When it comes to being injured in an accident, you’ll be faced with many challenges. These challenges can include, but are not limited to:
- Understanding the differences between first and third party claims
- Denial and/or appeals processes
- Calculating the value of your claim
- Navigating the appeals process
As experienced insurance claims attorneys in Deerfield Beach, Florida, we are ready to handle your claims. Handling your claim properly ensures you are compensated for medical expenses, lost wages, and other related damages resulting from your accident. To understand the process, getting familiar with the differences between first and third party claims is a first step.
First vs. Third Party Insurance Claims
A first party insurance claim is when you file a claim with your own insurance company or provider. While a third-party claim is when you file a claim with the insurance provider of another person. Third party claims can also be filed with businesses or organizations.
How It Works
The first step to filing a claim is determining who to file the claim with. You typically file the claim with the insurance company that is at fault for the accident. Other factors that matter include your coverage and the type of accident.
If you obtain a personal injury, such as being hit by a car when crossing the street, you’ll need to file a third-party claim. This claim would be filed with the car owner’s insurance company. Alternatively, if you are in a car accident while driving and rear-end someone, you’d need to file a claim with your insurance provider.
Another common type of third-party insurance claim you may need to file is in the event of an injury on another person’s property. If you slip, fall, or get injured at a business or organization, you’ll need to file a third-party claim.
Filing An Claim
When it comes to filing an insurance claim, the process largely depends on who you are filing the claim with. In most cases, an insurance claim must be submitted within 24 hours of the incident.
Contacting an experienced personal injury attorney to file your claim for you is recommended. An attorney can help you file your claim properly to avoid delays in processing. Many insurance companies will request a report and more information on your claim.
The report typically includes police or incident reports. You may also be required to provide any medical records, treatment plans, or injury assessments.
The type of information required to process a claim largely depends on the type of claim and injury. For example, if your injury is the result of a building accident, your claim may require the latest building inspection report.
Once your claim is processed, it will be approved or denied. If approved, your claim will result in a settlement amount. If denied, your claim may be appealed.
An appeal will require more information to be submitted about your claim. By providing further information, you also provide evidence that supports your claim.
Settlement and Recovery
The settlement you’ll be rewarded is based upon a few factors. Factors are directly affected by the type of insurance coverage. Most insurance providers have a formula to assess the amount of a settlement. There is typically a different formula for the type of injury such as slip and fall or car accident.
A common formula uses a multiplier to determine your settlement. It provides a figure for both your economic and non-economic losses. Economic losses can include your medical bills, property damage, and loss of wages. Non-economic expenses would be factors such as pain and suffering.
The formula calls for your economic and non-economic costs to be added together and in some cases multiplied. An experienced insurance claims attorney in Deerfield Beach, Florida can help you determine a fair settlement.
Securing A Fair Settlement
If you are facing an insurance claim, whether first or third party, you may become overwhelmed. Let our experienced insurance claims attorneys fight for you and get you the settlement you deserve. For more than a decade, we’ve defended the rights of residents in Florida. Avoid facing insurance companies alone. Gain peace of mind knowing that your settlement is fair with our help today.
