Insurance Blog
Friday, 04 August 2017 03:02

Auto Claims After a Car Accident

Auto insurance is meant to protect you by covering your bills after an accident. However, the amount of compensation can vary greatly depending on the type of claim that’s made by insurance carriers and the value of your vehicle. The decision to have your vehicle repaired or declared a total loss directly impacts how much you receive.


Determining a Claim

If you’re in an accident, the at-fault driver’s insurance carrier will analyze the approximate value of your vehicle before the accident as well as the cost to repair it afterward. Typically, the pre-accident value of your vehicle is determined by finding its actual cash value. This value is found by taking the price of a similar replacement vehicle in your area and then subtracting any pre-accident depreciation, such as your vehicle’s mileage and history.

If the cost to repair your vehicle is less than its actual cash value, insurers will usually opt to compensate you for the repairs. However, if the cost is too high or if the vehicle can’t be restored to a safe condition, insurers may declare it a total loss.


Total Loss Claims

If your vehicle is declared a total loss, you’ll be compensated with the full actual cash value of your vehicle, minus any applicable policy deductible. 

However, if a financed or loaned vehicle is declared a total loss, the insurer will pay the remaining balance to the finance company first. Here’s a breakdown of the two most common scenarios that occur when a financed vehicle is declared a total loss:

  • The actual cash value of the vehicle is greater than the remaining balance of the loan. In this scenario, the insurer pays off the loan and then gives you the amount by which the actual cash value exceeds the loan balance.
  • The actual cash value of the vehicle is less than the remaining balance on the loan. In this scenario, you are responsible for the difference between the actual cash value and the remaining loan balance.

Repairs and Diminished Value Claims

Getting a check for the full cost of your vehicle’s repairs may seem like a best-case scenario. However, repairs can substantially reduce your vehicle’s value. Even if it drives better than ever after being repaired, the fact that it was in an accident will taint its history and lead to a lower price if you ever choose to sell it. However, you can file a diminished value claim against an insurance carrier to try to recover any value that’s lost as a result of repairs.

Most states and insurance contracts prevent policyholders from bringing diminished value claims against their own insurers. However, if another driver is at fault for an accident and his or her insurance pays for your repairs, you may be able to use a diminished value claim to recover any lost value.

Because few vehicles are appraised immediately before they’re involved in an accident, it can be hard to prove that value has been lost after they’re repaired. Here are some tips you can use before and after an accident to prepare yourself for a successful diminished value claim:

  • Check third-party websites to get an approximate value for your vehicle’s make and model.
  • Take your vehicle to a pre-owned dealership after an accident for an appraisal. You can then ask for a letter that shows that your vehicle’s lower-than-average value is due to its repairs or accident history.
  • Keep documentation about any repairs or enhancements to your vehicle. These documents can help show a more detailed history of your vehicle when determining its value.
  • Contact us at (508) 358-5383 for more information about diminished value claims and to discuss the specifics of your situation.

WHAT TO DO IF YOU HAVE A CAR ACCIDENT

If you are in a car accident, you can contact our agency directly to report claims during regular business hours. You can also file a claim anytime. Visit our auto insurance claim reporting page to find your insurance company contact information, and report the acccident directly to your company.


DOWNLOAD A MASSACHUSETTS CRASH REPORT

Download the Commonwealth of Massachusetts Motor Vehicle Crash Operator Report form and follow the instructions for submitting the form by mail to the Massachusetts Registry of Motor Vehicles.

When Should You File a Report

  • You should file a report if you’re the operator of a vehicle involved in a crash where the damage to any one vehicle or property is over $1000, or if there is an injury to any person, even if a police officer was on the scene. You should file the report within 5 days of the date of the crash.

When Should You NOT File a Report

  • You should not file a report if the crash occurred on a private road, driveway, private parking lot or other private way.

Why this Report is Important

  • Data from this report is used for many purposes including:
  • Identifying locations with a large number of crashes.
  • Improving dangerous highways and intersections.
  • Developing highway safety public information programs.
  • Developing programs to save lives and reduce highway injuries.

Be Prepared

There are few things more dangerous and stressful than getting into an accident. Contact us at (508) 358-5383, and we will provide you with a variety of resources.

Monday, 26 June 2017 15:08

Boat Insurance Keeps You Afloat!

boating

Make sure You Have Boat Insurance to Weather Any Storm

If you enjoy fishing, sailing, yachting, or cruising around on a powerboat, make sure you have boat insurance that covers your liability risk as well as your watercraft, equipment, and passengers. Perhaps you have a beach or lake cabin and like to tow water skiers or tubing enthusiasts. Maybe you have the party boat and every Fourth of July you load up your vessel with guests, food, and libations.

Water activities are a great way to bring people together, but it is important to remember that accidents, injuries and fatalities do happen, especially when alcohol is involved. To get the right coverage that will protect your financial investment, work with one of our Baldwin / Welsh & Parker agents. Your local agent knows the risks and regulations and can help ensure that you are fully covered when you head out on the water.

Critical Steps for Boating Safety

  • Take a boating safety course
  • Educate your passengers on safe boating techniques
  • Make sure all passengers wear life vests
  • Follow all rules of the waterway you frequent
  • Stay sober, particularly if you are at the helm
  • Get boat insurance to ensure you are protected for the risks involved in boating, from liability claims to theft, storm damage and capsizing 

 

What Does Boat Insurance Cover?

The exact boat coverage you need depends on multiple factors. Small boat insurance is very different from yacht insurance, for example. However, for most types of boats, the three kinds of coverage in a basic boat insurance policy include:

  • Bodily injury liability for expenses related to the injury of another person
  • Property damage liability for expenses related to harming another person’s property
  • Physical damage for damage to your own property, including your boat and trailer

 

You also may want to add additional types of coverage to your boat insurance policy in order to fully protect yourself and your property. Here are some examples of additional coverage:

  • Property coverage for equipment such as tools, life preservers, anchors, and oars
  • Insurance for fishing equipment like your rods, lures, nets, and tackle
  • Towing coverage when your boat becomes disabled and needs servicing
  • Medical payments coverage for hospital and funeral expenses for you or your passengers
  • Uninsured/underinsured boaters coverage if you have an accident with another boater whose insurance is not sufficient to cover damages 

 

As with all insurance, the amount of benefit or reimbursement you have in the event of an incident is set at the time you buy your policy. Be sure to talk with an experienced independent agent who can make sure you have sufficient insurance for the risks you encounter. 

 

What Kinds of Boats Need to Be Insured? 

You can insure just about any kind of vessel, whether you have a yacht, speed boat or personal watercraft (PWC) like a JetSki. Every type of boat has the potential to be stolen or damaged, and can be involved in an incident that results in harm to another person or their property. Even if your boat is docked or stored in your garage, it can potentially be vandalized, damaged in a fire or storm, or stolen.

Many owners of small watercraft such as canoes, rafts and kayaks assume they will be covered under a homeowners or renters policy. This may be the case, up to a specified limit in your home policy. However, when it’s time to make a claim, you don’t want to be surprised to find out that this limit is not adequate to cover the value of your investment.

Be sure to consider the amount of coverage you would need to repair or replace each of your boats and recreational vehicles if damaged or stolen and ask your agent to help you get the right coverage for those items.

Call Us!

Our Baldwin / Welsh & Parker local independent can provide personalized assistance and quotes. Your agent can also look for discounts, such as multi-policy discounts and premium reductions if you have taken a boater safety course. Call us today and get the help and advice you need so you are prepared for your next adventure.

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From Trusted Choice

According to the US Consumer Product Safety Commission, 60% of all fireworks injuries occur around July 4th.Many communities smartly celebrate the Fourth of July with firework shows. These are managed by professionals and executed under controlled circumstances, allowing for the safe enjoyment of the show by the public .However, lots of people also celebrate Independence Day with fireworks at private events, like backyard barbecues, picnics and beach parties.As much fun as these light shows are, please remember these explosive devices must be handled with care.

 

The National Council on Fireworks Safety offers the following tips for safe use of fireworks:

  1. Know your fireworks; Read the warning labels and performance descriptions before igniting.
  2. Have a designated shooter to organize and shoot your family show.
  3. Alcohol and fireworks do not mix. Save your alcohol for after the show.
  4. Parents and caretakers should always closely supervise teens if they are using fireworks.
  5. Parents should not allow young children to handle or use fireworks.
  6. Fireworks should only be used outdoors.
  7. Always have water ready if you are shooting fireworks.
  8. Obey local laws. If fireworks are not legal where you live, do not use them.
  9. Wear safety glasses whenever using fireworks.
  10. Never relight a “dud” firework. Wait 20 minutes and then soak it in a bucket of water.
  11. Soak spent fireworks with water before placing them in an outdoor garbage can.
  12. Never attempt to alter or modify consumer fireworks and use them only in the manner in which they were intended.
  13. Report illegal explosives, like M-80s and quarter sticks, to the fire or police department.

 

The quickest way to ruin your holiday is to have a friend or family member injured by a mistake with something as volatile as fireworks. You also want to make sure that you’re minimizing the risk to buildings and cars in the area where you celebrate, as mishandled fireworks pose an obvious fire risk. Make sure if you’re using fireworks you’ve got lots of clear space away from houses, garages, etc. Make sure you understand the risks you face if you’re using fireworks as part of your holiday celebration and please follow these safety instructions.

We wish everyone a happy and safe 4th of July!

 

Additional information:

US Consumer Product Safety Commission

National Council of Fireworks Safety

Contact Us Today

Bedford, MA - 781-275-2114

Hudson, MA - 978-562-5652

Wayland, MA - 508-358-5383

Winthrop, MA - 617-846-0731

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