by Student » Wed Mar 25, 2009 05:03 am
COuld someone please throw some light on how differently do an Insurer treat auto insurance claims when the same is reported by an Insured and when reported by a claimant ?
Posted: Wed Mar 25, 2009 10:28 am Post Subject:
If I have understood your query correctly you want to know how the insurance company would handle the claim when both the drivers are insured by it, right? Well, the claim ideally should be handled the same way when two different insurers are involved.
~Jeremy
Posted: Wed Mar 25, 2009 01:30 pm Post Subject:
No jeremy i think he wants to know how claims are handled if first or third party..
COuld someone please throw some light on how differently do an Insurer treat auto insurance claims when the same is reported by an Insured and when reported by a claimant ?
There are several differences...as an example for the insured to get their vehicle into a shop and fixed, or payment issued under collision coverage there does not have to be any facts of loss investigation, only coverage..in other words, if the policy is in force, they are good to go..Claimant (3rd party) cannot get paid until the accident investigation is completed and liability both established and accepted...if the facts of loss are a draw (ie both claim green light) without any independent witnesses or anything to prove other wise a carrier will always give the benefit of the doubt to their own insured...there are many other things too. but I got to go and handle a bunch of those claims right now.. :wink: i'll ck back later and add to the list that will have certainly grown by then...Posted: Wed Mar 25, 2009 04:37 pm Post Subject: Thank you everyone !
Many thanks to all who have shared knowledge with me and many other readers.
Sorry Jeremy for not making my question clear enough. What I intended was what Lori said. Just wanted to know how differently would my Insurer treat a claim on my policy if a claimant (3rd party) reports a damage made by me instead of reporting the same to his insurer.
Also wanted to know how would my Insurer process the same when I report a claim for damage to my vehicle (caused while barging into the claimant's vehicle) :?
From Lori's expert post I now understand that the two claims, though arising out of the same accident are different. The one prefered by the Claimant is a Liability Claim and what I would prefer is a Collision Claim. Right ?
I also understand that the claims process also differs. Just waiting for Lori to come back with more knowledge :idea:
Posted: Wed Mar 25, 2009 10:10 pm Post Subject:
The one prefered by the Claimant is a Liability Claim and what I would prefer is a Collision Claim. Right ?
correct...If the claim is a 'no brainer' such as you rearended the claimant, hit a parked vehicle etc...any claim that liability is very clear and you admit the same...then your carrier will (should) jump right into taking care of the claimant...getting them paid for their damages, providing a rental while there vehicle is being repaired (or from the beginning if non-driveable)..handle any injury claim as well as it come...
Same with your damages except of course, you will be out your collision deductible for the repair to your vehicle..(once repairs have been completed, if you decide to repair it)...you can repair it or not, you are still owed the amount of the damage (same with claimant for that matter)..you (and clm't.) make the decision 'if' - 'when' - and 'where' you want your vehicles repaired....
Will your rates go up at renewal? yeah, more than likely...
any other questions, don't hesitate to ask. we will assist in any way we can...(hope it wasn't a bad accident :shock: )
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