If an insurance company receives a claim for damaged property, then it must work on calculating the value of the damaged item. During the determination of an item’s value, the insurance company must take into consideration a list of different factors.
• The question of who was at fault
• Specifics on the nature of the coverage paid for by the claimant/policyholder
• If damaged property was car, the insurance company must check to see if the responsible driver was insured.
Getting compensated for repairs
Normally, the responsible party pays the cost of repairs. Still, the person held liable for the damage is not always the person that pays for the repairs. The driver of a car should prepare for the time when that vehicle might hit another vehicle. At such a time, the car’s driver would need liability coverage. That coverage would come from the insurance company. That company would have to pay for the damages that had been caused by the policyholder.
Suppose the responsible driver had not purchased any sort of car insurance, what would happen then? In that case, the driver that was hit would need to have some type of collision coverage. By obtaining such coverage, the driver with the damaged vehicle could expect the insurance company to pay for the damage, up to the limit that was stated in the policy.
Usually, when an insurance company sells collision coverage, it expects the policyholder to pay a deductible. The deductible is a set amount of money that gets subtracted from the amount of money that the insurance company must pay. The policyholder must cover the cost of the deductible, before the insurance company will agree to deliver its promised coverage.
The 3-step process that leads to payment of repairs by the insurance company
Inspection of vehicle: This allows the insurer to see if the claimed damage is as extensive as alleged by the claimant. An inspection can also reveal an effort to blame the other driver for an accident that was the policyholder’s fault.
Assessment of damage: At this point, the insurer would seek to make sure that the driver making the claim was in no way responsible for the reported accident. If the facts suggested that the driver making the claim should bear some level of responsibility, then the insurance company would be contacting him or her.
The hit driver could try to fight any of the insurance company’s allegations. Still, that would delay the time until delivery of the money for repairs as per Personal Injury Lawyer in Fort Erie. Payment: Ideally, the driver that has made a claim learns when the requested funds will get sent to that same driver, or to that driver’s lawyer. Then the check arrives, as promised.