What is the Average Time that a Claim is Processed or Settled?

If an accident or break-in leaves your car or home vulnerable to damages or loss, you will probably rely on your homeowners or auto insurance policies to repair the damages in an appropriate amount of time. However, depending on the extent of your losses and the size of your claim, processing and settling a claim can take days or even weeks.

How it Works

After an incident occurs, an insurance adjuster is assigned to review your case and determine how much compensation you are entitled to. Some insurance companies take several days to review your case and determine your eligibility for compensation. At this time, you may be asked to acquire repair or replacement estimates — especially if the claim is related to losses sustained in an auto accident. Your insurer will then either offer to cover the full cost of your repairs, minus the deductible, or you will be offered a settlement amount, which you can accept or deny.

Keep in mind that the average time for claims to process is usually much shorter when the only damage or losses are related to property. If you are filing a personal injury claim as well, your case may take longer to process, as insurers will require copies of medical bills and possibly, a statement from you physician. Also, if you deny an insurance settlement, your case may go into a mediation process through your insurer to determine whether you should receive a higher payment. If your case goes into mediation, it may take an additional two to six weeks to settle.

How You Can Accelerate the Process

Depending on the nature of your claim, you can accelerate how long claims are processed or settled through your insurer in a number of ways. Start by always getting a police report at the scene of the accident or crime — no matter how big or small it is. Provide the contact information of witnesses, and ask to schedule a time to meet with the adjuster to inspect damages. If your adjuster asks for pictures instead, ask to email them, rather than send them through the mail.

What Are the State Minimum Liability Limits?

What Are the State Minimum Liability Limits?Every state in the U.S. imposes minimum liability insurance requirements on its drivers. Although the amounts vary from state to state, they all serve the same intended purpose: To financially protect other drivers against bodily injury and property damage incurred in an accident for which they are not at fault.

The minimum amount of auto insurance you must personally carry depends solely on the state in which you live and drive. For example, New Jersey, California, Delaware, Pennsylvania and Massachusetts all have very low property damage liability limits. In those states, you only need $5,000 of coverage for the damage you cause to another person’s vehicle or property. Many other states, however, such as Mississippi, Alaska and Maine, require a minimum of $25,000 of liability coverage for property damage.

State minimum bodily injury limits are typically higher and divided into two categories – the amount an insurer will pay for one person injured in an accident and the total amount an insurer will pay for all people injured in an accident. If you are in Oklahoma, Florida or Louisiana, you are only required to carry $10,000 per person, per wreck with a maximum of $20,000 per accident. Alaska residents, on the other hand, are on the hook for a bare minimum of $50,000 per person with a maximum of $100,000 per accident.

Driving Without State Minimum Coverage

If you choose to drive uninsured or underinsured, you could be facing serious consequences. The laws vary by state, but in some places, you could lose your license for as much as a year or have your vehicle impounded for driving without state minimum coverage. That is in addition to the fines, penalties and court fees you are almost certain to have to pay. Additionally, the offense could go on your permanent driving record for potential employers to see.

Considerations

Keep in mind that just because you have met your state’s minimum liability limits, it doesn’t necessarily mean you have enough auto liability insurance. Some states have notoriously low minimum insurance limits that wouldn’t even pay for half of the damage to a new vehicle. Others may have adequate liability limits for the average driver, but not enough to protect the assets of someone with a lot of savings, investments or property to lose.

You should speak with your insurance agent to determine how much coverage you personally need in the event of an accident. Remember, just because you max out your auto insurance benefits, it doesn’t mean you are not still liable for the damages or losses you cause another driver or passenger.

Reading Your Policy Made Easy

Reading your Policy made EasyMuch before signing contract with any insurance company, you need to thoroughly know what the policy includes. Without knowing it’s sections and the purpose of it, you will not make the best use of your policy. There are typically six main sections in almost all insurance policies.

  • Declaration Page: This being the first page of your policy, generally has all the required information such as insurer name, address, contact number, a description on policy, cost of policy and dollar amount of coverages included under the policy.
  • Definitions: Certain terms used in insurance will not be familiar to insured. In order to define the terms used and deliver the benefit of it by explaining what it means in detail is done on this page. A complete understanding of your policy and its coverages.
  • Coverages: The liability and property being covered to a limit under defined coverages.
  • Exclusions: Every policy will have its own limits. What is not covered under your policy will be clearly specified and laid out exclusively in the exclusion section.
  • Conditions: Insurance policy is a contract signed between you and the insurance company. It lists out the terms and conditions under your policy. It also details your duties at the time of loss. It explains the claim process and information on how settlement works.
  • Endorsements: This is an important section of your policy. It includes every amendment made on your policy be it to remove, add, or change the standardized coverage. With endorsements, you meet those special needs and requirements to be included in your policy. An insurance company can make use of endorsements to limit coverages.

Insuring Your Cheap Property and The Building

Insuring your Cheap property & BuildingBefore getting engaged in finding a cheap property, you might want to consider few things. Firstly, a protective measure by using safety devices such as alarms, dead bolt locks, fire extinguishers on every portion of your building gives you a discount up to 20%. Newly built houses are no less in obtaining a minimum of 25% discount. Growing older will get you lesser insurance price. Do not miss on holding a home inventory, list of every small thing in your house along with it’s replacement cost. This makes your claim easy and quick. Lastly, renew your plan and keep yourself updated with coverage price and inflation rates.

Tips to Consider

  • Know about deductibles. Higher the deductible, lower will be your insurance premium. You can save up to 30%.
  • Try to sign up with one insurance company to cover all your possessions. Be it the detached structures, valuables, home, personal belongings, let all be covered under one insurance policy and the same insurance company for a long time. This will fetch you good deductions and discounts. Any modifications done to these systems, keep your insurer updated on it.
  • Remember, you are insuring the house and not the land.
  • If zero claims made in the past, then do inform your agent. This is an added benefit.
  • Safe installations, signing up for neighborhood watch scheme and installing good quality safety locks could save your money on insurance cost.
  • Increasing the pay of your voluntary excess can help in reducing premium.
  • Joining up some special shopping sites which guarantee you cash back will also fetch those hidden cash back with your insurer

Importance of Deductibles

Importance of DeductiblesWhen you file a claim, you will have to pay that amount from your pocket. For example consider that you select comprehensive deductible as $100 and later if you are under loss of $250, at that point of time you will have to pay $100 from your pocket and $150 will be paid from your Arizona home insurance. You have to choose the deductibles very wisely. If you select high deductibles then you will pay less premium.

  • Actual cash value or Replacement cost : After depreciation how much you claim for repair or to rebuild the damaged home is actual cash value. You should insure your house for 80% of the replacement value of the house. Depending upon the dwelling, you can choose either actual cash value or replacement cost.
  • Discounts : You can get discounts so that you can reduce your premium. All home insurance companies give you a number of discounts. Contact your agent to ask how those discounts will benefit your insurance policy. Install safety devices like anti-theft alarms,burglar systems, dead bolts so that it not only protects your home but you will fetch discounts also. If you stay near fire hydrant and fire station these factors can help you lessen your burden.
  • Packages : Different packages are available in many of the insurance companies. You get multiple coverage options and huge variety of packages. When you are selecting the coverages you should select it smartly. Medical payments, additional living expenses, property damage, personal liability are the additional coverages available apart from the basic coverages.
  • Rules and Regulations : Before you sign the agreement with Arizona home insurance, check all the terms and conditions, because every policy will have its own set of rules and regulations. Always keep the policy in safe place and remember the name of the insurer.
  • Right Source : Consumer publications, public library and state insurance department also help you guide about the insurer. They are unbiased and give information on what insurers charge on the products and services.

Steps Involved when you meet with an accident

Steps Involved when you meet with an accidentYou will get to know about the coverages when you keep comparing the policies. You should select the coverage in such a way that meets your budget. Buy the coverage which you can afford. The checks you pay should be in the insurer’s name or the agent’s name. Keep a look on the policies you already have and the policies you are planning to buy. Read the policy before you commit. Many of the policies have the option of free look period upto 30 days. When you get a mail about your insurance information, see to it that it contains what actually you have purchased. Always keep your Connecticut car insurance in a safe place and tell your trusted family member or a friend where you have kept your policies. If you are ill or pass away, they will do the necessary processing of your claims.

To file a complaint you need to follow few measures in Connecticut.

  1. As soon as you meet with an accident intimate the cops immediately.
  2. Get the information of the persons involved in the accident.
  3. Note the time and location where you met the accident and also the model the car which is involved in the accident.
  4. Check whether the damages are as reported.
  5. Call up your insurance agent immediately giving your policy number and other necessary information.
  6. Till you receive the claim amount, try to cooperate with the car insurance company.
  7. To make your process easy, provide the necessary documents to your Connecticut car insurance company.
  8. Keep notes on the conversation you had with the police, insurance agents, person who is involved in the accident and the lawyers.

Did Towing Damage Your Car?

Did Towing damage your Car?Instances such as your vehicle in no parking zone, violation committed, caused an accident, your vehicle is immobile and needs a repair or mechanic to look upon. For all the above, towing comes as a rescue. But what when a towing process itself damages your car? Do you have to bare the expenses? Will your car insurance company pay for it? Many questions, answered below.

Usually, few car insurance companies accept such damages under their collision coverage, if the insurer has opted for collision coverage. It generally covers any damage which occurs to your vehicle due to collision, caused either by another vehicle or object. But the collision coverage is a deductible where deductible is that amount which you as an insurer will have to pay out of your own pocket much before your insurance company hops in.

To Do!

When you are at the towing company to pick your vehicle or as soon as it is dropped by towing truck into a mechanic shop or service station, check thoroughly for:

  • scratches
  • tires if deflated
  • dents
  • worn out paint
  • any trouble with alignment of car

Take pictures immediately or a video if in case of any damage mentioned above. If possible collect some witness statements which can help you in making your claim process easy and quick.

Successful Claim

Every state and it’s municipal corporation has definite set of rules on how a towing process has to operate. As towing are independent operators, not all state municipalities agree for the claim, only few encourage the submission. Some times the towing company itself will agree in paying for the claims made. However, you will have to keep your car insurance company updated. If the towing company does not accept your claim then you can work through your car insurance company. You can file a complaint, raise a legal action to collect money for repair of the damaged. At times, the towing company will negotiate between the parties, your insurance company, truck operator, insurance company of towing company.

Exclusions Required On your Policy

Exclusions Required on your PolicyDelaware home insurance gives the insurer protection against loss or damage to her or his contents,dwelling and also additional living expenses. Any damage or destruction of the house caused from disasters will be compensated by your home insurance. Many of the standard insurance companies do not cover certain types of disasters in certain areas, for example earthquake and flood which require additional coverages. Your home insurance must be updated to the existing value whether the inflation rate goes up or down and any appraisal made by the insurance company will be added to your insurance policy premium. Special premium charge are required for fire insurance as well as on site fire suppression systems to qualify and also the smoke detectors.

For every loss that happens the home insurance policy is not designed to pay for it. There are few exclusions in your policy in which there is an option as no coverage. Exclusions are specifically list in your policy so its required to read your policy carefully. There are four reasons for the events to be excluded:
If an event is not sudden and accidental then the home insurance policies will not cover the wear and tear damages of your home, rotting, age, or leaky pipes which are not maintained properly. The policy will not include any intentional acts that are committed by the insurer.
Any catastrophic event like flood, war, earthquake and nuclear disasters. Home insurance policies usually exclude the property damaged by the sewer back up, sump pump overflow or collapse of an underground mine.
The injuries caused by the animals or by the trampolines are not cover the liability coverage by most of the insurance companies. In case of a peril the insurance company does not want to cover for the premium.
By using the endorsements policy you can also buy some of the exclusions. When you have the endorsements in the home insurance policy then the contract changes and the additional premium will be added.

Don’t Let the Desire for Familiarity Stop You From Getting the Best Car Insurance Coverage

Obtain Best Car Insurance PolicyIf you want to learn the best way to shop for auto insurance, sometimes you have to make mistakes. Big ones. Fortunately for you, there have been plenty of other people that have come and gone ahead of you who have essentially laid a solid foundation for the things to avoid when shopping for car insurance. One of the things they’ve taught us is that more often than not, you have to fight your human nature to find the best deal.

How so? Consider this: one of the biggest roadblocks to finding the best possible car insurance coverage is the desire for familiarity. People are creatures of habit, and it shows in the patterns by which we lead our lives—eating at the same restaurants, shopping at the same stores, seeing the same doctors… and failing to compare auto insurance by sticking with the same old insurer we’ve had for years.

As you might imagine, this is a mistake on a number of levels. Unless you compare auto insurance regularly, you’ll never know if you’re paying far too much. You’ll never discover—until it’s far too late, anyway —whether your coverage is sufficient or if you’re throwing money away on over-insurance. So what’s the best thing to do if you despise change? Shop for auto insurance at least once a year and if you find a better deal elsewhere, discuss it with your insurance agent to see if they can match the coverage. If they agree, you’ll be in a bona fide win-win situation.

Resisting the Temptation to “Forget” Your Teenage Driver

Be Aware of Your TeenIt’s easy to fudge the facts when you compare auto quotes. And it’s okay to do so if you’re only looking for ballpark quotes for car insurance. But when it comes time to actually sign on the dotted line and enter into a contract with an auto insurer, the very last thing you want to do is to tell a few white lies you figure they’ll never have a way of finding out. Because they can and they might.

One of the most frequently told lies—and one of the biggest mistakes that you could possibly make when buying car insurance—is the failure to report a licensed driver who lives in your home and who may use your car on occasion.

An awful lot of people, understanding that having a teenager in the house can send their rates sky high, often lie about this to prevent from having to dig deep on premiums. The only trouble is, if that unregistered teenager happens to get into an accident while driving your car, you could end up having to pay for the damages yourself if the insurance company refuses to cover you, or worse. Your insurer might even drop you altogether for purposefully lying on your contract.

In the end, paying a few dollars extra here and there just to keep things honest between you and your auto insurer is the best possible option. Anything else, and you’re taking unnecessary risks that could lead to financial disasters.