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Allstate Insurance FAQ Page 1» Go to Allstate Insurance FAQ Page 2
Answers to the Allstate Insurance questionsThere are no specific time limits for the settlement of claims. Insurance companies are required by law to pay all claims in a prompt and reasonable amount of time. However, what constitutes "prompt and reasonable" may vary from claim to claim. Claims that require special or extended investigation may take longer to resolve. Inclement weather conditions often cause an increase in the number of claims filed and that can slow the process down as well. Return to Allstate Insurance Questions When your auto is declared a total loss, unless you made special arrangements and paid an additional premium, your insurance company will only pay you the actual cash value of the auto as of the date of the loss, not the cost to replace it. Your auto's value is determined by the following factors: the retail value for an auto of like kind and quality prior to the accident; the price paid for the auto plus the value of prior improvements to the auto at the time of the accident; the decrease in value of the auto resulting from prior unrelated damage which is detected by the appraiser or for which a claim has been paid; and the actual purchase cost of an available auto of like kind and quality. If your auto has substantial value because of its exceptional condition such as an antique, classic, or restored auto, you should have it appraised and then insure it for the appraised value. Return to Allstate Insurance Questions DO I HAVE TO PAY AN INSURANCE PREMIUM AFTER MY AUTO IS DECLARED A TOTAL LOSS? Yes, the auto is considered insured until the policyholder returns the license plates to the Registry of Motor Vehicles. If you don't have your license plate because your auto was stolen or because your auto and plates were burned in a fire, then you have to go the nearest Registry of Motor Vehicles office and obtain a lost or stolen plate(s) receipt and use that instead. You must give this receipt to your insurance company in order to cancel your policy and avoid paying any additional premium. Return to Allstate Insurance Questions No, your insurance company has the option to take title to your auto because it is entitled to any salvage value your auto may have. You can, of course, negotiate with your company to purchase your auto for the agreed salvage value. Return to Allstate Insurance Questions If the repair of the damaged part impairs the operational safety of the auto, then the insurance company will pay to replace it with a new part. But, for non-safety parts, unless your claim occurs during the first year after your car was manufactured, you are not entitled to new ones. State regulation allows for the replacement of damaged parts with used or reconditioned parts as long as they are of like kind and quality. This means that a three-year old door will not get replaced by a brand new one. You can insist on new parts, but you will have to pay the difference in cost. |
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