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When involved in an auto accident and when filing a claim under an insurance policy, it is important to differentiate the relationship of the parties.
Example: You rear end the vehicle in front of you, you are the first party with the other driver being the third party.
Your insurance policy is a contract between you and your insurance company, your claim recovery is therefore subject to contract law. Insurance companies use certain formulas to calculate Diminished Value, if you and your own insurance cannot agree on a settlement amount, your policy contains guidelines that determine the process in which a dispute can be handled. If both parties possess the same insurance carrier then both will be treated as an insured under the claim.
On a first party claim, if you fail to reach a settlement with your own insurance company, you have the right to invoke your policy’s appraisal clause. Tort law has provisions that would allow a claimant to be compensated for direct and indirect losses caused by the other party’s negligence. Since there is no contract between you and the other party’s insurance company, and since there is no law quantifying Diminished Value, to be brought back whole, and to avoid going to court, both parties will engage in a negotiation process.

In this case, your insurance company will act as if it was the other party’s insurance company, this will still be considered a first party claim. The Free Estimate Game:Would you rather collect 80% of an accurate appraisal or 20% of an inflated one?
Many clients believe that if another appraiser gives them a higher initial estimate, the settlement amount will be equally high. Insurance companies know who the legitimate appraisers are, so don't get caught up in the estimate game.
We are car appraisers and NOT a law firm or a substitute for an attorney, a law firm or a CPA. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, taxes, remedies, defenses, options, selection of forms or strategies. By submitting this form you agree that the information entered will be passed on to a third party regarding your insurance needs. Disclaimer: The calculated fields are estimates only and are subject to personal ratings and bank approval.

Georgia is the only state that requires insurance companies to compensate their own insured for the loss in value of their vehicles.
Keep in mind, premiums follow risk and if you’re not at fault your insurance company will subrogate and collect from the at fault party. If we and you do not agree on the amount of loss, either may demand an appraisal of the loss. We need styles that are quick and easy to maintain without having to wake up at the break of dawn every morning to get it right. Third parties are those outside of the insurance relationship, meaning you file a claim against the other party’s policy. In other words, if you damage your own vehicle, you are entitled to that same vehicle’s loss in resale value.

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09.06.2014 admin

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