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.
How Is Overpayment Handled?
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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How Is the Cost Determined of the Losses Covered?
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:
- Forcing you to agree on a settlement that doesn’t pay for your costs now or in the future.
- Making you provide a recorded statement about what happened so they may analyze it later and devise an excuse not to pay you.
- Discussing with you before you’ve had time to mourn your losses or consult an attorney.
- Admitting some responsibility for it or that the damage was already present before the event.
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.
What Is the Role of an Insurance Appraiser?
A professional insurance appraiser will:
- Research any situations that have been entrusted to them
- Talk to you, any other witnesses, and the other people involved.
- Examine the location of the damage, take pictures, and go through any other paperwork that pertains to the incident to get a sense of the full scope of the situation.
- Examining your claim to see whether your insurance covers it
- Determining a fair compensation amount
- Discussing potential compromises with you or your lawyer if you don’t like the settlement offer
- Dealing with the insurance appraiser on your own is not required. Indeed, it is frequently wiser to allow a lawyer to represent you in all discussions and talks with the insurance company rather than dealing with an appraiser, who may attempt to underpay you.
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Ensure that the Insurance Check Is More than the Cost of Repairs
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:
- Check online to see how much your car was worth before the accident. Since your car was in an accident, its market value may have decreased.
- If you tell your insurance company what’s happening, they may agree to let you keep the extra money.
- Check to see whether you have previously invested any money in this. The specialist estimates that the cost of repairs will be roughly $3,000. A $5,000 check is conceivable.
- Your insurance payment could be enough if you have already paid for services like towing or transportation out of pocket.
- Check to see whether repairing your car is a wise choice. If the cost of repairs is more than the car’s worth, the vehicle is regarded as totaled even if it may still be driven.
- Consider if your car needs more repairs. You may need to spend a certain amount to get your car running again.
- But you could also need additional repairs, like replacing belts and gaskets.
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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Inform the Insurance Company about the Exceeding Amount
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:
- Allow you to keep it for yourself: This is particularly possible if the settlement money was intended for general use. You may be eligible for compensation from your insurer if you have made a claim; after all, you have been paying the premiums.
- Demand to have it back for yourself: Each insurance provider has a unique approach to handling crises. You may need to sign a document or make an online payment before you can get your hands on any cash.
Our Lawyers Can Help with Your Insurance Claim
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.