Accident management is an important part of life. Accidents happen and when they do, you face financial loss. It’s incredibly frustrating and adds to your worries. Uninsured loss recovery policies could cover legal expenses you pay to pursue a third-party (who was at fault for the accident) to cover the uninsured losses. So, is uninsured loss recovery necessary, and what does it cover?
You own a family passenger vehicle and have a small collision at a set of traffic lights. The back bumper is off and will be out of action for two weeks at most. You’ll need to hire a vehicle until yours is ready to be on the road again. Uninsured loss recovery would typically cover rental car expenses – within reason.
For instance, you hire a two-seater sports car or a Mercedes Benz in place of your seven-seater family car. You probably wouldn’t be reimbursed for the rental as there is no justification for hiring an expensive sports car. When it comes to accident management, you’re going to face further loss if you hire a vehicle that’s not in line with your current one. On the other hand, if you hire a similar vehicle to the one that’s being repaired, those costs would be dealt with by the responsible third-party driver.
Successful accident management can make life easier, unfortunately, things don’t always run smoothly. One thing that is usually covered by uninsured loss recovery is excess repair costs. Your insurance provider might cover damage up to £1,500, but the full cost is £2,257 and you have to pay the difference. This out-of-pocket excess cost would be covered with the uninsured policy. With good accident management, you can keep a calm head and get your financial losses back.
Depending on the severity of the accident, your vehicle may have to be towed to a garage. This means an extra, out-of-pocket fee to pay; there could also be a storage fee. Typically, these fees fall into the uninsured loss category. With good accident management, you can have uninsured loss recover so that you can fully reclaim these costs.
Car accidents happen all the time; they’re frustrating and potentially life changing. Unfortunately, most car insurance companies won’t cover every expense you have as a result of an accident. When another driver is at fault, it can be hard to swallow and that’s why uninsured loss recovery policies are necessary. It isn’t just about good accident management, but ensuring all financial losses are covered. Uninsured loss can also include personal items and injury, legal fees, and loss of earnings.
Insurance is a necessity when you’re a driver, but unfortunately, not everything is covered in a policy. Some things, such as towing and storage, personal items, and personal injury. If you want to pursue the guilty party (the other driver), you are likely to pay legal fees too. With uninsured loss recovery, you can get those expenses covered. That’s why proper accident management is necessary and having an uninsured loss recovery policy is a necessity.