First, it is important to have enough information about all those involved in the accident. It makes things easier and provides more satisfaction.
After Accident
First, let your insurance company know that an accident has occurred. Give as much information as you can to your company’s independent agents. Get out of your vehicle and begin writing down the information. Don’t forget to request the insurance information of the other party. If there are multiple drivers involved in the accident, keep all records.
A dashcam can be useful in capturing the location and time of an accident. Modern cameras save and record not only video footage, but also GPS data. The video can be used as evidence. You can use the video as evidence for some claims. These photos and videos are irrefutable records. Even if you don’t have a dashcam or a phone camera, you can use it to take photos of the license plate, any damage to vehicles, and any landmarks that are nearby the location. You can also seek out police officers who were on the scene to help you make stronger claims. Note their badge numbers and names. Witnesses are also able to support the facts. If someone (or one the witnesses) calls 911, medical personnel should be on their way. You will need to take down this information.
Claim the Claim
The company will begin its involvement as soon as you submit the claim via phone or by an independent agent. While the process of handling claims is different for each carrier, the core principles remain the same. Drivers can only see a small part of the process as some negotiations and reimbursements take place behind closed doors. The claim must contain many details, such as the following:
· Name and insurance policy number.
· Owner of the car if you drive someone else’s vehicle
· Make, model, and year of the car along with license plate number
· Date, time, and location of the accident
· Injuries and damages as results of the accident
· Passengers (if any)
· Description of how the accident happened
· Badge number of police officers who investigated the event
· All information you can get from the other drivers and their cars
The provider will contact you if the claim has been submitted. Once it is in their database, the claims adjustor will handle the majority of the investigation. An adjustor will work with a team of people to examine medical records, interview witnesses, assess damage, manage medical treatment, and determine fault. Each situation is unique so there are no set guidelines for how long it will take.
The adjusters begin immediately with vehicle repairs and medical treatments. Each driver’s insurer covers the policyholders for medical expenses and damage to their property; this is called indemnification. After policyholders have received their payouts the adjusters determine fault and seek reimbursements from other insurers.
Fault Assessment
It’s not easy to find out who is at fault for any road accident. While many believe that liability laws apply to all road accidents, they do not determine who is eligible for compensation and how much. It is up to the carriers to determine fault. All insurers pay for their clients in the states that implement no-fault insurance. All other states have a subrogation system. Subrogation refers to the substitution of one creditor for another. An insurer covers the client’s medical treatment and property damage if a road accident occurs. The insurer will seek reimbursement from the provider of the other party if another party is involved in an accident. In the end, compensation is paid by the insurance company of the at-fault driver. Behind the scenes, fault assessment and subrogation take place.
The Case for Uninsured or Underinsured
Most procedures are the same regardless of whether the case involves an underinsured, uninsured driver. Your insurance provider will pay all damages and injuries if an uninsured driver hits you. After making the payments, the carrier applies for reimbursement from the uninsured. Only one difference is that there is no company present on the scene. The process can be quicker and easier because fault assessment is simpler. You can choose to purchase coverage for the uninsured, but you must have one in order to receive the payment.
Each state has its own minimum liability requirements, so there may be a different threshold for being underinsured. Virginia and New Hampshire are both exempt from liability insurance. However, the latter requires drivers to have funds set aside in the event of an accident. Insurers often pay out compensations to drivers who are underinsured in the event of a road accident. The two providers responsible for the $10,000 in damages are, for example, the insurers. Both companies decide the percentage of payment. Let’s assume that the payment is 60/40. This means that the company paying $6,000 to the driver with low insurance pays the $4,000. The other company pays $4,000. Underinsured drivers will have to pay $4,000 to compensate the other company.