Insurance laws and policies are regulated individually by each state that may require drivers to carry a minimum amount of insurance. Some states and insurance companies may require that any disputes must be arbitrated instead of, or before, filing a lawsuit.
Most insurance policies require you to provide your carrier with a Notice of Loss after an accident. In many cases, this is a form that you must complete that provides details of the accident. It is best to contact your carrier as soon as possible after an accident to find out what must be done to start the process. If you wait too long, they may deny coverage.
Insurance companies don’t operate the same they did 25 years ago when there was one claim file and one adjuster that handled the matter from beginning to end. Today, there could be several claim files – many of them electronic – and several adjusters located in different parts of the country. That’s why experts say that it’s more important than ever to start your own claim file.
Auto insurance policies consist of many types of coverage – some are required and others are voluntary. Here’s a brief look at first vs. third party coverage, liability, collision, comprehensive, uninsured, underinsured, supplemental and medical payments insurance.