Monday, November 8, 2010

Learn How Car Insurance Works in an Accident

Understanding how car insurance works after an accident can be very complicated. The fact is that most of us are never prepared at the point of an auto accident. Its important that you understand the insurance process to be better prepared

The claim process is the beginning stage of the insurance cycle. Immediately after an auto accident you will contact your insurance company and open a claim. Your claim will then be assigned to a claim adjuster. The claim adjusters responsibility is to review the details of the auto accident and eventually to make approved disbursements to cover damages and other losses. During the process the claim adjuster will review your policy, auto accident facts, and once again determine the necessary disbursements.

The insurance company will require and professional appraisal for any damage to your vehicle. Once the costs of repairs are ready by the repair shop the insurance company will hold off on any payouts until deductible is first paid. For example, if the body shop estimate to repair your hood is $2,000 and your deductible is $500.00 the insurance company will make payment of $1,500 once repairs are complete.

You have to think of an insurance policy as an investment, and just as important peace of mind. You may never get into an auto accident, but in the event you do you can rest assure that your monthly investment will insure you at the time you most need it.

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How to Understand Auto Insurance and Save Money

Are you in the market for a new car or just looking to switch auto insurance to save money? Before you rush off and make a quick decision take the time to read this helpful article to understand the coverage of a policy.

For most new cars you will want and probably be required to carry comprehensive insurance. Comprehensive insurance covers repairs to your vehicle in the event of an accident, but also will insure you if your car was stolen. This is by far the best insurance you can have as it will also cover you if you were in an accident which was caused by the other party.

Collision usually will only insure damages to your car or the other party's car as a result of an accident.

Usually for older cars that do not have much value you can get by with liability coverage. Liability coverage will typically only cover the other party's repairs for the damage of their car.

What is a deductible? Well the deductible is the amount of money you would be required to pay out of pocket before your insurance company will cover any damages. For example, if the damages only resulted in $500 of repairs and your deductible was $1,000 then your insurance company would deny the claim as you would be responsible to pay for the repairs on your own.

Just knowing this little bit of valued information can help you when discussing your policy and hopefully help you save money.

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