After filing a claim with your insurance agency after an accident, you will typically be contacted by a claims adjuster to discuss details on your insurance policy and accident claim. The adjuster assesses your plan’s deductibles, coverage, and other details along with details from the crash and repair expenses to determine your compensation. Adjuster’s often attempt to minimize the amount the insurance company has to pay out, which usually results in settlement offers that are too low.
Don’t be afraid to negotiate with your adjuster. If you feel you are being underquoted (if you’re unsure, it’s best to seek an attorney), you may counter offer with a higher settlement in a demand letter. In order to approach the negotiations most effectively, it’s best to follow a general plan of action.
Once you receive your initial settlement offer from the adjuster, you may decline and counter the offer with a professionally worded ‘demand letter’. Like most bargaining scenarios, you’ll likely receive a counter offer from the adjuster that more closely meets your expectations. This process can go back and forth several times before reaching an agreement. If you feel as though you’re not getting anywhere you may want to consider some tips below.
For any bargaining exchange, knowledge is essential. Knowing what you’re responsible for, what you’ve agreed to, and all your options will help keep you from being underquoted.
During the negotiation, there are a number of things you can do to speed the process along or boost your final settlement amount.