Dealing with what comes after being involved in a car accident can be very stressful sometimes. In several cases, most drivers find themselves in a tug of war with insurance companies because they want their claims to be paid in a timely fashion and if you are thinking of filing for claims after being involved in a car accident, you should first learn the basics on how to negotiate an insurance settlement for your car. This would help you in knowing information that would be useful to insurance companies and also what would boost a successful outcome for you.
You are within your legal rights to seek compensation if you have been in a car accident that have caused serious damages to your car. The only challenge that comes with seeking compensation is getting the right and fair compensation because the insurance company is going to lose a good amount of money if it is going to pay out for compensation so it is a norm for all insurance companies to try to pay a very small amount to car accident victims. This is mostly the work of an insurance company’s insurance adjuster.
Before settling for the first offer that any insurance company offers you, you should know that you also have the power to negotiate for a far better offer but first, you have to figure out the true value of your vehicle. It is the duty of the claims adjuster to figure out how much it would cost to repair the damages that your vehicle has suffered but the truth is having a good idea of what your car value is is also going to help you settle for the right compensation.
How To Negotiate An Insurance Settlement For Your Car
In situations like this, there are two main claims such as the first party and the third party claims. This is actually dependent on who is at fault for the accident so if you are about first party benefits then you should be having a direct dealing with your own insurance company. However, if the insurance company you are dealing with is that of the other driver then that refers to the third party claims. It is very important that you note some few tips that would help you when negotiating with an insurance company.
Based on past events, insurance claims adjusters would make a low initial offer to first understand if you know the true value of your car or if you know how to negotiate. Even though the initial offer might seem good, you should always negotiate again and never settle for the first offer. After carrying out a research on your car value, ensure that you have a good settlement offer in mind but do not reveal it to the insurance adjuster in a hurry as it might impact what they have to offer to you.
One thing we want you to know is that during negotiations, the insurance adjuster might point out few things to cut down on your vehicle’s value or worth and this might also affect how you get to look at the situation from that point. If the offer from an insurance adjuster is close to what you have in mind that you should try increasing the amount once again. Furthermore, when calculating your fair settlement amount, make sure you take the following into consideration;
Cost of replacing or repairing vehicle
Pain and suffering that the accident must have caused
Medical cost and other related expenses
Cost of repairing property damaged in your vehicle
If injuries sustained would affect your income or stop you from working
If you ended up suffering permanent disabilities or would require long term care
Taking all of these information into account would help in determining a fair settlement amount for you and if you are having any difficulty in running some calculations or making a proper research then it would be best if you consult with an attorney that is experienced in car insurance claims and settlement. After coming up with a fair settlement amount, the next thing that you should do is send a demand letter to the insurance company and this demand letter should bear some key details.
Details relating to the accident, extent of car damage, injuries sustained and other damages that must have occurred as a result of the accident. You should also remember to add your settlement amount in your demand letter as well.
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