Q: Should I use my own insurance?

A: There are varying opinions on this. Some people feel that if they file a claim with their own insurance company, even though they believe the other party is at fault, the claim will be settled quicker than if they deal with the other party’s insurer. In reality, it may not work that way. If you file the claim with your own company, and the facts indicate the other party was most or completely at fault, your insurer may “subrogate” the claim with the other party’s insurance company to reimburse itself for the amount it paid to you for your claim. The downside to this is that there is no requirement, either by law or in your policy, that your insurance company must subrogate your claim. If your company decides not to subrogate the claim, it may be able to surcharge your policy for the amount it paid out to you. There is also no required time frame for the subrogated claims process, so it may take months for your insurance company to get reimbursed and to return your deductible to you.

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