One of the most frequently asked questions surrounding car insurance when persons are shopping around, usually is directed at how fast an insurance company can settle a claim. We often tell customers not to worry, because we have our own claims department, whereby we will handle any and all issues that may arise. However, this doesn’t necessarily mean they don’t want answers.
Truth be told, we as insurance agents/companies cannot give an exact date or time as to when a claim will be settled. The most we can do is give a customer the “time frame’ as to when it could “possibly” be settled. Issues may arise if an exact time is given and not met, so doing this is avoided. Therefore, in this blog, we will go ahead and give customers just a little insight as to how the claims process works. Claims is generally a pretty big area, so we can’t touch on all areas now. Hopefully we will do a follow up sometime soon in another blog.
- The Initial Accident– You’ve glanced away from the road for a couple seconds…. *BANG!!!* You’re involved in an accident. After realizing what has happened, and getting over that initial shock, your first reaction once you are not injured should be to call your insurance and the police. Do not leave the scene. Whether you would have rear-ended someone or simply struck an object damaging your vehicle where it can’t be moved on its own, these are usually the first steps you should take. If another party is involved, we often suggest exchanging information with the other party, but some rather leave that to the insurance company.
- Information Handed To Insurance– At this stage, your insurance company would have arrived on the scene and collected all the information needed. It is then given to a claims officer once the agent arrives back in the office. This claims officer then does their due diligence in trying to have your claim settled in a timely manner. If another party was involved, your claims officer would contact the other party’s company to establish liability to determine how funds will be paid out. Depending on the circumstances, a person may have to pay their excess, things such as estimates must be obtained, hired cars must be issued and so on. A lot goes into this stage and varies case by case.
- Monies Paid Out– Providing that all the above has been dealt with accordingly, the only thing left to be done would be for the monies to be paid out. The body work shop would receive what funds are owed to them, the hired car company will also receive money for their services and in the one-off event if your vehicle were a total loss, a cheque will be written to either you or your mortgagee, whoever is the owner of the vehicle to clear the debt owed. Persons also have the choice of buying back the vehicle from insurance company during the claims process, but that is a topic for another time. This entire process can run an insurance company anywhere between 2-4 weeks to be completed. Please bear in mind, the above is detailed based on a straight forward claim. Not all claims may be this short, some can run up to months. Circumstances, as mentioned before play a huge part in the outcome.
If your time is important to you and simple tasks such as shopping around for car insurance, or even dealing/ following up on a claim is too time consuming, give us a call today or visit our website. We take the hassle away to make your life easier. BestQuoteBB.com or 1-246-537-0140.