Although drivers pay their premiums with the expectation that the insurer will follow through when they file a claim, insurers are typically more worried about protecting themselves than paying victims. For this very reason, insurers are relatively tight-lipped about the claims process. However, auto accident lawyers in Norfolk, VA are familiar with how things are handled. Below are a few things auto insurance companies don’t like to tell anyone.
Totaling a Vehicle Saves Them Money
After a serious accident, a victim may believe they’re better off if they have their car totaled; that way, they get a new vehicle. Unfortunately, this strategy may backfire. If a car is totaled, the owner may get less than it is worth, leaving them unable to buy a new one. Conversely, totaling a car is beneficial to the insurer, as it may cost less than the necessary repairs.
Repaired Cars are Worth Less
Even when a wrecked car is repaired, it loses a substantial portion of its value. When an insurer pays for repairs, the victim still loses because the car is worth less. Some insurance policies allow owners to make reduced-value claims, and drivers should check their policies to confirm coverage. Pay attention to the parts used for the repairs. Insurers sometimes use salvage or generic rather than OEM parts, but this diminishes a car’s value even further.
Insurance Claims Raise Rates
The rate-setting process is shrouded in mystery, which gets even deeper where post-accident rate hikes are concerned. Most insurers don’t disclose what happens to a driver’s rates following an accident, which deters some people from reporting them. It’s quite risky not to report a crash because injuries often worsen with time. Auto accident lawyers in Norfolk, VA may be able to expedite the reporting and recovery processes.
Call Today for Accident Claims Assistance
These are just some of the things insurers do to keep drivers in the dark. If a claim is denied, it’s important to ask why. When clients are trying to protect their rights, an attorney from Price Perkins Larkin can help. Visit the website to learn more or call to request a consultation.
