According to the New York Insurance Department if you place a first party insurance claim through your own insurance due to your car being damaged or stolen and you have auto collision or comprehensive insurance coverage, you have the right to a prompt and fair settlement from your insurance company, either for the amount of the damages or the actual cash value of the car, whichever is lower.

If your car is stolen and subsequently recovered, your insurer must pay for the damage done to the car while it was missing, the cost of towing, any reasonable storage charges, and substitute transportation expenses.

Also your insurance company must make payment within five (5) business days after you and the insurer have agreed upon a settlement or 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.

If you are injured in an auto accident, or your car is damaged, due to someone else’s negligence, you may be able to make a claim against that other person’s auto insurance policy for bodily injury and property damage liability. You must establish that the other party was at fault.

You have a right to sue another party involved in the auto accident for pain and suffering, only if you sustained a “serious injury” as defined in the Insurance Law. You can also go to court against a third party for property damage and, when bodily injury has been sustained, for other economic loss not covered by, or exceeding the limits of, your No-Fault coverage.

To get more information on the time limits regarding making claims for auto accidents and the time period in which an insurance company needs to make a settlement with the claimant contact the NYS Department of Insurance.