Being involved in a car accident can lead to severe distress caused by personal injuries, psychological trauma and long term consequences. Apart from property damage, the victim may be exposed to income losses as well, which adds to their worries. An insurance policy is therefore necessary to cover the victim against these losses so that the pathway to recovery is made easier.
Insurance Settlement – When?
If you’re the victim of a car accident, you should approach your insurance company for settlement as soon as you have recovered from your injuries and you have all the documents in order. You need to be in a position to handle the settlement negotiations. The ideal time is to wait till you have a realistic estimate about your losses, so you can max out your insurance plan accordingly.
Negotiate or Accept?
Should you accept the insurance company settlement after a car accident without prior negotiations? The answer is; NO! The insurance company representative (or adjuster) works to further the interests of the company. They will try to convince you for the least possible compensation. At times, this proposition may be so insignificant that it barely covers the cost of your medical expenses and property damage. You need to negotiate a deal which allows you to recover from the spell of stagnancy and depression.
Start by having your own estimate of the losses and personal injuries (or your targeted recovery value). Increase it by 50% to 100% and place your bid in front of the negotiator. It will take a series of talks to reach the final deal. Make sure you stand your ground and compel the adjuster to accept your proposition, or agree to a point near it. If nothing seems to work out, you have the opportunity to file a case in court. However, this may be tiring, time-consuming and costly. If you’ve reached a fair deal with the insurance company, it is worth signing the settlement for quick processing.