You probably pay a lot of money for your automobile insurance, and when an accident or other incident occurs, you want the insurance company to honor its commitment. Unfortunately, insurance companies usually want to save money wherever they can. It is entirely possible that you will be offered a settlement that you feel is significantly less than a fair assessment. Don’t get angry. There are ways to increase the chances of getting a better payout.
Don’t Accept the First Offer
The insurance company will come with an offer for a payout. Don’t feel obligated to accept it immediately. You can challenge the amount if you feel it is too low. In some cases, customers take their insurance company to court if they think the final offer is unfair. Negotiating for a better settlement is helpful, but the process is best left to an experienced professional. An insurance claims adjuster works for their clients to negotiate a reasonable settlement. Unfortunately, the insurance company has in-house adjusters. According to Joel H. Schwartz, company insurance adjusters are trained to give you the least amount for your claim, so you may find it best to hire an attorney or a claims adjuster of your own to fight for you.
Don’t Admit Fault
When you admit fault, the liability falls on your shoulders. Depending upon the circumstances, any claim you have could be greatly reduced or even eliminated. Of course, you do need to tell the truth to the insurance company’s representatives. However, admitting responsibility to the other party at the scene of an accident might be unwise. Esurance suggests that you merely exchange insurance information and avoid any admissions of fault.
Keep Records
It’s more difficult for an insurance company to say that only $1,000 worth of damage occurred when the repair bills amount to $2,500. Receipts aren’t the only records you should keep. Maintain a log of all the documents associated with the accident and the claim. Photos, police reports, letters from attorneys or insurance companies and other items. Keep everything organized and stored in a safe place. Make copies of documents and evidence as well. Smartphone photos stored in the cloud allow you to retrieve things if the originals are lost. Failure to maintain accurate records doesn’t help your cause. Take insurance claims seriously, and don’t be lax with maintaining your own documentation.
Never Stretch the Truth
“Stretching the truth” is merely another way of saying lying, and lying to insurance companies involved with the investigation is a terrible idea. Telling the truth is the only option people have when filing an insurance claim. Making false statements in an attempt to get a better settlement is illegal, and according to Justia, insurance fraud is a felony. Part of an investigator’s job involves looking for fraud. When they find it, the fraudsters find themselves in tremendous trouble. People can end up serving time for this deception.
Few clients anticipate filing an insurance claim. However, things occasionally go wrong, and a call to the provider becomes necessary. If you’re in this situation, don’t let an insurance company cheat you. Make an effort to get what you’re legitimately owed.
If you want to get the most out of your money in another way, try using one of these coupons!