Insurance company is not going to pay how much you require to meet up the loss caused by an accident. For any accident, the settlement is really a suffocating issue, and the claimant is worried to get a fair amount of the damage as compensation. Generally, the insurance company goes to pay with a little amount of money and they try to reduce the total settlement. It is the negotiation process that can enhance your compensation amount. You have to win this negotiation process for your settlement. However, you just need to understand some issues not to give any scope to the insurance company.
There are step-by-step approach on how to negotiate a settlement with an insurance claim adjuster to make sure you are not paid less. You are lawfully entitled to get the amount of loss as compensation. The most important thing in terms of insurance is to be serious from the very start and sticky until the settlement is ready to pay. The settlement is really an important issue for the car accident, workers compensation settlement and any other type of settlement such as. In case you don’t know ins and outs of the settlement, you may hire an attorney who can give proper guidance on what to do to get a fair amount.
Content Outline
Make A Report On Accident Appropriately
The most important step is to report the accident as soon as possible for the policyholder. If you think as policyholder that you have an insurance policy and there is no issue to be worried. But the severity of the damage in terms of car, property, and injury won’t be the same after a few days later from the accident date. For example, you get an injury and take the photo if you can. This authentic and timely scenario of the injury makes you get a higher amount of compensation from the insurance company.
More importantly, you can make a report of the accident at your own effort to make sure you can present everything in details with date, time, name of the place, road condition, environment and statement from the witness. But you should not write something wrong in your report because agent from the insurance company may also conduct another investigation by going to spot, checking the vehicle condition in case of car damage and your medical report from the hospital in case of injury.
Start With An Initial Demand Letter
After recording your accident, you should start with a demand letter. A demand letter is a paper that explains your loss amount as demand to either your own insurance company or at fault’s driver’s insurance e company. You can sue to at fault’s drivers’ insurance company if the driver has the full liability of the accident. A demand letter is the starting process to negotiate a settlement. This letter is so important because this letter is going to the insurance company to make sure you can get fair and maximum compensation due to an accident. This demand letter also should be strong enough to make the insurance company arrange your compensation.
It can be better if you prepare with the help of an attorney. An attorney knows better what to explain and how to present different issues to make the letter authentic and legally appropriate. This letter should include claimed damage, their values, your treatment cost in case of your injury and explanation of who is liable to the accident. There are more issues about financial terms like lost wages, property damage and treatment cost.
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Negotiation With Claim Adjuster
A claim adjuster is a person who collects information about an accident from a different source. He is the case handler and investigates the accident to make a report against your demand letter. He goes to the spot, checks the vehicle, takes hospital records, gets a statement from the eye witness, and collect information from the police report and more information if needed.
When you are sending this demand letter to the at-fault driver’s insurance company, a claim adjuster will contact you for further information if the insurance company thinks. You need to submit authentic information needed by the claim adjuster. You also help the claim adjuster to provide what he needs. You don’t do something that goes against you because what statement you are providing to the claim adjuster may be recorded for further step. However, the claim adjuster may ask you critical question to reduce the compensation value. You don’t be worried and you just be simple and honest to explain what he asks.
Sometimes, the claim adjuster may let you start about the accident and he may collect some loopholes from your statement. This can be a reason for losing your exact compensation amount. In this case, an attorney’s help is required to make sure you are not going to say something which may go against your case. so you may be prepared before going to negotiate with claim adjuster.
Don’t Accept How Much Is Paid By The Insurance Company At First
After a successful negotiation process with a claim adjuster, the insurance company may offer an amount primarily. The amount is not enough to carry on your treatment cost and loss of damage. You have the way to reject or deny the first offer made by the insurance company. There is no chance to reduce the loss amount. After that, the insurance company will send another counteroffer to pay your loss amount. This offer is also not enough to meet up the loss amount. Then the insurance company will send an agent who will investigate the accident from start to end. If the agent finds something that supports your demanded compensation amount, you are going to get that fair amount of compensation.
Hire An Attorney
An accident and an insurance process are legal terms. An attorney is a person who deals with these issues effectively. A trusted and expert attorney will work for your interest. A lawyer will make more reports and legal papers to make it appropriate and help you get the exact compensation. More importantly, if you don’t understand this insurance issue after an accident, you need to hire an attorney from the very start. An attorney makes every difficult issue simple and your negotiation process may be easier as an attorney has vast knowledge in dealing with this issue.
It is also an important issue to learn that your insurance value will be higher in case the insurance company knows that you have hired an attorney. Not any company will not face any trial because hiring a lawyer means that this case may go to the court. No business wants to go to the court as this can make a bad impression on their business.
How Negotiation Process Works
The negotiation process is really a critical issue because the insurance company will try to reduce the compensation amount. But you may lawfully get your compensation according to the insurance policy. The insurance company must pay for the injured person as compensation. There are some areas where the compensation amount is calculated.
- Medical Treatment and related expense
- Lost Wages
- Permanent physical disability
- Loss of time with family, loss of education and pain and suffering
- Damaged property
Negotiation is a process where you have to contact the insurance company to be paid your demanded amount. An adjuster from the insurance company will arrange a negotiation table where your demand will be reviewed and checked. The first call of the insurance company to pay an amount, adjuster will make weakness and strengths of the claim. Both of you and adjuster will have a lot of points and there may be disagreement with the adjuster. But you don’t worry because you have evidence and all related paper-based information to support the negotiation process on behalf of your case.
After the negotiation process, an amount may be offered to you, but you are not willing to accept it. Then you deny it or reject it. After a two-three counteroffer, it may increase your compensation when an agent investigates the accident and gets everything according to your information.
Final Verdict
It is needless to say that there is no value in verbal communication. Most people make mistakes for not going in a documented way. Surely you have faced an accident, and it generates a lot of issues like going to hospital, police investigation and accident reports. When you are collecting these documents and submitting your insurance, demand is more powerful.
It is possible to negotiate with the insurance company so easily when you are approaching with documents medical reports, medical evaluation, similar cases, and accident reports as strong evidence. These papers strongly work to support your compensation amount. However, you need to know how to negotiate a settlement with claim adjuster and go step by step. There should be no scope to make mistakes because it is totally about money. In case you make mistakes, you are not getting your fair amount of compensation. So an attorney can be a helpful person dealing with your issues. No matter how critical an accident you have faced. You can easily get your compensation from the insurance company.