Before you assume that your insurance check is more than the repairs, inquire if your insurance check accounts for your future hardships, such as the cost of your damages for medical care you will need in the future.
If you still have leftover money following your settlement, you should follow your insurance company’s guidelines for such a situation. If the insurer finds that you kept the money, they could accuse you of insurance fraud.
You are viewing: What If Repair Cost More Than Insurance Estimate
Make Sure that the Check Actually Exceeds the Cost of Repairs
Suppose you were in a car accident. After assessing your damages, the mechanic gives you an estimate. If you already gave the money back to the insurance company, you might have to pay out of pocket for those repairs. However, after completing the repairs, your bill might be much higher.
Consider how the following measures could ensure your check covers your expenses:
- Look at your car’s pre-accident value online. Your car might have a lower resale value now that it’s been in a collision. If you bring this up to your insurance company, they might let you keep the extra money to make up for this loss.
- Determine whether you already paid anything out of pocket. The mechanic might say that you owe $3,000 in repairs. Your check might be $5,000. However, if you already paid out of pocket for towing, transportation, or other services, your insurance check could be just enough.
- Ask whether your car is worth repairing. If it costs more to repair your car than it’s worth, it’s totaled-even if you can still drive it. You might be in a better position to get a new car rather than spending money trying to fix your old one.
- Consider whether your car needs more repairs. To get your car up and running, it might cost a certain amount. However, you might need to get gaskets repaired, belts replaced, and other repairs. Ask your mechanic what collision-related repairs your car might need in the future.
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You Should Tell Your Insurance Company About the Extra Amount
Each insurance company handles these situations differently. After notifying the insurer about the extra amount, they might:
- Tell you to keep it. This could especially be the case if you received a settlement for an unspecified purpose. Also, if you filed a claim with your own insurer, you could be entitled to that money since you paid the monthly premiums.
- Ask you to give it back. Every insurance company has a different method for handling these situations. They might ask you to sign a form to release the funds or ask you to submit payment online.
What Happens If You don’t Tell Your Insurance Company About the Extra Amount?
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Texas Penal Code § 35.02 defines insurance fraud. If the insurance company believes that you intentionally defrauded or deceived it, you could be accused of this offense. Even if you genuinely didn’t know the insurance company’s protocol for this situation, it could still accuse you. This is not something you want to deal with after being in a collision.
The insurance company could:
- Raise your premiums or drop you as a client (if you filed with your own insurer)
- Demand that you return the full sum
- Sue you
- Notify the government of their suspicions, which could initiate legal proceedings
Any one of these things could complicate the post-accident landscape.
Our Law Firm Can Calculate Your Damages
Right now, you might think that your insurance check is more than the repairs. In the future, you could find yourself thinking the exact opposite. Our law firm can calculate the full scope of your losses. This way, you could understand what a fair settlement looks like.
Your Lawyer Can Consult with Experts on Your Case
Our team can speak with accident reconstruction specialists, medical professionals, economists, and automotive experts about the cost of your damages. Your lawyer can also project your anticipated expenses.
Our Firm Can Review Your Case’s Evidence
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Our lawyers can use the following forms of evidence to learn more about your damages’ overall value:
- Your medical records
- Repair invoices
- Property damage receipts
- The accident report
- Information from your doctor
Your lawyer will take more than your repairs into account; they will also take your quality of life into account.
Our Team Can Review the Liable Policy
After your representative examines the liable policy, they might find that you’re entitled to more than you thought. If this happens, our team can approach the insurer and ask them for the full amount you are owed.
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Call the Strong Arm for Your Free Case Review
Whether you’re just starting the claims or arrived at an impasse, Loncar Lyon Jenkins is here to help. Whether you were involved in a motor vehicle accident or another type of situation, if you have concerns about the claims process, our lawyers can help.
Dial (800) 777-7777 to connect with our Texas legal team.
Source: https://t-tees.com
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