After a car collision in North Carolina, you may have to make an insurance claim against the at-fault party’s insurance policy. Do you know how to go about doing so?
Forbes breaks down the process and offers additional options for receiving compensation. Learn how to avoid inadvertently making your situation worse.
Managing your expectations
When you make a third-party claim, in which you act as the third party to the insurance provider and the other driver, you are not done if the coverage provider processes the claim. They may send out a claims adjuster to examine the damage to both cars to determine if the other person bears fault for the incident. Even then, you could have to wait awhile before receiving payment.
Using your own policy
You may feel that it makes more sense to cover the damage through your own policy. Even if the other motorist has insurance, the policy may not be enough to cover the extent of damage to your vehicle and any physical injuries you sustained. If you have underinsured motorist coverage on your policy, you can tap into it to cover any damages left after filing a third-party claim.
Suing the other driver
What if the at-fault party either does not have insurance or does not have enough coverage and you do not have underinsured motorist coverage? You could feel that you have no choice but to sue the other driver to recover damages. If you move forward with the legal action, even if you win your case, the other person may not have the assets to cover the settlement. If not, you wind up right back where you started.