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Subrogation is a concept that's well-known among insurance and legal companies but often not by the customers who employ them. Even if you've never heard the word before, it would be in your self-interest to know an overview of how it works. The more you know about it, the more likely it is that relevant proceedings will work out favorably.
Every insurance policy you hold is a commitment that, if something bad occurs, the firm on the other end of the policy will make restitutions in a timely manner. If your house suffers fire damage, for example, your property insurance steps in to pay you or facilitate the repairs, subject to state property damage laws.
But since determining who is financially accountable for services or repairs is usually a tedious, lengthy affair – and delay sometimes compounds the damage to the victim – insurance firms in many cases opt to pay up front and assign blame afterward. They then need a way to get back the costs if, when there is time to look at all the facts, they weren't actually in charge of the expense.
You are in a traffic-light accident. Another car ran into yours. Police are called, you exchange insurance information, and you go on your way. You have comprehensive insurance that pays for the repairs right away. Later it's determined that the other driver was to blame and his insurance should have paid for the repair of your car. How does your insurance company get its funds back?
How Does Subrogation Work?
This is where subrogation comes in. It is the process that an insurance company uses to claim reimbursement when it pays out a claim that turned out not to be its responsibility. Some companies 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 insurance company 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 Does This Matter to Me?
For a start, if you have a deductible, it wasn't just your insurance company that had to pay. In a $10,000 accident with a $1,000 deductible, you lost some money too – namely, $1,000. If your insurance company is unconcerned with pursuing subrogation even when it is entitled, it might choose to recoup its costs by increasing your premiums. On the other hand, if it has a competent legal team and pursues them aggressively, it is doing you a favor as well as itself. If all ten grand is recovered, you will get your full deductible back. If it recovers half (for instance, in a case where you are found one-half to blame), you'll typically get $500 back, based on the laws in most states.
Furthermore, if the total price of an accident is more than your maximum coverage amount, you may have had to pay the difference, which can be extremely expensive. If your insurance company or its property damage lawyers, such as lawyers in immigration South Jordon UT, successfully press a subrogation case, it will recover your costs as well as its own.
All insurance agencies are not the same. When comparing, it's worth examining the records of competing agencies to determine if they pursue winnable subrogation claims; if they do so with some expediency; if they keep their policyholders advised as the case continues; and if they then process successfully won reimbursements immediately so that you can get your money back and move on with your life. If, instead, an insurance company has a reputation of honoring claims that aren't its responsibility and then protecting its profit margin by raising your premiums, even attractive rates won't outweigh the eventual headache.
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