Car Insurances 237 views
Your car may sometimes meet an unforeseen accident or get theft and that time you will make insurance claims to indemnify from the losses caused as a result of the incident. But while making claims, it is imperative to negotiate so that you receive a fair payout. You must carefully read the terms & conditions, and declarations of the car insurance policy to know the extent of the coverage. Following the same will help you get the right settlement amount. But it could also happen that you may not be able to reach a fair settlement agreement with the insurer. So, we have listed out few tips that you can apply to recover the fair amount in respect of the insurance claim.
Make claims as early as possible
Moment your car face an accident, you should immediately contact the insurer and initiate the claim forewith so that you can tell minute of the minute details of the incident in an accurate manner. This is important as the insurance company quiz on many details and if you report it at the earliest, you would be able to narrate the incident correctly.
Keep a log of records
If you have been at the receiving end of accidents on multiple occasions, then you should maintain a log of accidents in the right order. The log must keep a record of the doctor visit, medical bills, bills for car repair, a police report as well as other relevant bills. The submission of the same will help fasten the process of settlement claim.
Zeroed in on the settlement amount
Assess the worth of your insurance claim and zeroed in on the minimum settlement amount while sending the demand letter to the insurer. It is necessary you remain flexible on the amount that you have decided. But if you have put forward the demand letter without considering certain facts and in the process have made your claim weaker, you may then have to up or down the amount to a certain level.
Send claim letter with full of details
Your claim letter must describe the car accident and the injuries suffered as a result of that. Moreover, it should provide details on the medical treatment and all the costs related to medicine, loss of income as a result of not going to the work due to accidents or injuries. You must mention details regarding expenses on car repair/replacement and any other property damaged on account of the accident. If the accident is such that you will require life-long medical treatment. Mention to the insurer how the treatment will impact your pocket, work and the life. On the safer side, you must look to settle between 25%-100% higher the amount that you would be willing to do. The letter must be supported with necessary documentation and proof as the lack of the same can undo your efforts.
Scrutinize the first offer of the insurance adjuster
Insurance adjusters sometimes follow the practice of lowering the first offer to test whether you actually know the worth of your claim. It is advisable not to immediately cut down the claim amount mentioned by you in the demand letter. You must decide on the the reasonable/unreasonable offer made to you. If the offer turns out to be much lower, then ask for an explanation, note it down and come out with appropriate answers to counter the reasoning of the adjuster. Following the process could help you reach a fair settlement with the insurer.
Call the insurer to provide settlement in writing
Make a note of all the communication with the insurance company and tell them to provide all settlement offers in writing. The letter must state the eventual amount that you must have settled with, the damages or injuries covered in the settlement, the tentative date by which you can get the settlement documents from the insurer, etc. Moment you reach to an agreement with the insurer, you must keep the hard copy of the signed agreement with all the necessary details with you.
Make regular follow-ups
As claim adjusters get occupied with bundles of claims, it is not necessary you will get the faster settlement of your claim. Keep in touch with the adjuster regularly so that your claim file moves ahead to the next level.
Know when to take legal advice
Just in case if you are not able to reach a fair settlement agreement after a series of negotiations with the insurer, then you may have to approach a car accident lawyer. A veteran lawyer can evaluate the situation correctly, facilitate faster negotiations as well as send a final settlement letter to compel the insurer to work more diligently on your claim request. A lawyer can also let you know when to end the negotiations and file a lawsuit, if needed.