Accident Management & Subrogation:
What You Need To Know
Clients who are ‘self-insured’ for the physical damage (collision) of their fleet vehicles should be interested in the VFM Accident Management & Subrogation program.
Typically, larger fleets of 50 or more vehicles do not need collision insurance on their vehicles. They can afford, and their budget will not be impacted by, the costs associated with vehicle damage
When a company does not purchase collision insurance, they also lose the post-accident assistance provided by their insurance carrier. This is where the VFM Accident Management & Subrogation program fills the void.
This program will allow the customers and their drivers reduced post-accident costs and get the driver back in their company vehicle quicker. With this program, they get: accident claims administration, a quality repair facility network, a short-term rental replacement coordinator, appraisal services and subrogation services.
What is subrogation service?
When someone else is at fault (a third party) and causes damage to your vehicle, subrogate means we will step in, on your behalf, and go after the third party for your damage claims. We have claim specialists who are trained at handling these types of insurance claims.
The program process is as follows:
>> Drivers are provided instructions in their driver manual what to do when they are in an accident.
>> Drivers call the VFM hotline to report the accidents and get instructions.
>> If there is a potential liability claim, VFM will notify the client so their liability carrier can be notified.
>> The VFM claims administrator takes the information and creates the initial accident report.
>> The driver is instructed where to take the vehicle (if it isn’t towed) for a repair estimate. If the estimate exceeds $2,000 an independent appraiser is asked to perform an inspection on the vehicle.
>> The VFM claim administrator will assist the driver in getting a rental vehicle.
>> The VFM claim administrator will review the repair estimate, attempt to find areas of overcharge for parts, duplicate work, or excessive labor charges.
>> All the while, the driver is kept in-the-loop on the repair status and notified as soon as the vehicle is ready.
>> When another party is at fault (in whole or in part), the VFM claims administrator will seek reimbursement for them and/or their liability insurance carrier.
>> Costs for the vehicle repair, rental vehicles and appraisals are invoiced to the client on their monthly invoice.
>> The applicable subrogated monies are returned to the client.
>> A final accident report is prepared and sent to the client for their records.
