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Dos And Don'ts Of Auto Insurance Claims On Sports Cars

From just fender benders to major damages, car accidents can happen anytime. These accidents don’t exempt even the most elegant sports cars. The problem is that financial stressors are also borne out of an auto accident. You’re lucky if you have a good car insurance policy because it can help in alleviating some of the financial problems you’ll encounter along the way.

With a comprehensive auto insurance policy, a sports car owner can file a claim that will cover the damages to their automobile, whether or not they’re at fault of what had happened. Also, it’s essential to note that the other party or other driver will be covered by your policy if you have a ‘third party, fire, and theft’ or ‘third party’ plan. Read on below to learn more about filing auto insurance claims on a sports car.

Types Of Accident Claims

You need to find out whether you should be claiming an ‘own damage claim’ or a ‘third party claim’ the moment you realize you need to file a car insurance claim for your sports car. That’s the reason why it’s very important to understand your own car insurance coverage. Reliable personal injury attorneys, like those coming from The Sawaya Law Firm, can help you better understand your policy if you’re not entirely sure how it works.

Take a closer look at the two types of auto accident claims below.

Third Party Claim

- A third party claim can be filed if the authorities found out that you’re not at fault after being involved in an accident. You can make a third party claim automatically from the other driver involved in the accident on the damages that the accident caused. Note that you also get to keep your no-claim discount or NCD by doing so. If you want to be holding on to that precious 55% discount, which you’ve amassed over several years of safe driving, filing a claim against someone else’s insurance can be especially useful.

To file this type of car accident claim, you can either directly submit the claim to your own insurance firm and let them take care of everything for you, or you can directly submit the claim to the at-fault third party's insurance company.

Own Damage Claim

- Making an auto insurance claim against your very own comprehensive policy for car insurance is what an own damage claim is all about. You just have to speak to your insurance provider; share all of the details of the accident, and let them handle and take care of everything. A proper adjuster will be elected by your auto insurance company to ensure that all your needs are completely tended to during a panel workshop.

Keep in mind, however, that filing an own damage claim is likely to forfeit your NCD or no-claim discount. It will be starting at 0% again upon the next renewal of the auto insurance of your sports car. It’s also possible that you may be assessed based on your risk profile by the insurance provider. That means your accident history may also be recorded.

Types Of Damages Eligible For Insurance Claim

Your car insurance policy will disclose how much coverage you’re entitled to. You can make an insurance claim for two types of damages, which are:

Special Damages

– This is the straightforward type of damages. In special damages, you can claim for expenses incurred because of the mishap or accident. Claims include medical expenses, money spent for renting another vehicle, and transportation costs. Special damages generally relate to expenses involving a monetary value incurred due to the accident. The best thing to do is to check to see if your auto insurance coverage has the right add-ons you need for maximum protection.

General Damages

– These are damages pertaining to compensation for pain and suffering after the victim sustained injuries. For example, if you, including the passengers of your sports car, were hurt in the collision, a compensation can be claimed from the insurance policy of the other party that caused the accident for the injuries sustained and suffered.

Note that the insurer of the other party will only be compensating you if the other driver was found to be the one at fault for the collision. Similarly, both you and the passengers of your vehicle when the accident happened will be partially compensated if it’s found that you’re partially responsible for the collision.

Dos And Don’ts When Making An Auto Insurance Claim

Here’s a list of important dos and don’ts to help you in figuring out the claims procedure when you’re claiming from the insurance policy of a third party or from your own comprehensive plan. For more references on the do’s and don’ts of insurance claims, you can also check out this video:

Dos

1. Seek Medical Attention Immediately

Receiving medical care assistance should happen as soon as possible; everything else can wait.

2. Inform The Insurance Company

The next thing to do is to inform your insurer about what happened. In order to offer the required coverage, the insurance company will take rapid action in inspecting all the damages sustained because of the accident. It’s also essential to note that insurance firms have certain deadlines that, when not met, may result in your claim getting prejudice. Have a family member, friend, or your spouse make the call if you’ve been injured and unable to do so.

3. Speak With Your Agent Honestly

If you’re the one who caused the collision or damage, admitting fault can be embarrassing. However, anything that can be considered as less-than-honest communication may only do you more harm than good. It could actually lead to problems or issues with your insurance claim later on. Your insurance agent and even your personal injury lawyer deserve to know the truth, whether you caused a fender bender because you were texting while driving, you fell asleep at the wheel, or you hit a curb.

4. File FIR (For Cases Involving Third Party Losses)

File an FIR after informing your insurance company. FIR filing is very important in case the accident has resulted in severe third party losses, like death. You’ll notice that to make a claim, you’re going to need a police report as stated in your insurance policy. It’s an essential part of the procedure. In fact, it’s advisable to be on the safe side by, still, lodging a police report even if you don’t have plans to make a claim. If the other party behaves in a threatening manner or is aggressive, filing a report is also recommended.

5. Document Injuries And Vehicle Damages

Taking photos of your injuries, as well as of the sport car’s damages, as soon as you can is essential. Also, keeping a diary or journal that records all important facts about the accident is recommended. Important documents should all be kept inside a binder or folder so that they can stay organized and you can also better understand the whole process of filing for a claim.

6. Submit Required Documents

For the claim process to be completed at the earliest, submit all of the required documents as soon as possible. Note that you’re required to submit a photocopy of your driver’s license, an ID proof, and repair invoice.

7. Keep Records And Receipts Of Any Expenses

Since expenses may be compensable either through the defense’s insurance policy or your accident benefits provider, keeping receipts and records of them is important. Keep everything, from parking slips, ambulances receipt, taxi receipts, to any other economic losses endured throughout the process.

8. Get Contact Information Of Witnesses

Police will often let witnesses go relatively quickly because they don’t have much time to waste waiting out the entire investigation of the accident to get worked out. It’s best to immediately get their contact information so that the lawyer you hire can contact them easily.

9. Read Your Coverage Note Properly

The coverage note contains the amount that you’ll get by the insurer against your claim. Properly read the information it contains about the accident, including its intensity. Doing so will help you in keeping a clear mind as you’re forced to decide at a stressful time.

10. Immediately Seek Legal Advice

All parties involved in the claims process will have interests that are adversarial to yourself. The ever complicated manner of the claims process won’t help either. That’s why seeking legal advice as soon as possible is highly recommended.

As you might know, insurance providers and the lawyers who work for them have agendas revolving around cutting costs where possible and winning their cases. Simply saying, your health and your best interests won’t be at the top of their priority list. Fair compensation won’t be at the front of the insurer’s mind either. As such, you need an experienced personal injury attorney who can tell you about your rights and protect your rights within their ethical duties at all costs.

Don’ts

1. Don’t Leave The Spot Of The Accident

If it isn’t an emergency, leaving the emergency spot isn’t a good idea. If you leave, proof of damages might be tampered. Of course, that will bring the amount of coverage you might be getting against your claim down.

2. Don’t Give A Written Or Recorded Statement To Your Insurance Company Right Away

It’s advisable that you let your insurer know that you’re not comfortable being recorded or writing down anything, unless you understand your coverage fully. Consider talking with a lawyer if ever you feel your agent is attempting to force you into giving a written statement or being recorded.

3. Don’t Sign Any Waiver Or Accept The Insurer’s Offer Automatically Without Consulting With An Attorney

Without being fully informed of what you’re getting for your signature, it’s paramount to not sign a document from the insurance company that waives your legal rights. It’s best to get a knowledgeable lawyer who’ll not only explain your rights, but also explain what rights you’re giving up if you sign a release. Of course, a reliable lawyer will only give a recommendation for your next move (whether to sign a waiver or not) after evaluating your case fairly.

The problem is that it’s not uncommon to find individuals who are feeling pressured or in a difficult situation sign for settlements way lower than the amount they deserve. Most of them sign releases or waivers they don’t quite understand. Again, when dealing with any legal documents, speaking with a legal professional is crucial.

4. Don’t Accept Monetary Settlement With Third Party

The other party involved in the accident might approach you with the goal of sealing a quick monetary settlement for the damages your sports car has sustained because of the collision. Don’t get into such a type of settlement as much as possible. Generally, insurance policy covers higher than the amount you’ll get as an offer from the third party.

5. Don’t Get Your Sports Car Repaired Before Receiving The Coverage

Remember to not repair your vehicle before getting the amount of coverage you deserve against your claim. The coverage amount can be lowered drastically when you repair a sports car that got damaged by an accident.

6. Don’t Ignore Your Policy’s Time Limit

When it comes to having a claim reported, just about every car insurance policy has a time limit. That being said, make sure that you know exactly how much is the time limit for the policy you got. Keeping up with the allotted time is very important if you want to make sure that you can file a claim without any problem or delay. Keep such information somewhere that’s easy-to-find or readily available should you need to review it anytime.

7. Don’t Accept A Final Payment Unless You’re Truly Ready

Never cash that check from your insurance provider unless you’re contented with the final amount. Remember that accepting a check labeled ‘final payment’ may mean limited further legal options if ever you encounter other issues or costs that you know would have a significant effect on your settlement amount.

Final Thoughts

If you’re injured because of an automobile accident, speaking with someone who’s able to help you make a decision on your next step is essential. It’s true no matter how unique your situation is or where you live. Lack of counsel, most of the time, results in the claimant falling prey to insurance bad faith. The insurance provider knows its rights; it only makes sense that you should also know yours.

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