Some of the most Frequently Asked Questions about Injury Accident Settlements

There may are several questions that people who are waiting for the vehicle accident insurance settlements mainly ask. Some of the questions such as “when will I have my money back” can be answered only by the insurance company themselves, but several other questions like knowing the basics of car insurance settlement are offered as information to every claimant. In additional, you should not shy to ask your insurer to offer you with the answers’, after all, they are there to help you get your money back after a vehicle accident. The following are some of the most commonly asked questions about Injury Accident Settlements;

What does a vehicle accident insurance settlement mean? 

A vehicle accident insurance settlement is the amount of money owned by either the insured person or people covered by insurance business or to the person damaged by the insured party. In case of a personal injury to a person, your insurance company may contact the healthcare specialist of the injured person to find out the amount of the damaged caused and the sum of the settlement. According to the insurance agreement, if the insured party has covered the cost of his/her personal injury in the experience of a car accident, the company will take care of all bills needed by the victim once the deductible has been done.

What am I allowed to do?

This is another major question that almost all claimants on vehicle insurance ask. The correct answer lies with your business. However, there are ways in which you can calculate the amount which are allowed to use. For example, accident damage calculator. Accident damage calculator is a mathematical formula that takes any injuries occurred, and the car compensation, Driver’s error deducts point, poor state of the car and several other aspects which might decrease the amount, and then assesses the total you will require to recover.

What if the vehicle is written off or stolen?

If your vehicle was involved in a car accident while it was stolen, afterward you might have to take care of the repairs yourself as the company decide what they are accountable for. Additionally, if the vehicle is written off, a claim may take extra time more than a month, although you are guaranteed to take a hire car as you wait for your compensation.

What is the length of time require?

The period taken depends on the type of your claim. If it were an accident that was not your fault, then this kind of claim should take a shorter time to two to three weeks. Also, in a claim where one party is not insured, then it may take longer time.

Should I pay anything?

Yes, you are expected to pay for the cost that are higher than the amount you were insured. Your policy must have stated this issue earlier so you should be familiar with the charges.

Are the insurance settlements taxable?

In most cases, the bodily injury is guaranteed not taxable, But, there is one case where it may consider taxable such as where the value of something you own increases.