Top 5 Largest Car Insurance Settlements

It is a fact that some cars are expensive to insure and others not so much. Insurance companies routinely shell out a significant amount of money on personal injury claims.

At the same time, they also spend a considerable amount on cars that have been written off in accidents, just because they are high-end cars that are insured for vast amounts.

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Back End Trouble

The owner of a Ferrari 250 GTO once rammed this expensive car into the back of a rival on a racecourse. Of course, the insurance company took a beating financially.

Ferrari was astounded by what had happened and sent in specialists to evaluate the car.

Since parts had to be flown in for repair work, the insurance shelled out was around 170,000 pounds.

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Child’s Play

The owner of a Lamborghini made the huge mistake of lending his car to his son.

The poor chap was rammed into at a turning, where another car was on the wrong side of the road.

The car was a complete write-off, but the insurer ended up shelling out 213,000 pounds.

Super Cars

In some cars, besides the engines, it is the body of the vehicle that is extremely expensive.

Therefore, you can imagine what will happen when the carbon fiber body of the Pagani Zondas is destroyed in a crash.

What happens is that an insurer ends up shelling 320,000 pounds in repair work.

The crash happened when the driver of the car ended up ramming the vehicle into a wall. The car had to be taken back to Modena in Italy for repair.

Knockout Punch

Pamela Greens, a property tycoon was knocked down at a zebra crossing and sustained a severe brain injury.

While the owner of the car tried to defend his case citing that she ran onto the crossing, she was able to prove otherwise.

She was paid 2.7 million pounds in insurance compensation.

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Uninsured Payouts

There are cases where an uninsured driver ends up causing the incapacitation of a cyclist.

In the case of an accident, a car insurance settlement is a given. It can get stressful only if you are unsure of what the process involves.

Not every insurance policy is the same and the requirements for a claim are different with each policy.

This can be made less stressful if you are sure of the steps required:

• To begin with, an insurance adjuster will come over to assess the damage.
• Remember that the estimate in the assessment is never the same as what you finally get in compensation.
• Compensation is often centered around health benefits, the possible loss of earning capacity and more.
• Never accept an early insurance settlement payment. This is given at a time when hospital payments are piling up, and it is tempting to take.

What to do in the case of an automobile crash?

Of course, getting all the medical help you need is the priority.

While doing so, ensure that all of your medical records are maintained. As soon as possible, make a note of what happened. There are times, due to trauma, that you forget small details that can prove vital to you later on.

Maintain records of all photos, bills, medical expenses, etc. relating to the car and to you.

While it is ideal that you file for compensation at the earliest, you can do it any time provided you have enough evidence to support claims for physical and mental duress.

When it comes to filling forms and the like, injuries to go with their own set of classifications.

Therefore, you will have:

• A new injury which could leave you with a condition you did not have before the accident. Any particular injury to your head, spine, limbs or bones and any trauma, wounds, concussions and the like fall under the new injury category.
• An aggravated injury is when a pre-existing condition was worsened by accident.

There may come a time where you’ll need to hire legal services.

There are lawyers specialized in fighting in car insurance claims and getting an experienced one will help you immensely.  Be completely honest with your lawyer to ensure that you get that to which you are entitled.

Getting Everything From Your Insurance

In most cases, people want to get their hands on insurance money so that they can start paying off their bills.

Though this is very tempting, it often means that you settle so quickly that you end up with much less than what you deserve.

Fact gathering is the essential part of an insurance claim. This will help insurance agents have a better idea of the situation before they go in to talk to witnesses.

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