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Subrogation is an idea that's well-known among insurance and legal firms but sometimes not by the people who employ them. If this term has come up when dealing with your insurance agent or a legal proceeding, it is to your advantage to know the steps of how it works. The more you know about it, the better decisions you can make about your insurance company.
Any insurance policy you hold is an assurance that, if something bad occurs, the company that covers the policy will make good in one way or another without unreasonable delay. If a windstorm damages your home, for instance, your property insurance agrees to pay you or pay for the repairs, subject to state property damage laws.
But since determining who is financially accountable for services or repairs is sometimes a heavily involved affair – and time spent waiting in some cases increases the damage to the victim – insurance firms often opt to pay up front and figure out the blame later. They then need a way to recoup the costs if, when all is said and done, they weren't actually responsible for the expense.
You are in a highway accident. Another car ran into yours. Police are called, you exchange insurance information, and you go on your way. You have comprehensive insurance and file a repair claim. Later it's determined that the other driver was entirely to blame and her insurance policy should have paid for the repair of your vehicle. How does your company get its money back?
How Does Subrogation Work?
This is where subrogation comes in. It is the way that an insurance company uses to claim reimbursement when it pays out a claim that turned out not to be its responsibility. Some insurance firms have in-house property damage lawyers and personal injury attorneys, or a department dedicated to subrogation; others contract with a law firm. Ordinarily, only you can sue for damages done to your self or property. But under subrogation law, your insurer is extended some of your rights in exchange for making good on the damages. It can go after the money that was originally due to you, because it has covered the amount already.
Why Do I Need to Know This?
For a start, if you have a deductible, it wasn't just your insurer who had to pay. In a $10,000 accident with a $1,000 deductible, you have a stake in the outcome as well – namely, $1,000. If your insurance company is lax about bringing subrogation cases to court, it might opt to get back its costs by increasing your premiums. On the other hand, if it has a capable legal team and pursues those cases enthusiastically, it is acting both in its own interests and in yours. If all $10,000 is recovered, you will get your full deductible back. If it recovers half (for instance, in a case where you are found 50 percent to blame), you'll typically get $500 back, depending on your state laws.
In addition, if the total expense of an accident is over your maximum coverage amount, you may have had to pay the difference. If your insurance company or its property damage lawyers, such as dwi attorney 23294, pursue subrogation and wins, it will recover your costs in addition to its own.
All insurers are not the same. When shopping around, it's worth comparing the records of competing agencies to evaluate whether they pursue legitimate subrogation claims; if they do so with some expediency; if they keep their clients posted as the case proceeds; and if they then process successfully won reimbursements right away so that you can get your losses back and move on with your life. If, instead, an insurance company has a record of honoring claims that aren't its responsibility and then safeguarding its income by raising your premiums, you should keep looking.
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