Questions that people ask:
Why do people use accident management companies?
An accident management company offers start-to-finish handling of a claim for someone who has been involved in a road traffic accident. For the at-fault party in an accident, using their insurance company is the only option. However, for the not-at-fault party, going through their insurance company isn’t the most effective decision to make because it can affect their no claims bonus and insurance premiums.
An accident management company will lower the risk for your case through expertise and the correct processes. Having that professional hand to hold during the process to give the guidance you need to navigate through your claim to come out to the end as least affected as possible.
The best part is: there are no costs to the not-at-fault party in the accident for using an accident management company, and they don’t even need to pay their excess! All costs are covered by the at-fault parties insurer.
What do claims management companies do and how do they work?
As a step-by-step process, a claims management company (or also known as an accident management company) will initially collect all of the information and details of the road traffic accident. The next priority is to ensure that the non-fault party receives a like-for-like vehicle replacement ASAP.
Vehicle repair and storage is the next step: Carrying out a vehicle damage assessment and understanding any personal injuries that may have occurred, ensuring that the vehicle is properly repaired and stored while working with a panel of qualified, specialist personal injury solicitors to provide proper care of your injuries and losses.
Finally, an accident management company will recover all of the non-fault party costs and losses, as well as conclude the full legal claim.
How much will an accident management company cost me?
As a non-fault party looking to use an accident management company, the use of an accident management company is no cost to you. As part of our claims management service, we ensure that all costs and losses are covered by the at-fault parties insurance company. Using an accident management company truly is a no-brainer.
What is a credit hire company?
A credit hire company is typically another name used for an accident management company or a claims management company. If a road traffic accident wasn’t your fault, you’re able to use a credit hire company. The credit hire company will pay for your car to be repaired but will also pay the cost of you hiring a like-for-like vehicle replacement to use in the meantime.
They also ensure that you don’t need to pay an insurance excess. Additionally, they have expert personal injury partner solicitors who will handle all of your legal cases as well as your personal injury; all covered by the credit hire company.
The credit hire company will then claim back all of these costs from the at-fault parties insurance company.
Do I need a claims management company?
After a non-fault accident, you don’t NEED to use a claims management company (credit hire company) but it is highly advised that you do so. This is because an established claims management company has years of experience and fully understand the claims process after a road traffic accident.
3 of the most beneficial reasons for using a claims management company are:
- You will not have to pay an insurance excess when you use a claims management company
- You will be provided with a like-for-like vehicle replacement, very quickly, at no cost to you if you use a claims management company.
- Using a claims management company is at no cost to you. All of the costs and losses are covered by the at-fault party’s insurance.
Is claims management regulated by the FCA?
Back in 2019, the FCA (financial conduct authority) became a new regulator of all Claims management businesses (CMCs). During the same time, the Financial Ombudsman Service became responsible for resolving customer disputes about Claims Management Businesses. Offering further assistance and assurances to the general public considering using a claims management company.
Auto Claims Assist is authorised and regulated by the Financial Conduct Authority under reference FRN830899.