What is an example of subrogation?
When you file a claim, your insurer can try to recover costs from the person responsible for your injury or property damage. This is known as subrogation. For example: Your insurance company pays your doctor for your treatment following an auto accident that someone else caused.
What is principle of subrogation in simple words?
To make up for the compensation paid, your insurer can claim the (insured) right over that third party. You surrender your rights over the third party to the insurer. This transfer of all the rights, and remedies, from insured to insurer is called subrogation.
What are the three important reasons of subrogation?
Subrogation allows your insurer to recoup costs (medical payments, repairs, etc.), including your deductible, from the at-fault driver's insurance company, if the accident wasn't your fault. A successful subrogation means a refund for you and your insurer.
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