• How To Negotiate On A Car Insurance Claim Settlement

     4.5 / 5.0   by 1937 users
    Used this product? Write a review >>

    Policy Coverage

    Customer Service

    Claim Experience

    Responsiveness

    Cashless Garages

    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
    • ICICI Lombard Car Insurance
      "Good"
      0.5 4.0/5 "Great!"
      The service of Icici Lambard car insurance service is awesome compared to others in the market. They collected all my documents directly which was an easy process. The payments are through online. It was a good experience with Icici Lambard car insurance service.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 24, 2018
    • HDFC Ergo Car Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Hdfc Ergo car insurance service is good. The online portal is easy for navigation with lot of good options. They never asked for any documents as it was an paperless approval. The payments are through online. It was an good experience with Hdfc Ergo car insurance service.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 24, 2018
    • Tata AIG Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance with TATA AIG from last 3 months and it is a good insurance policy to use. They cover bumper to bumper as well as third party damages. I have not claimed anything so far with this insurance and i pay a premium of Rs 12000 for this insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 24, 2018
    • ICICI Lombard Car Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I directly purchased my car insurance service from the showroom through Icici. The payments are through cheques. They use to intimate regularly. The payments are through cheques. The staffs where friendly during the process. It was an good experience with Icici car insurance service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 23, 2018
    • ICICI Lombard Car Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have my car insured with ICICI lombard from last 7 years, my claim experience was not up to the mark with this car insurance policy as they covered only bumper to bumper damage. I got a coverage value of Rs 2000 for this claim experience. I pay a premium of Rs 6000 for this insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with HDFC ERGO from last 2 years, i am happy with the coverage value of this car insurance. I do not have claim experience so far with this car insurance. They cover bumper to bumper as well as third party damages. I pay a premium of Rs 17000 for this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • ICICI Lombard Car Insurance
      "ICICI LOMBARD Car Insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a car insurance with ICICI lombard and the premium is 28000. They provide bumber to bumber, road assistance, cashless garages, zero depression, accidental coverage to the first party and the third party. While comparing its a good policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2018
    • National Insurance Car Insurance
      "Good policy for car"
      0.5 3.0/5 "Satisfactory"
      I have taken a car insurance from National insurance and the premium amount is 9000. There was no bumber to bumber included with this policy as it was an old car. They include accidental insurance, and third party coverage. I have to renew the policy every year.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2018
    • ICICI Lombard Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with ICICI lombard from last 1 year, i am happy with the coverage value of this insurance policy. I have not claimed anything so far with this insurance. I am not aware of the premium amount of this car insurance. They cover only bumper to bumper damages for this insurance.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 19, 2018
    • HDFC Ergo Car Insurance
      "Car insurance with HDFC ERGO"
      0.5 5.0/5 "Blown Away!"
      I have taken the car insurance with HDFC Ergo and the yearly premium which i am paying is 20000. The provide bumber to bumber cashless garage, road assistance and accidental insurance as well. And yearly i have to renew the policy.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 19, 2018
    • Shriram Car Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      Recently I have renewed the car insurance from the SHRIRAM GENERAL INSURANCE company. The customer support service and the response is good with the Shriram because they give reminders to renew the policy before the due date. I have paid Rs,12,000 to renew the car insurance from the SHRIRAM GENERAL INSURANCE company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2018
    • Oriental Insurance Car Insurance
      "Good car policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a car insurance with ORIENTAL INSURANCE and the premium which i am paying is 14000 which i have to renew yearly.The benefits include bumber to bumber, road assistance, cashless and accidental insurance as well. I don't have any claim experience but its a good policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Apr 18, 2018
    • Iffco Tokio Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my car insured with IFFCO TOKYO from more than 1 year, i had a very good claim experience and they covered 80-90% of the billed amount. This policy covers only bumper to bumper and third party damages. A premium of Rs 30000 has to be paid for this insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 17, 2018
    • review Car Insurance
      "Very good policy to use"
      0.5 5.0/5 "Blown Away!"
      Got the car insurance policy from the Bharathi axis general insurance company around 5 months ago. I have paid around Rs,40,000 to get this policy this year, because this policy covers bumper to bumper benefits and the policy coverage is good with this policy.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 17, 2018
    • National Insurance Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I am having a car insurance with National insurance from last 10 years, i have a very good coverage value for this car insurance. I do not have any claim experience so far with this car insurance. A premium of Rs 2500-3000 has to be paid for this car insurance.
      Was this review helpful? 0
      , faridabad
      Reviewed on Apr 17, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance with HDFC ERGO from last 3 years, i am happy with the coverage valye of this policy, they cover bumper to bumper as well as third party damages. I have not claimed anything so far with this insurance and the premium amount of this insurance is Rs 13000-14000.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 16, 2018
    • Reliance General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance with Reliance from last 2 years, i do not have any claim experience so far with this car insurance. I pay an insurance premium of Rs 30000 every year. I am happy with the coverage of this insurance and they cover bumper to bumper as well as third party.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 14, 2018
    • Liberty Videocon Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I was having a car insurance with Liberty videocon from last 1 year, i do not have any claim experience with this insurance policy and i find the coverage value is good when compared to other insurances. I pay a premium of Rs 12000-15000 for this insurance policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 12, 2018
    • Iffco Tokio Car Insurance
      "best experience"
      0.5 5.0/5 "Blown Away!"
      I had taken a car insurance policy from the Top most private sector insurance company IFFCO TOKIO GENERAL INSURANCE. The important benefit is the claim procedure is very easy and simple. My idv value for my vehicle is Rs. 11k.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 12, 2018
    • Chola Ms Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have recently insured my car with Cholamandalam insurance, i do not have any claim experience so far with this insurance and i have a coverage of bumper to bumper damages. A premium of Rs 8000 has to be paid every year for this car insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 12, 2018
    Common Loader Icon
    Page 1 of 50 1 2 3 4 5
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.