What does "claim closed" mean with respect to car insurance?
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What does "claim closed" mean with respect to car insurance?
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Recently I had a altercation with another vehicle and I promptly phoned my car insurance adjuster. The necessary info was taken and the agent said that everything would be handled by them from that point onward.
I just received info (online) stating only that the claim was now closed.
What exactly does this mean? "claim closed" ?
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Pancakefarmer
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Essentially, "Claim Closed" will mean that your Insurers or Loss Adjuster have completed the claim. Without know further details of the claim, ie did you hit the Third Party in the rear? Did they hit you in the rear? etc.
For claim to be closed, essentially an Insurer or Loss Adjuster looks to see if Policy Liability has been engaged (is this claim covered? basically) For example if you have hit the other car in the rear, there is no point in your Insurers denying liability as it is usual for the person driving the car that hit another car in the rear to be considered to be at fault.
So LIABILITY has been accepted, the next thing that has to be decided is QUAMTUM (how much is this claim going to cost them). This will then be "reserved" (set as side as money the Insurers knows it will have to pay out on the claim at some point in the future.
So assumming that this is the case, your Insurers or Loss Adjusters will have repaired your car (if you have comprehensive Insurance) and agreed or already paid the Third Party, this would usually involve vehicles being inspected by approved repairers, using video and still images to be sent to the Loss Adjuster or Insurer's in house engineer and agreeing prices for repairs.
At this point there is nothing else for the Loss Adjuster to do and therefore "Claim Closed". |
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Skywalker
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It means they have settled your claim and that they have supposedly finished their job to the satisfaction of all involved. If this isn't the case take all the information you have including that of the other vehicle and contact a lawyer. |
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ignant_slob
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It means that no further action will be taken by them concerning that claim. So whatever they did or didn't do with regards to any settlement is all that will be done. |
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connie c
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Claim Closed - The settlement check has cleared and the claim is paid. |
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