After a car accident, your insurance company or the at-fault party’s insurer will quickly try to offer you a settlement. This is typically a small amount of money that they want you to take to put the whole incident behind you. Generally, it is not a fair amount that will cover your accident expenses.
When dealing with an insurance company, keep in mind that they do not always look out for you. Their main focus is on spending the least amount of money possible so they can continue making a profit. So, it is no surprise that the first offer they send your way will not be the right offer to take.
Know your worth
Verizon Media suggests that you take time to figure out how much you should get from an insurance settlement. You need to think about all the expenses that you have from the accident and expenses that you will continue to have. This includes repair costs and medical costs, now and in the future. You also want to think about losses, such as the time you had to take off from work. You should have a good idea of the minimum that you would consider for a settlement.
You will have to negotiate with the insurer because they will not likely outright agree to the settlement amount that you put forward. Ask the company to explain how they came up with their offer. You have the right to know exactly why they feel that amount is fair. This will also give you insight into areas that you have a valid argument against. For example, if the insurer figures repair costs too low, you can use that as a negotiation point to increase the offer.
You may want to get assistance from an attorney during the negotiation process. A legal professional understands the legal aspects of settling a situation such as this and has the skills to know how to negotiate with an insurance company.