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What are my rights when filing a claim? Know Your Basic Rights To File A Claim For Your Insurance: As a policyholder, you have certain rights. Every state has laws protecting consumers. Your policy is a legal contract between you and your insurer. It defines your rights and obligations as well as the rights and obligations of the insurance company. If you have any questions regarding your rights under the policy, talk to your insurance agent or company representative. You may also contact your  state insurance department , state attorney general's office, or your state's consumer affairs department.

If I file a claim, will my premium go up? The Insurance Premium Fact: You may be reluctant to file a claim because you fear that your premium will go up or your insurance will be canceled. Practices vary from company to company. In general, an insurer will increase your premium by specific percentages for each chargeable claim made against your policy above a specific dollar amount. A chargeable claim is one the insurer considers primarily your fault. The percentages and ceilings vary from company to company. These increases generally stay on your premium for three years following the claim. Your company may also decide not to renew your policy if your driving record gets markedly worse or you have several accidents. Different insurers have different rules about what constitutes an unacceptably bad driving record. But some accidents, such as those caused by drunk driving, will probably trigger a nonrenewal from virtually every insurance company. If you have an accident b...

Understanding Your Insurance Deductible Understanding the role deductibles play when insuring a car or a home is an important part of getting the most out of your insurance policy.   A deductible is basically the amount “deducted” from an insured loss. Deductibles have been an essential part of the insurance contract for many years and represent a sharing of the risk between the insurance company and the policyholder. When repairing your home or replacing personal possessions, the amount of the deductible would come out of your own pocket.   A deductible can be either a specific dollar amount or a percentage of the total amount of insurance on a policy. Generally speaking, the larger the deductible, the less a consumer pays in premiums for an insurance policy. Deductible amounts can be found on the declarations (or front) page of standard homeowners and auto insurance policies.   Here is how it works: if you have a $500 “dollar deductible,” that $500 wo...

Will My Insurance Pay for a Loss In My Car’s Value if it Is Damaged In a Collision? Diminished Value Explained What Is Diminished Value? After a vehicle has been involved in a major accident and has been repaired, depending on its age and condition, the resale value may be less than if it had not been damaged. In other words, potential buyers may believe the repairs, even if they meet the highest standards, have not restored the vehicle to its pre-accident condition and will be unwilling to pay as much for it as a result. This perceived financial loss is known as diminished value .   (In fact, older model cars that have been damaged and repaired may actually be worth more because new parts have been substituted for many of the old parts.)   Diminished value claims generally apply to auto insurance policies but can also pertain to a property insurance policy covering real estate.    Will My Insurance Policy Pay for Diminished Value? ...

Determining Your Car's Value and Cost of Repair There are several standard guidelines for determining the value of your car for insurance purposes. You and your insurer can refer to one of the books that list the depreciated value of all new and used cars. One of these books is published by the  National Association of Automobile Dealers another is published by  Kelley Blue Book . When you file your claim, your insurance company will refer you to a claims adjuster. The adjuster will verify the loss and determine what it will cost to repair the car. The adjuster’s estimate can serve as a benchmark to which to compare your own mechanic’s estimate. No good adjuster or insurance company will expect you to sign an agreement accepting the insurer’s estimate as the total claim payment until you’ve established, to your own satisfaction, that it will cover the cost of repair. The insurer will expect you to get your own estimate from your mechanic, garage or car dealer. Don’t...

Filing an Auto Insurance Claim To file a claim, follow these steps:  Call your insurance agent as soon as possible, regardless of who is at fault. Find out whether you're covered for this loss. Even if the accident appears minor, it is important that you let your insurance company know about the incident. Ask your agent or company representative how to proceed and what forms or documents are needed to support your claim. Your insurance company will require a “proof of claim” form and, if there is one, a copy of the police report. Increasingly, companies allow you to monitor the progress of your claim on their web site. Supply the information your insurer requests. Fill out the claim form carefully. Keep good records. Get the names and phone numbers of everyone you speak with and copies of any bills related to the accident. Ask your insurance agent or company representative the following: Does my policy contain a time limit for filing claims and submitting bills? Is th...

Insuring Your Classic Car SPECIAL AUTO INSURANCE PROTECTION FOR CLASSIC VINTAGE EDITION CARS A classic, collectible or antique car is no ordinary car—and regular auto insurance is not sufficient to protect such a vehicle against damage or loss. Unlike everyday vehicles, which depreciate over time as you add miles to them, classic cars may, in fact, gain value over the years. Your insurance needs to match your special vehicle’s value—and you’ll need to adjust your coverage if its value appreciates. The first step in insuring your classic car is for you and your insurer to reach an agreement on the value of the vehicle. This value will be specified in your policy and your car will be covered up to that value without depreciation.  Most classic car policies will take into account the importance of using a specialized repair or restoration shop. Make sure your policy gives you the flexibility to bring your vintage Mercedes, Ferrari or Corvette to a specialist—even if the...