Insurance

The first priority is the condition of those involved. Call for medical help if anyone at the scene is injured. Notify the police as soon as possible. Obtain the names, addresses, and telephone numbers of all persons involved, including passengers and witnesses, and the license plate numbers of all other cars involved.

It's best not to admit an accident was your fault, even if you think it was. A simple apology can be construed as an admission of fault. Let the authorities determine who was responsible. Auto accidents can be disorienting even if you are not physically injured. You may not be aware of all factors leading up to the crash, so state only what you know about what happened. Contact your insurance company as soon as possible, even if damages were minor.

After an accident or theft recovery, if the insurance company decides your car is "totaled," it means the estimate of repairs exceeds the car's value. At this point, the insurance company will likely send you a check for your car's value. It gets to keep your car unless you make arrangements to buy it back "as is".

If you were not at fault in the accident, you will make a third-party claim to the at-fault driver's insurance company. Because you are the claimant, the insurance company typically will issue the check directly to you. It's your responsibility to pay the repair shop, and the lender if you have a car loan. If the other driver doesn't have insurance, your uninsured motorist coverage will take effect.

If you own your vehicle and have collision insurance, you will file a first-party claim with your insurance company. It may issue a check either to you, the shop that repairs your vehicle, or to both of you. If you have a lease or a loan, the lending institution may be named on the check. Of course, you will also have to pay your deductible. If other vehicles were involved, the insurance company will settle with the other drivers and you probably won't be involved.

If your car was stolen, be prepared to wait. Most insurance companies will impose a waiting period to see if the police recover your car. If your car is still missing after the waiting period, usually 21 days, you should receive a settlement soon after. If your car is recovered during the waiting period, the insurance company will want to see a repair estimate before deciding how to proceed.

If your policy has a provision for replacement transportation, you may be required to pay for a rental car out of your own pocket and then submit a claim to the insurance company for reimbursement.

Yes! In addition to your age and driving record, the type and value of the car you drive is one of the most important factors in the amount of your premium. Sports cars, for example, can cost significantly more to insure because they may be a favorite among thieves, because statistically people tend to drive them faster, and because they may have a higher replacement cost than a sedan or a van.

If you are found to be liable for an amount greater than the coverage limits of your policy, you must pay the difference. If you don't have enough cash, the injured party can go after your home, financial assets, and even future earnings. It's wise to consider increasing your liability limits when you own a house or other valuable assets.

Generally, a personal auto policy may be all you need unless you are driving other people around frequently. In some cases, an independent contractor such as a carpenter or landscaper may need a commercial policy – if the vehicle is used more than 50 percent of the time for business purposes. And personal auto policies must have increased limits to cover any equipment that is permanently attached to the vehicle, such as an expensive generator.

A non-renewal means only that your company does not want to offer you a policy any longer – possibly because of your driving or claims record over the last three to five years. More than likely, you will find other insurers that are willing to provide insurance at a higher price.

Auto insurers may cancel your policy at any time if you fail to pay your premium, lose your driving privileges, or have not accurately reported the facts relating to your level of risk. A cancellation will make it hard to get insurance for a long time to come.

Clearly, the laws concerning insurance coverage can vary greatly from state to state. It might be comforting to know that if you have the minimum auto liability coverage for your home state, but are involved in an accident in another state, your policy will generally adjust to meet that state's minimum legal requirements.

Call your agent today to have one of our sepecialists help guide in understanding your current coverages.