Subrogation is a concept that's understood in legal and insurance circles but rarely by the people who employ them. Even if it sounds complicated, it is to your advantage to understand the nuances of the process. The more information you have about it, the better decisions you can make with regard to your insurance policy.
An insurance policy you hold is a promise that, if something bad occurs, the company that insures the policy will make restitutions in one way or another in a timely fashion. If your vehicle is hit, insurance adjusters (and the courts, when necessary) determine who was at fault and that person's insurance pays out.
But since figuring out who is financially responsible for services or repairs is regularly a confusing affair – and time spent waiting in some cases compounds the damage to the policyholder – insurance firms usually opt to pay up front and figure out the blame later. They then need a way to get back the costs if, ultimately, they weren't actually in charge of the expense.
Let's Look at an Example
Your electric outlet catches fire and causes $10,000 in home damages. Fortunately, you have property insurance and it pays for the repairs. However, the insurance investigator finds out that an electrician had installed some faulty wiring, and there is a decent chance that a judge would find him liable for the loss. The home has already been repaired in the name of expediency, but your insurance firm is out all that money. What does the firm do next?
How Subrogation Works
This is where subrogation comes in. It is the way that an insurance company uses to claim reimbursement when it pays out a claim that turned out not to be its responsibility. Some insurance firms have in-house property damage lawyers and personal injury attorneys, or a department dedicated to subrogation; others contract with a law firm. Ordinarily, only you can sue for damages done to your self or property. But under subrogation law, your insurer is considered to have some of your rights for having taken care of the damages. It can go after the money that was originally due to you, because it has covered the amount already.
Why Should I Care?
For a start, if your insurance policy stipulated a deductible, your insurer wasn't the only one that had to pay. In a $10,000 accident with a $1,000 deductible, you lost some money too – namely, $1,000. If your insurance company is unconcerned with pursuing subrogation even when it is entitled, it might choose to recoup its expenses by increasing your premiums and call it a day. On the other hand, if it knows which cases it is owed and pursues those cases efficiently, it is doing you a favor as well as itself. If all is recovered, you will get your full $1,000 deductible back. If it recovers half (for instance, in a case where you are found 50 percent at fault), you'll typically get half your deductible back, based on the laws in most states.
In addition, if the total expense of an accident is more than your maximum coverage amount, you could be in for a stiff bill. If your insurance company or its property damage lawyers, such as personal injury lawyer Mableton GA, pursue subrogation and wins, it will recover your expenses in addition to its own.
All insurers are not created equal. When shopping around, it's worth looking at the records of competing companies to find out whether they pursue legitimate subrogation claims; if they do so without dragging their feet; if they keep their policyholders informed as the case goes on; and if they then process successfully won reimbursements right away so that you can get your deductible back and move on with your life. If, on the other hand, an insurer has a reputation of paying out claims that aren't its responsibility and then safeguarding its income by raising your premiums, even attractive rates won't outweigh the eventual headache.
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