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  • How To Negotiate On A Car Insurance Claim Settlement

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    A car accident happens in a matter of few minutes. But the repercussions of this incident may take months to heal/revert. This includes recovering from bodily injuries suffered by involved parties, damages suffered by the vehicle, or both. To wade through this frustrating journey, you need to have a little patience and good negotiation skills. This will undoubtedly help you in the car accident claim settlement process.

    Prepare For The Negotiations:

    You should have all documents on hand when you submit a claim request. You should not forget to include the following:

    • Photos and other details you have collected from the accident site
    • Property damage expenses
    • Medical expenses
    • Medical consultation notes, details on limitations experienced due to injuries
    • A copy of the FIR filed at the police station

    How Car Insurance Companies Treat Claim Settlement:

    Car insurance companies look to offer low settlement amounts for claims. They would be looking to save on the amount paid out by quoting low offers. They may say you were at fault to get the negotiations going in their favour. You may also be told that the value you are quoting is not justified or your documentation does not suffice for the claim. So, engaging in a healthy negotiation is necessary to receive a fair settlement.

    How To Negotiate A Car Accident Claim?

    The first thing you have to do in the negotiation of a car accident claim is to write a letter to the insurance company, explaining the amount you will need as compensation for the damages. The insurance company will then assign your request to a claim adjuster. This person will be skilled in negotiations and will work on behalf of the insurance company to settle accident claims in the fastest possible manner. It may not be in his best interest to offer you the maximum amount you have claimed for.

    The negotiation process is very similar to the bargaining that we are used to while shopping for knick-knacks. Each stakeholder will have a price in mind and talks will be around the minimum and maximum price that can be settled on. It is not necessary to be a fast talker to settle the deal, you just need to follow the steps below:

    • Know what the auto insurance policy covers - Before starting the negotiations, it is crucial that you are aware of the coverage under the insurance plan. You should read through the terms and conditions in the policy document carefully for the same.
    • Decide on a minimum amount you will settle for - Car accident damages entail medical expenses and losses due to property damage. Once you have got all the bills and receipts for losses suffered, you should decide on a minimum and maximum payment that will be acceptable to you. You should pay close attention to not share these numbers to the insurance company. It is best to aim high in this regard, as the negotiations will always pin the amount to a lower value than you started off with.
    • Do not be deterred by the first offer - If the initial offer from the insurance company is reasonable, you can provide a counteroffer that is just below your original demand. This way, you will send the signal that you are willing to negotiate in good faith. In case the initial offer is very low, you should seek a justification for the offer. You can provide evidence in writing to support your claim. Remember, you should not decrease your demand immediately on being presented with a low offer from the insurer. This could be a negotiating tactic that the adjuster is employing.
    • Patience and persistence matter - The negotiation process of a car accident claim settlement can extend over a period of several months. It can be frustrating when you have medical bills piling up or repairs to be made on the vehicle. However, it is crucial that you stay composed during the process and are very professional in your dealings. Even though the settlement process extends over a period of time, you should diligently keep record of the interactions you have with the insurance company. If you have not heard from the insurer for weeks, it is best to call them up and check the status of the process. Since insurers handle hundreds of claims, it is quite possible that your claim was misplaced or reassigned. So, keep track of your claim and get it moving if you see a decrease in momentum.
    • Highlight emotional costs - It will be useful to stress on emotional points, such as loss of income and its repercussions, in your talks with the adjuster. This could give you an upper hand in the conversation.
    • Accept the offer only if you are completely satisfied - It is totally up to you to accept or reject a claim settlement offer. Some things to remember when accepting an offer are:
      • What is the difference between the demand and the offer?
      • Is it worthwhile to take the matter to court?
      • How much more are you likely to get after a court resolution?

    Once you have agreed on an offer from the adjuster, make sure that you note it down in a letter and send it to the insurer through mail. This is an important legal record that should not be missed. You will receive a release of liability letter within a few weeks from this. The payment will also be made subsequently. If you need clarifications on the terms listed out in the insurer’s letter, you should check with the insurer immediately.

    • Contact a lawyer if needed - Since your negotiations with the claims adjuster will have a big role in the amount you receive as claim payout, you will benefit greatly if you approach a lawyer. You can do the same even if you are not confident in getting involved in such a crucial discussion all by yourself. An experience attorney who specialises in the insurance domain can be of assistance to you in this regard.

    To summarise, if you want to get the best deal on your car insurance claim, you should be well prepared before the negotiations start. You should also be patient and persistent to see the conversation through to a reasonable payment figure.

    Car Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Ergo Car Insurance
      "Good insurance policy"
      0.5 4.0/5 "Great!"
      I had a claim experience once. It was amazing experience. I was just submitted the cocuments in the dealer and they have taken care of all the things. They have given the 100% coverage value. I have started using this HDFC ergo car insurance for past 1 year. I have paid a premium amount as Rs. 40000. I never interacted with the customer care services.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 16, 2018
    • Tata AIG Car Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My car is insured with TATA AIG general insurance,i got insurance through my agency, and i am not aware about premium amount it on yearly, It is a easy process, I have no claim experience so far with this insurance policy.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 16, 2018
    • HDFC Ergo Car Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I hold a car insurance policy with HDFC ERGO from long time, i got this insurance through showroom as agent himself gave this insurance, I am not aware of the premium amount for this insurance policy. I have no claim experience so far with this insurance policy.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 16, 2018
    • Reliance General Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a car insurance with Reliance general insurance from last 1 year, a premium of Rs 24795 has to be paid for this insurance policy. I have no claim experience so far with this insurance policy and this policy has full coverage with 0% depreciation.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2018
    • ICICI Lombard Car Insurance
      "Good"
      0.5 4.0/5 "Great!"
      My car insurance was offered by the Tata Showroom when I purchased a car. I have paid 24,000 rupees to purchase the policy for 2 years. They are giving bumper to bumper offer for one year and IDV for 2 years. I am happy with the service and policy. I have received the insurance papers on time.
      Was this review helpful? 0
      , thane
      Reviewed on Nov 15, 2018
    • review Car Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have a car insurance with Kotak Mahindra . The services are good. Its a one year policy. It was included on the loan so don't know the premium. I don't have any claim experience. It was taken in May 2013 and it was renewed with the third party. The policy coverage is very good. There is no bumper to bumper offer.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2018
    • HDFC Ergo Car Insurance
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I hold a car insurance with HDFC ERGO from last 1 year, a premium of Rs 12200 has to be paid for this insurance policy. This policy has full coverage with 0% depreciation. My claim experience was not good, the bill amount was for Rs 40000 but they covered only Rs 26000. There was no cashless garage facility provided.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 15, 2018
    • National Insurance Car Insurance
      "Good insurance for car"
      0.5 5.0/5 "Blown Away!"
      When i purchase my car, they have provided the car insurance policy with National and they have charged me a premium amount of Rs. 14000. I have taken a one time claim. The claim experience was very good. They have given me a claim amount of Rs. 11000. The claim was fully cashless covered. I pay for the consumable items
      Was this review helpful? 0
      , dehradun
      Reviewed on Nov 13, 2018
    • New India Car Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      My Maruthi Swift car got the insured declared value of Rs. 5 lakhs with New India company. I have comprehensive plan with bumper to bumper it covers loss, damage, accidental cover with life cover for the driver for maximum of one lakh. If we pay Rs.50 rupees extra with the premium.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 12, 2018
    • National Insurance Car Insurance
      "Good Policy for four wheeler"
      0.5 5.0/5 "Blown Away!"
      National insurance is good, I have been holding the car policy with them around one year. My car showroom person have suggested this policy, I got better insured declared vehicle. Its new car brand swift dezire with bumper to bumper protection.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 09, 2018
    • Iffco Tokio Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The dealer have suggested the IFFCO TOKIYO car policy, I got the better IDV value for bumper to bumper zero depreciation plan. I got the policy documents on time, I had a claim once, I directly approached the dealer they taken money from the cover. But I have paid 20 to 30% of amount according to the parts which was not covered.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 05, 2018
    • United India Car Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have taken the card insurance where i have a good experience with this policy. I have experienced with the claim which is reimbursement and i got no complete claim. The policy coverage is for basic but the premium and the IDV value is good with this policy.
      Was this review helpful? 0
      , kota
      Reviewed on Nov 04, 2018
    • United India Car Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have purchased the two wheeler policy with the UNITED INDIA INSURANCE and i am using it from past three years where i am facing with no issues with this policy. I have no claim experience added on that the premium and also the IDV value is good with this policy.
      Was this review helpful? 0
      , kota
      Reviewed on Nov 04, 2018
    • Reliance General Car Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      When I purchased a car, the showroom has offered me a car insurance with Reliance. I have paid 12,000 rupees for this policy. The customer support is excellent. The claim experience is excellent and have applied for accidental claim, It was approved within few more days, zero depreciation was provided, All items been replaced of the car.The policy coverage is good, bumper to bumper offer is available. Every year am renewing my insurance only with RELIANCE.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 03, 2018
    • HDFC Ergo Car Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have compared in online for car insurance and gone for HDFC Ergo. The top one is Reliance and HDFC, though reliance is providing more benefits since I know HDFC is very well so opted for HDFC Ergo. It is a easy process. No claim gone till now. I have paid 12K to purchase and bumper to bumper offer is available.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 02, 2018
    • Liberty Car Insurance
      "Hopeless company"
      0.5 1.0/5 "Really Bad"
      They have literally detrayed me when i apply for a claim. There are some issue with the policy documents itself. When I met with an accident they said they will process the claim. After 3 days they said there is an issue with the policy. I called the customer care service but no one was picked up the call. After 4 days, they have issued the new policy and i got the car after 7 working days only from the garages.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 01, 2018
    • Bajaj Allianz Car Insurance
      "Superb Policy"
      0.5 5.0/5 "Blown Away!"
      I selected Bajaj Allianz for my car. I chosen the company because of the lower premium rates. They have sent all my documents to my residential address. They do have regular follow up with the customer regarding the car insurance. I never had any issues with this policy. I pay the premium amount of Rs. 6300 and i have not availed the bumper to bumper facility. They have provided me the no claim bonus upto 50%.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 01, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I hold a car insurance policy with HDFC ERGO from last 1 year, I am not aware of the premium amount for this insurance policy. I have no claim experience so far with this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 01, 2018
    • Bajaj Allianz Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I am having a car insurance policy with Bajaj Allianz and i have taken this policy for 2 years. A premium of Rs 17000 has to be paid for this insurance policy. I have no claim experience so far with this insurance policy and this policy has full coverage with 0% depreciation.
      Was this review helpful? 1
      , nellore
      Reviewed on Oct 31, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car is insured with HDFC ERGO from last 1 year and it is a good insurance policy. I pay a premium of Rs 5000 for this car insurance policy. I have no claim experience so far with this car insurance policy. This policy covers only bumper to bumper damage.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 31, 2018
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