Understanding The Differences Between First- And Third-Party Insurance Claims
If you experience property loss on a home, commercial property or motor vehicle that was insured, you expect to be able to recover the value of that property minus your deductible. It may not matter to you whether your insurance company covers that loss or an at-fault party’s insurance company does so.
It does, however, matter to the insurance companies. These are for-profit businesses that are focused on minimizing the amount they pay out in claims. A claim filed with your insurance company is a first-party claim, while a claim filed with another person’s insurance company is a third-party claim. Sometimes, it may be necessary to recover payment from both insurance companies.
For example, if you are involved in a serious motor vehicle accident and it can be proven that the other driver is completely at fault, your insurance company will likely want the at-fault party’s insurance company to pay for your losses. However, the at-fault party’s insurance company may look for reasons it is not obligated to pay your claim.
We Help You Fight Insurance Companies
The recovery process is complex, and insurance companies may not be cooperative in helping you sort things out. When disputes arise, it is wise to enlist the help of the knowledgeable insurance dispute attorneys at Jontiff & Jontiff.
It may be necessary to file a claim against your own insurance company if you are involved in an auto accident with an uninsured or underinsured motorist. Or, you may have liability coverage built into your homeowners insurance policy and your insurance company may still refuse to pay a third-party claim against you.