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Insurance Companies in New York
Are Required To...
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| 1. |
Inspect the damaged vehicle
and make a good faith offer within six
business days after receiving notification
of the loss, provided that your car
is available for inspection. (A good
faith offer is one that can be backed
up with the name of a Department of
Motor Vehicles - registered repair shop
that will perform the repairs at the
insurer's offer.) |
| 2. |
Promptly give you or your
authorized representative a detailed
written estimate of the costs of repairs.
Identify, but only at your request (unless
the claim is solely for glass breakage),
a conveniently located auto repair shop
that will repair your car at the insurance
company's estimated cost of repair and
give your a written guarantee, backed
by your insurer, of the work performed. |
| 3. |
Pay the actual cash value
(retail value plus sales tax) which
is subject to depreciation and applicable
deductions, if your car is a total loss
because it was stolen or damaged beyond
repair, or replace it with a substantially
similar car, in accordance with governing
regulatory standards. |
| 4. |
Make payment within five
(5) business days after you and the
insurer have agreed upon settlement.
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| 5. |
If your car is stolen,
reimburse you for your car rental expenses
up to the amount stated in the policy
(some auto insurers issue a policy with
optional rental car reimbursement coverage,
which also pays for such expenses when
your car cannot be operated during a
covered collision loss). |
| 6. |
Furnish you with a written
explanation of the reasons for delay
if your claim has not been settled within
30 days after the date you notified
the insurer of the loss. |
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