Learn About the Fair Claims Settlement Practices Regulations

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If you recently transfer to California and you own a vehicle that needs to be insured, you should learn about the different things you can expect from auto insurance companies. Continue reading to learn more about it.

1. These insurers should provide you all the information regarding different auto insurance policies and that includes advantages, coverage, rates and etc.

2. When you file a claim, the company should begin investigating into the case straight away. The process should not start later than 15 days after the acknowledgement of the notice of claim.

3. The insurance company should respond to your inquiry within 15 days.

4. The decision making whether to accept or deny filed claims should not be more than 40 days after the reception of proof of claim.

5. In the case of a total loss, the settlement must take care of taxes, transfer fees, and license. This settlement must also show the worth of a similar vehicle or of similar quality. After retaining the salvage, settlement deductions must be measurable, reasonable, fair, and discernable.

6. As soon as the claim has been acknowledged, the insurance provider must pay for the claim immediately or not later than 30 days from the settlement reached date.

Make sure you take note of the following statements above. These mentioned requirements are just a part of the Fair Claims Settlement Practices Regulations but it will help you determine which company you should make a deal with.

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