Tuesday, October 6, 2015

Five things your insurance carrier doesn't tell you!

Did you know:

You have two years to submit your claim. However, it is better to let them know sooner if there were any personal injuries. But, it is very common for symptoms to present themselves days, weeks and even months after an accident. There are a few things that affect the time frame; just double check your policy and state laws.



A hit and run accident is a no fault claim and will not affect your driving record or insurance premiums in NJ and PA. (Other state laws may vary) If you live in the selected 'no-fault car insurance system' state, you would generally file under your required PIP coverage. Pain and suffering claims are usually not covered though. Check your policy to find out if you are covered to fix the vehicle, medical bills and/or paid for lost wages.


Your insurance carrier can not force you to go to their 'discount' shop. You have the right to choose any shop you wish. They may recommend a reputable shop that they personally work with. While this sometimes may be easy for both parties involved, you do not have to use that shop. They might try to persuade you otherwise, but it is your vehicle and you have the right to choose where repairs are done.


Most insurance companies will not increase your premiums for a claim pay-out of less than $1000 (after your deductible). They have a 'damage-threshold' which may range from $500-$1000 in which they do not punish you with higher premiums. Some insurance companies call it "accident forgiveness".


Rental coverage on a policy typically costs less than $30 a year. Once you need it, it'll be too late to add.  While this will not cover rentals for leisure, it is key in getting back to daily life when your car is in the shop or totaled. Most insurance companies will cover a certain amount of money per day for a set number of days or cap an amount. Paying the about $30 a year compared to the out of pocket expense of possibly more than $30 a day seems worth it. Learn more about it HERE!



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