Tag Archive for: Personal Insurance

auto insurance clip

what happens after I file an auto insurance claim?

Uh oh… You’ve gotten into a car accident! Whether it’s a fender bender or a more serious collision, car accidents of any kind are not fun.

Nevertheless, 77% of drivers have been in at least one accident. So, if you’ve just recently been involved in a car crash and have given your insurance a call, you might be wondering…

“What happens after I file an auto insurance claim?”

At benchmark commercial insurance, we’re here to give you the lowdown.

what happens after you file an auto insurance claiminfographic - auto insurance claims

So, you’ve gone through the steps to filing a claim and relay exactly what happened to an insurance professional. Now what?

undergo or complete a damage assessment

After you submit a claim, an insurance adjuster will inspect the auto damages incurred.

Back in the day, an insurance adjuster would trek out to wherever the car was following the accident to assess damages.

In today’s digital age, however, you can usually conduct such an assessment yourself via mobile phone. For example, various insurance providers allow users to complete their own multi-point inspection simply by uploading photos to their insurance app.

receive an insurance settlement

Next, after an insurance adjuster submits a report on your claim, the insurance company may issue a settlement. An insurance settlement is the money an insurance company agrees to give you to repair your damaged vehicle.

get your car repaired

The next step is the most exciting: Getting your car repaired, yay!

According to the Insurance Information Institute (III), drivers have a right to choose where they’d like their vehicle to be repaired.

Allstate writes that when it comes to paying for vehicle repairs, your insurance company might:

  • “Pay the repair shop directly, or
  • Pay you and let you handle the bill”

do I have to repair my car after filing an auto insurance claim?

If you’re in a minor accident, receive a settlement, then decide the damage isn’t absolutely necessary to be repaired… Can you just pocket the settlement instead?

Simply put, no (not if you want to continue coverage).

According to The Balance, an “insurance company will require repairs if you want to continue your vehicle’s comprehensive or collision coverages.”

Why? “The insurance company does not want to keep insuring a vehicle for future physical damage if the vehicle was already damaged and not repaired [because] a second accident would compound any existing damage… It’s standard procedure for the insurance company to require you to drop physical damage coverage from a vehicle that was not repaired.”

additional factors to consider

It’s also important to consider the following questions when filing an auto insurance claim.

how much is my deductible?

When you invest in auto insurance, you pick deductibles for certain coverages (i.e. collision or comprehensive coverage). Accident or not, it’s important to know the cost of your deductible.

What is a deductible? A deductible is how much money you pay out of pocket before your insurance kicks in.

Consider this example: You have a $250 deductible and $1,500 in damage from a covered accident. Your insurer will pay $1,250 to repair your car, and you’ll be responsible for the remaining $250. Again, your deductible is $250.

do I have rental reimbursement coverage?

Rental reimbursement coverage, also known as transportation expense coverage, is insurance coverage that can help pay for the cost of a rental car or other transportation while your vehicle is being repaired.

Speak with your insurer to find out if you have rental reimbursement coverage; then, if so:

  • How you’ll be reimbursed, and
  • Your policy coverage limits

consider benchmark commercial insurance

At benchmark commercial insurance, we help ensure you’re prepared for any auto incident and that you have coverage in all necessary areas.

We offer auto coverage for the following:

  • Daily drivers
  • Classic autos
  • High performance
  • Race vehicles
  • Trailers, and
  • Motorcycles

Let’s keep the conversation going. Get in touch with our team today, or for more information, read on to find out why auto insurance premiums are increasing.

bik

e-bike insurance coverage: what you need to know

The use of e-bikes has grown immensely over the last few years. In 2019, the industry was estimated to be valued at $15.42 billion, and it has only grown since then—especially with rising gas prices! In fact, experts predict that the e-bike market is expected to reach $54.48 billion by 2027.

So, let’s talk about e-bikes; more specifically, do you need a standalone excess insurance policy for this fun gadget? Let’s find out.

what is an e-bike?

If you’ve been outside at all in the past few years, chances are you’ve seen a large number of e-bikes whiz past you. But what is an e-bike? An e-bike, or electric bike, is a bicycle equipped with battery power motors to aid with pedaling (either partially or completely depending on the bike).

Bosch describes the three categories of electric bikes in the United States:

  • “Class 1: eBikes that are pedal-assist only, with no throttle, and have a maximum assisted speed of 20 mph.
  • Class 2: eBikes that also have a maximum speed of 20 mph, but are throttle-assisted.
  • Class 3: eBikes that are pedal-assist only, with no throttle, and a maximum assisted speed of 28 mph.”

are e-bikes covered by homeowners insurance?

The short answer? It depends.

E-bike coverage largely depends on your:

  • State
  • Insurance company
  • And claim type

Even if you are covered by your homeowners policy, that coverage is likely capped at a limited dollar amount.

what do we recommend?

We know – The extent to which homeowners policies provide coverage for the physical damage and operations liability to e-bikes is clear as mud. 

Owning and operating an e-bike can create additional risk exposure, with limited to no coverage under your homeowners policy.

This is why, at benchmark commercial insurance, we recommend a standalone policy for your e-bike.

Why? Every single insurance carrier has different e-bike parameters. By getting a standalone policy, it reduces the worry about liability if an accident were to occur. Moreover, homeowners policies have exclusions, and are specific to the particular wattage of your e-bike.  

Coverage for a standalone policy can be ​​as low as $100 annually; however, the cost of insurance varies for everyone.

Unsure if your homeowners policy covers your e-bike? Get in touch with our professionals at benchmark commercial insurance today. Then, since we’re already speaking of moving vehicles, check out our article on why auto insurance premiums are increasing.

infographic about e-bike insurance coverage