Understanding Your Auto Insurance Claim
Auto insurance claims can be confusing and even difficult to understand. This guide will help provide you with the necessary information to begin understanding the specific process for filing an auto claim.
Understanding Your Auto Insurance Claim Guide | InsuranceWiz Blog
InsuranceWiz Blog is here to help. We have put together a guide that will provide you with all of the information you need in order to better navigate this process.
Understanding Your Auto Insurance Claim
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Understanding Your Auto Insurance Claim Guide | InsuranceWiz Blog
To better understand this process, it is important that you keep an eye out for yourself. As mentioned above, there are a variety of types of insurance and each one of them has a different process for filing a claim. With this in mind, it is important that you understand your policies as far as what type is best suited for your situation.
With that said, this guide has outlined several types of insurance and what they entail when it comes to filing a claim.
This guide will explain the differences between the different types of insurance that you may have. We will also point out an important fact about each one-to-help you better understand which type of insurance to file a claim under.
For example, here is an explanation of each type of auto insurance:
Bodily Injury Liability (BI) - This policy pays for damages to another person (or other persons) caused by someone else's negligence. It also pays for injuries resulting from someone else's intentional acts or omissions.
With this in mind, it is important to know that your auto insurance will need to be filed under the type of policy that best suits your situation. For example, you may have comprehensive and collision coverage, but your incident falls into the first category-bodily injury liability.
For your convenience, we have outlined each type of insurance as well as what type of policy you should file under in regards to bodily injury liability:
Bodily Injury Liability - The car you hit or cause an accident with can sue you for any damage they sustain. This is why it is important to understand which policy you need to file under for this situation. The two most common policies are UM/UIM and liability. UM/UIM stands for uninsured motorist coverage. Liability is provided by your insurance company or yourself if you have purchased a liability policy.
For example, let's say that you don't have a clear understanding of the types of car insurance available to you and you run a red light. The person behind you has no time to stop and they hit the back of your vehicle. This person sustains injuries as a result of the accident and decides to sue you for damages sustained.
Bodily Injury Liability is going to be responsible for covering all costs associated with this claim (medical bills, hospital stays, income loss, legal fees etc.); you may also be held personally liable for all of these instances and will have to cover them yourself.
In this case, the best policy to file under is UM/UIM because it is intended to protect you from uninsured/underinsured drivers.
It is important that you have this coverage and understand when it applies. If you don't, problems such as the one outlined above can arise.
Property Damage Liability – Property Damage Liability covers damages your car causes to another person's property (home, vehicle etc.) or another person's body (from injuries related to your vehicle).
Because of this, it is important that you file under the Property Damage Liability coverage. It will help to cover the damage caused by your car.
One thing to keep in mind is that you must report the accident to your insurance company within 30 days of it happening. If you don't report it, you could face large fines or penalties depending on where you live.
Additionally, it is important that you keep repair receipts and any other documentation related to this claim until any legal disputes have been settled. This way, you can prove that the damages were caused by your car, not by other parties.
Accidents – Accidents are typically covered under Comprehensive Coverage since it covers all aspects of your coverage, including any damages to property and bodily injuries.
It is important that you understand that if you are involved in an accident and the other party sues you, the court will only look at what is written under Comprehensive Coverage. The only thing they will look at is how many cars and drivers were involved in the accident. This is why it is so important to have comprehensive coverage because it assures that no one else's legal problems are going to arise from this incident.
Collision Coverage – Collision coverage helps to cover accidents that occur between your vehicle and another object such as an accident with a tree, pole or other stationary object. It also covers bodily injuries sustained in collisions.
If the other party sues you for damages caused by your car (such as personal injury claims), the court will look at what is written under Collision Coverage only.
Collision coverage is meant to protect you from financial troubles in case your vehicle damages someone else's property. For example, if you are involved in an accident and the person's property is damaged, you will have this coverage to help pay for their damages (up to your limit).
As such, it is important that you have the appropriate coverage to protect yourself from legal liability in regards to another person suing you.
With this in mind, the best policy to file under for accidents would be Collision Coverage since it is a sure thing that your vehicle was involved in an accident. The information will be provided in black and white without any guess work involved.
Even if you don't have your own insurance policy, there are other options available such as Personal Injury Protection (PIP), which is required by law for all drivers in Florida. This policy helps to provide medical coverage for anyone injured in an auto accident regardless of fault.
Conclusion
Hopefully, this guide helps to provide you with more information on the types of auto insurance policies available. Knowing which policy best suits your needs is the first step towards protecting you and your family from any unexpected costs or liabilities.
If you would like to know more about auto insurance policies, we encourage you to contact a reputable insurance company in your area for further assistance.
There is no better way to learn than through first-hand experience! By signing up for an auto insurance quote, it won't be long before you are driving safely with full coverage.