Important Insurance Terms to Know After a Car Accident in Lake City, Florida
The insurance claims process can be confusing for individuals who have never had to file an accident claim, and it only becomes more complicated to navigate when an individual is unfamiliar with the terminology that is used throughout it. In an effort to help car accident victims prepare for the insurance claims process, below are a few terms they should know as well as contact information for a Lake City, FL car accident lawyer if they’d like help recovering compensation for their accident-related expenses.
Common Terms Used in the Insurance Claims Process
- Actual Cash Value
The actual cash value of a vehicle that is damaged in an accident is the value of the property minus depreciation, according to Geico.1
- Appraisal
This refers to the process insurance companies use to value a person’s property after an accident.
- At-Fault
The at-fault party is the person who is liable for causing an accident. In some cases, there may be more than one party that can be held responsible for causing a collision. Regardless of whether a driver was at-fault or not, Florida law requires that drivers first file a Personal Injury Protection (PIP) claim with their insurer. If property damage was sustained or the driver’s PIP insurance isn’t enough to cover their medical expenses, then they can file a claim with the other party’s insurer, which is referred to as a third-party claim.
- Adjuster
The adjuster is the person who is responsible for valuing the damage that was done in an accident. This person can offer an accident victim a settlement for injuries, property damage, etc., although individuals are discouraged from accepting the first offer they receive. Instead, they are encouraged to contact a Lake City, FL car accident attorney who can review the settlement, determine if it is reasonable and fair, and negotiate with the insurer if they believe the claimant should receive more.
- Claimant
The claimant is the person filing the claim.
- Comparative Negligence
In the State of Florida, individuals are not barred from recovering damages after an accident even when they are partially at-fault. This is because Florida follows comparative negligence laws. Instead, any damages they are awarded are reduced by their percentage of fault.
- Damages
Damages is another word for “money” or “monetary relief.”
- First-Party Claim
When a person files a claim with their own insurance carrier, this is considered a first-party claim.
- Loss
A loss is “any measurable dollar cost of damage and/or injury suffered by a person.”
- Personal Injury Protection (PIP) Insurance
All drivers in the State of Florida are required to purchase PIP coverage. This coverage can be used regardless of fault and will usually pay up to $10,000 in medical expenses and lost wages so as long as a driver seeks medical treatment within 14 days of their accident.
Now, if a driver was involved in a collision in Lake City, FL and they have insurance-related questions or would like to receive an estimate for what their damage/injuries are worth, they can contact Koberlein Law Offices. The Lake City, FL car accident lawyers at Koberlein Law Offices will help an individual prepare for the insurance claims process and fight for the compensation they are due.
Koberlein Law Offices can be reached at any of their office locations listed down below:
855 SW Baya Drive
Lake City, FL 32025
Phone: 386-269-9802
Website: www.klo-attorneys.com
118 Ohio Avenue N, Suite A
Live Oak, FL 32064
Phone: 386-516-2626
8443 SW 14 Lane
Gainesville, FL 32607
Phone: 352-519-4357
Source:
