Familiarize yourself with your auto insurance so you understand it before you have to make a claim. Read the policy carefully to find out what is covered and what is excluded. No. The cost varies, even in the same area. When buying car insurance, you need to compare the costs and coverage of several companies. See pages 14 to 15. A. Notify your agent and insurance company immediately. Keep a copy for yourself and email or deliver the original documents to your company. Do not make any statements or discuss the accident with anyone other than an audited representative of your company.
If the lawsuit arises from a covered loss, your company will provide a legal defense. This covers you if you have an accident with a driver who does not have liability insurance or is underinsured. One. The terms of the rental agreement make the customer liable for damage caused by the collision while in possession of the vehicle. In addition, rental companies insure themselves for damage to the vehicle caused by a collision. For an additional fee, the Lessor waives, in whole or in part, the Customer`s obligation to pay the repair costs for damage caused to the vehicle by damage related to a collision. The amount of the fee and the language of the waiver vary. Coverage for collision damage to the rental car under your personal car policy depends on the language of the policy.
Read your policy carefully. Ask your agent or company before renting a vehicle.Q. What is the recovery value?A. This is the residual value of your damaged vehicle if it is determined that your vehicle is a total loss. It is usually determined by the offers of recovery buyers. The company can sell the recovery to the highest bidder. However, he is not obliged to do so. If you choose to keep the damaged vehicle, the highest recovery requirement can be deducted from your billing.
In fact, you “buy back” your vehicle for the salvage value. If you remain in possession of the recovered vehicle, it is your responsibility to submit a recovery certificate to the Ministère des Véhicules automobiles.Q. What is a remedy?A. The remedy is the right of the insurance company to recover from a third party the amount of damages it has paid you. For example, if another party is to blame for an accident that damages your car and you have a collision claim, your company will ask the other party to refund the money they paid for your claim. The policy requires your cooperation with the company`s recourse efforts. In addition, you cannot do anything that compromises the company`s right to claim. For example, you can`t sign an agreement that the other party releases against payment of your deductible. Driving without insurance is illegal. In addition, you must have liability insurance to register your car. Your insurance company tells the California Department of Motor Vehicles (DMV) if you purchase auto insurance or stop paying your premium.
By law, the following limits are the minimum insurance limits for a standard auto insurance policy. You need to have as much coverage. Statement page – Usually the first page of an insurance policy. It lists the full legal name of your insurance company, the amount and type of coverage, deductibles and insured vehicles. When purchasing insurance, carefully review the application before signing it to determine if the coverages, policy limits, and deductibles are appropriate for your needs. After receiving the policy, visit the declarations page. It contains important information about insured drivers, identifies insured vehicles as well as coverage limits and deductibles. Make sure that the information is correct and that the coverage is the one you bought. If changes are required, send your request in writing to your agent and/or insurance company and keep a copy. Use the acknowledgment of receipt requested by registered mail to verify receipt of your documents. Drivers must prove that they are able to pay damages (financial liability) of at least $15,000 for each person injured or killed in an accident, $30,000 for injuries or deaths of two or more people in an accident, and at least $5,000 for property damage in an accident.
If a peace officer cites you for a moving offence or if you are involved in an accident, you may be asked for written proof of financial responsibility. This can be done by entering the name of your insurance company and the policy number on the registration card issued by the DMV. This proof of insurance must be kept in the vehicle or in a place where it is always available while driving. For more information, please contact the California Department of Motor Vehicles. Exclusion – These are the specific things that your insurance policy does not cover or restrict. For example, your policy may not cover certain types of hazards, people, property, or locations. Auto insurance costs and coverage vary. You should always get multiple quotes.
An offer is an estimate of the amount of your reward. Example: Suppose your auto insurance caps $50,000/ $100,000 for bodily injury in the event of an accident. In this case, your insurance will not pay more than $50,000 for one person. He will not pay more than $100,000 for an accident. Withdrawal – The cancellation of a policy on its start date. In this case, the insurance company will not pay any of your losses and your premiums will be refunded. This can happen if you knowingly provided incorrect information when you requested the policy. One. Yes and no. The insurance company must inform you whether or not it intends to pursue a subrogation.
If the company requests a subrogation, it is required to include your deductible as part of the process. However, if the company does not pursue the subrogation, it is obliged to inform you so that you can follow your deductible yourself. If their efforts are successful in whole or in part, most companies will pay you based on the claim. For example, if 100% of the claim paid is recovered, you will receive 100% of your deductible. If the recovery is 65%, you will receive 65% of your deductible. Any expenses or fees (for example. B attorneys` fees incurred by the Company in connection with its collection efforts) will be shared between the Company and you when a collection is made. However, if you choose that the company does not include your deductible in its efforts, you can request recovery directly from the other party on your own. However, before you do this, discuss the matter with your insurance company so as not to jeopardize the recovery. Q. What should I do if the insurance company does not contact me? Most insurance companies allow you to pay the premium in installments. Ask if there is any additional charge for this.
Make sure that the information is correct and that the coverage is the one you bought. Contact the company immediately if you find an error. Send the changes in writing to your agent, broker and/or insurance company and keep a copy. Don`t be afraid to contact the insurance company directly to make sure your agent or broker has requested the coverage you want. Use “Registered letter/acknowledgment of receipt requested” to ensure that your letter has been received. 2. Ask for each insurance company`s offer in writing. You will need to provide certain information when applying for car insurance. The insurance company uses the information to decide if and for how much they will insure you.
California`s Financial Liability Act is established from Section 16020 of the California Vehicle Code. It requires, among other things, that all drivers be able to pay for damages resulting from the possession or driving of a motor vehicle. If you don`t have auto liability insurance, you risk being fined, your license may be suspended, and your vehicle may be confiscated. Collision Coverage – Pays for damage caused to your car by physical contact with another vehicle or object such as a deer, tree, rock, railing, building or person. Your insurance company will send you a card to prove the insurance. It lists the insured vehicles and the name of the policyholder. It also displays the policy number and the dates when the policy starts and ends. Keep this card in your car. One.
Most standard policies include an appraisal provision that can be useful in the event of a dispute over the amount offered by the insurance company for a full settlement of your vehicle`s losses. Read your policy to see if it includes one. According to this provision, anyone can ask you for the advice of an expert. Each party shall select a competent expert. The examiners then choose a neutral arbitrator. If the examiners fail to reach an amicablely agreed amount, their differences shall be presented to the arbitrator […].