Tips to Negotiate Car Insurance Settlement Claim

It takes minutes for a car accident to happen. The repercussions of the accident- that takes months to heal up. This just doesn’t include healing from your physical wounds and trauma, but also repairing your car from all the damages. Yes, this is certainly a frustrating time. You need a lot of patience and fair negotiation skills. These shall only help you to settle the insurance claim settlement process.

How to prepare for insurance claim negotiations

You need to keep some documents on hand. These include:

1. Expenses of property damage

2. Details and photos of the accident

3. Medical expenses

4. Medical consultation notes which includes injuries and limitations

5. Copy of the FIR

Here’s how insurance companies treat car insurance settlement claims

Car insurance companies want to give out low settlement money for most claims. After all, if they do that they save money. They may even say that it’s not their fault that the negotiations favored them, or that your quoted value is not justified, or that according to the documentation you can’t get a claim. It is thus essential to negotiate for getting a fair settlement.

How should you negotiate for a car accident claim?

The very first thing you need to do for negotiating a car accident claim is to write to the insurance company. Tell them the money they owe you as damage compensation. Your request shall be assigned to the company’s adjuster. This person shall settle accident claims as fast as possible. Remember, companies don’t always want to give the maximum amount you claim.

The negotiation process itself is not rocket science? If you have negotiation in the marketplace at any time, you can do so here as well. Both you and the company shall have a settlement claim amount in mind, and shall argue for it. You need to do these things to settle the deal.

1. Know what the policy covers: You need to know what your car insurance plan covers. You don’t want to find out later that you won’t get the money since your policy did not support the particular circumstance. Always read the terms and conditions of the policy carefully. 

2. Decide on your minimum amount: Insurance companies will do their best to bring down the settlement amount. But that is not in your best interest always. Determine the minimum amount you absolutely need. Determine the maximum amount needed as well. Tell a high maximum amount since the company will bring it down anyways.

3. Don’t let the first offer deter you: If the company gives a reasonable offer at first, give a counteroffer just under your original demand. By doing this, you’ll show that you’ll negotiate in good faith. If the initial offer from them is low, ask for a justification.

4. Be patient: The negotiation process may take months. It can be quite frustrating when you are in the middle of paying steep medical bills and car repair bills. However, it is important to be patient and composed at this time. Remain professional in these situations. Keep a record of all interactions with the company. If you have not heard from them for weeks, ask for a status update report.

5. Bring forward your emotional costs: Emotional costs matter too, which includes emotional costs due to loss of income, repercussions of the accident, and etc. These may give you an upper hand in the negotiation.

6. Only accept if you are satisfied: If their offer is not suitable for you, keep negotiating. Record what if the difference between the offer and the demand, if it is worthwhile to take the issue to court, and how likely you are to win the court case.

7. Contact a lawyer only if you need it: If you think you are not likely to get the claim you want, go to a lawyer.

To conclude, prepare yourself before the negotiations start. Be patient and persistent.