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Subrogation is a concept that's well-known among insurance and legal firms but often not by the customers who hire them. Even if you've never heard the word before, it would be in your benefit to know an overview of the process. The more knowledgeable you are, the better decisions you can make about your insurance company.

Every insurance policy you own is an assurance that, if something bad happens to you, the insurer of the policy will make restitutions in a timely fashion. If your vehicle is in a fender-bender, insurance adjusters (and the judicial system, when necessary) determine who was at fault and that person's insurance covers the damages.

But since figuring out who is financially responsible for services or repairs is sometimes a confusing affair – and delay often adds to the damage to the victim – insurance companies usually decide to pay up front and figure out the blame afterward. They then need a path to recoup the costs if, when all is said and done, they weren't responsible for the payout.

For Example

You rush into the Instacare with a sliced-open finger. You give the nurse your medical insurance card and she writes down your policy information. You get stitches and your insurance company gets an invoice for the services. But the next day, when you get to your workplace – where the injury occurred – your boss hands you workers compensation paperwork to turn in. Your employer's workers comp policy is actually responsible for the invoice, not your medical insurance policy. It has a vested interest in getting that money back in some way.

How Does Subrogation Work?

This is where subrogation comes in. It is the method that an insurance company uses to claim payment after it has paid for something that should have been paid by some other entity. Some insurance firms have in-house property damage lawyers and personal injury attorneys, or a department dedicated to subrogation; others contract with a law firm. Ordinarily, only you can sue for damages done to your self or property. But under subrogation law, your insurance company is considered to have some of your rights in exchange for making good on the damages. It can go after the money that was originally due to you, because it has covered the amount already.

How Does This Affect Policyholders?

For one thing, if your insurance policy stipulated a deductible, your insurance company wasn't the only one who had to pay. In a $10,000 accident with a $1,000 deductible, you have a stake in the outcome as well – to be precise, $1,000. If your insurance company is lax about bringing subrogation cases to court, it might choose to recoup its expenses by boosting your premiums and call it a day. On the other hand, if it knows which cases it is owed and pursues those cases aggressively, it is doing you a favor as well as itself. If all ten grand is recovered, you will get your full $1,000 deductible back. If it recovers half (for instance, in a case where you are found one-half to blame), you'll typically get $500 back, depending on your state laws.

In addition, if the total price of an accident is over your maximum coverage amount, you may have had to pay the difference, which can be extremely expensive. If your insurance company or its property damage lawyers, such as worker compensation terms Mableton GA, successfully press a subrogation case, it will recover your costs as well as its own.

All insurance companies are not the same. When shopping around, it's worth weighing the records of competing agencies to determine whether they pursue legitimate subrogation claims; if they do so in a reasonable amount of time; if they keep their clients posted as the case continues; and if they then process successfully won reimbursements quickly so that you can get your funding back and move on with your life. If, on the other hand, an insurance company has a reputation of paying out claims that aren't its responsibility and then covering its income by raising your premiums, you'll feel the sting later.