04 Aug How Much Will You Pay for an Auto Accident?

Insurance is something we need to have, but hope we never need to use. Accidents do happen though! If you are in an auto accident, your first steps should be to check for injuries and exchange contact information with anyone else involved in the accident. Immediately after that, you should call us. We’ll walk you through the claims process. But if you want to know ahead of time what factors will most affect how much money you have to pay out of pocket, here is a quick list of things that will come into play when filing a claim:

What is your deductible?

Your deductible is the amount that you’ll have to pay out of pocket before your policy kicks in. Having this amount put away in case of an accident is a good idea so you aren’t trying to scramble to come up with the cash. 

What is your policy limit?

Medical bills and property damage expenses can add up fast with auto accidents. The state required minimum in North Carolina is $25,000 of coverage for property damage. With an accident involving multiple vehicles, you can see how an accident could easily exceed that amount. With the cost of hospital care these days, it’s even more likely for medical bills to exceed your policy amount. That’s why we recommend not just sticking with the state minimum coverages. In some cases we even recommend umbrella insurance, which greatly extends your policy limits to cover you further. 

Do you have rental reimbursement coverage?

Rental reimbursement is one of the auto insurance endorsements we recommend the most. Renting a car is expensive, and you can’t always predict how long your vehicle will be at the mechanic’s for repairs. You don’t need that expense on top of having to pay your deductible.

Do you have accident forgiveness?

Unfortunately, being at fault in a car accident will raise your insurance rate in most cases. Another endorsement we recommend is accident forgiveness, which will allow you to get into one accident without your rate being affected. 

Are there filing deadlines?

We can’t stress enough to call us as soon as possible after an accident. Many carriers have filing deadlines which, if not met, could cause your claim to be denied. 

At Spivey Insurance, we want the process of filing a claim to be as simple and inexpensive as possible. Give us a call at 704-821-4460 if you’re unsure about whether you’re adequately covered in the event of an accident. And be sure to connect with us on Twitter, Facebook, Instagram, YouTube, LinkedIn and Pinterest.