You must be confident that your insurance company compensated your loss before making a claim. To ensure all necessary repairs have been made, discuss the incident with an expert if you were involved in a vehicle accident. Adherence to the insurance company’s policies about how surplus money is handled following a settlement is important.
If your insurer finds out you kept the money, they may accuse you of insurance fraud. After you’ve tried everything, call your insurance company and let them know the insurance check is more than the repair cost of the automobile. If you need any legal help regarding your insurance claim, contact our lawyers at Zanes Law.
There’s no use in keeping any excess funds from an insurance settlement if they’re not needed to pay the full cost of repairs. If the insurance provider finds the mistake without your awareness, you might be charged with insurance fraud. Never put yourself in an uncomfortable position by taking any chances; always err on caution.
You may be allowed to keep the funds if you incur further losses related to your claim. Some might request that you fill out paperwork returning the excess amount. Overpayments are handled differently by different insurance companies.
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Whether the repair cost was the result of an accident, a natural catastrophe, or some other unanticipated incident, an insurance adjuster will assess the property damage to determine the total amount of your expenditures. As a rule, the insurance company will employ the adjuster.
Unfortunately, many adjusters have a history of intentionally undervaluing claims to benefit their employer financially. These are some tactics they might employ:
Many claimants turn to independent adjusters for a non-bias estimate of how much their damages are worth.
Our lawyers at Zanes Law know the tricks insurance companies use to reduce payouts, and we won’t let you lose money or have a claim denied. If you hire a lawyer from our firm, you won’t have to worry about falling prey to any of these schemes.
A professional insurance appraiser will:
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If you were in a car accident, an estimate of repair costs is given. If you have paid the insurance company back, you might be required to cover the maintenance costs. However, your final cost can be much more.
You may want to take the following steps to be sure your insurance check is enough to pay your costs:
Consult your mechanic to anticipate collision-related maintenance requirements. When an accident occurs on an interstate or state highway, DPS troopers will respond and file a report with the Department Records Unit (DRU).
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Informing your insurance company of the additional sum is highly recommended.
How an insurance company responds to this kind of claim varies greatly among providers. Once the insurer is informed of the overage, the policyholder may take any of the following actions:
It’s generally a good idea to speak with a personal injury lawyer before filing any claim to ensure you know your rights and available choices. Our lawyer would examine the policy’s fine print, represent you in negotiations with the insurance provider, and ensure you get a fair settlement.
You would like a higher insurance premium than the cost of repairs. You must inform the insurance provider of the overpayment. Our team responds immediately with legal aid. Give us a call, and we’ll assess your case without charging you anything.
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