QUESTION: What is After the Event Insurance?
We specialise in helping victims of injury claim the compensation they may be entitled to
What is After the Event Insurance?
To comply with money laundering legislation, one of the first things your personal injury lawyer will need to verify is how you will pay any legal fees related to your claim. One of the main ways claimants do this, especially if they have a No Win No Fee* agreement, is with After the Event (ATE) insurance.
Why Buy After the Event Insurance?
After the Event insurance gives you financial protection in the event you are liable for legal fees – either your own or the other party’s if your claim is unsuccessful. Some people find they have legal cover on their home and contents or their car insurance policy, so check those first before buying an After the Event insurance policy. The protection starts from the date you take the insurance out until your claim is finalised, so make sure you look into it as soon as possible after your accident and certainly before you make any large payments for medical or legal services.
How Much Will an After the Event Insurance Policy cost?
Although an After the Event insurance policy is less than the cost of your legal fees, and those of your opponent if you lose, it is a lot more expensive than your standard travel or car insurance policy. The cost will vary depending on the policy holder’s situation but will be influenced by:
- How likely your claim is to succeed
- How willing the defendant is to settle out of court
- The duration your claim is open for – the faster it ends, the lower your legal fees will be and the less you will pay in premium.
ATE policies are not one-size-fits-all. Expect to pay around £100 for an ATE policy that covers you for a motor vehicle claim where your injuries are minimal and the defendant does not dispute liability, to £500 or more for a personal injury claim which is more complex.
Unlike insurance policies you may have experience of buying for your car or holiday, you pay your premium for ATE insurance only once your compensation claim is resolved and you have received your payment. There may be some instances, for example, a lengthy claim involving life-changing injuries where blame is unclear or in dispute, where you have to make interim premium payments. You will also have to pay an Insurance Premium Tax of 10%.
Most policies are cancelled without charge if your claim is unsuccessful.
What are the Differences in After the Event Insurance Policies?
Things to look for when choosing an ATE policy are:
- What percentage of insurance claims does the firm pay in full?
- How long will you have to wait for your insurance payment?
- When do you need to pay your premium? Some firms allow you to pay once you have received your compensation payment.
- Can you pay at the end, or will they require interim payments?
- What is their cancellation policy, if you discover you already have insurance protection?
Call The Compensation Experts if you have questions about ATE or any other aspect of claiming compensation. Our trained advisors are happy to help with a free, no obligation consultation.
*conditions may apply
Am I eligible?
If you have been harmed physically in the last 3 years, due to someone else’s negligence, the short answer is yes.
Exceptions to this are for instance industrial disease or if you were a child at the time of the accident you may have a longer period to claim.Find out more
How much could I claim?
As every injury is different, the amount of compensation paid out can differ case to case. Varying factors lead to the final figure include: extent of your injuries, earnings missed out on, future losses and more.
Our dedicated team of experts will give you an indication of how much you could potentially claim for.Find out more
How does the process work?
We understand that when making a claim it’s important to know what to expect and when to expect it. That’s why we make the process as transparent & clear as possible.
Your solicitor will gather all the evidence and will notify the negligent party that you wish to begin claim proceedings. With your solicitor negotiating on your behalf, you will be keep up to date every step of the way.Find out more