Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • How To Negotiate On A Car Insurance Claim Settlement

     4.5 / 5.0   by 2081 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
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a car insurance policy with ICICI lombard from last 1 year, i am happy with the coverage value of this insurance policy. A premium of Rs 7000 has to be paid every year for this insurance policy. They cover bumper to bumper damage and i had no claim experience so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2018
    • HDFC Ergo Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I got Car insurance from Hdfc ergo As The premium amount is nominal one am satisfied with it , as it has low premium amount with cashless garages comprehensive cover with bumper to bumper coverage .Customer service and response is good . I pay it every 2 years through on-line banking
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 17, 2018
    • Bajaj Allianz Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the Bajaj Allainz Car insurance policy for a while now. I have a paid a premium of 15000 per year, the premium will be lowered after 1 year. They also offered a fair IDV value for my car. I've claimed this policy once and the whole claim process was easy and hassle free.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 16, 2018
    • National Insurance Car Insurance
      "Good Service so far"
      0.5 4.0/5 "Great!"
      My car is insured with the National Insurance. I have a paid a premium of 27000 and I don't know much about the policy in detail. So far it has been a good experience and I never claimed this policy.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Jul 14, 2018
    • Bajaj Allianz Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insurance with Bajaj Allianz from last 6 months, a premium of Rs 12500 has to be paid every year for this insurance policy. I have not claimed anything so far from this insurance policy. They cover bumper to bumper damage and i am satisfied with it.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jul 13, 2018
    • National Insurance Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with National Insurance from last 5 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I pay a premium of Rs 5500 for this insurance and they cover third party damages.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a car insurance policy with HDFC ERGO from more than 4 years, a premium of Rs 8000 has to be paid every year for this insurance policy. I have not claimed anything so far from this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2018
    • National Insurance Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My car is insured with the National Insurance. I have Claimed it once and it was a seamless experience. I am paying a premium of 12000 an year and the IDV value was also fair for my car. Overall it has been a very good experience with the national insurance.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 12, 2018
    • Iffco Tokio Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've taken a Car Insurance policy with the IFFCO Tokyo. I am paying a premium of 30000 Per year, they also offered a fair IDV value for my car. The policy has got roadside assistance and cashless garage facility as well. I've claimed the policy twice. It was very fast and they precessed the claims with out any hassle.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 12, 2018
    • HDFC Ergo Car Insurance
      "Average Policy"
      0.5 3.5/5 "Pretty good"
      My car insurance is with HDFC ERGO from last 1 year, i pay a premium of Rs 12000 and it has to be paid every year for this insurance policy. I have not claimed anything so far from this insurance policy. I am not happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 12, 2018
    • Bajaj Allianz Car Insurance
      "Good Service so far"
      0.5 4.0/5 "Great!"
      My car is insured with the Bajaj Allianz. I am paying a premium of 6000 year, I do not have any claim experience. It provides road side assistance and cashless facility in selected garages. Overall it has been a hassle free experience with the car insurance policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 11, 2018
    • Bajaj Allianz Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My car is insured with the Bajaj Allainz. I am paying a premium of 16500 per year for Zero depreciation. I do not have any claim experience with the policy still considering the plan coverage and policy benefits it has been a good experience with the policy so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2018
    • United India Car Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken car insurance from United India assurance Am satisfied with the premium month even i had claim experience they responded very well for claiming process, this policy doesn't cover bumper to bumper cover as my car got old. Making the payment annually through the agent.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 10, 2018
    • ICICI Lombard Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a Car insurance with ICICI lombard from last 7 months, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. They cover bumper to bumper damages and i pay a premium of Rs 10500 for this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with HDFC ERGO from last 3 years and it is a good policy to use. I pay a premium of Rs 6300 for this insurance policy. I have not claimed anything so far from this insurance policy. I am happy with the coverage value and they cover bumper to bumper damages.
      Was this review helpful? 0
      , kochi
      Reviewed on Jul 05, 2018
    • HDFC Ergo Car Insurance
      "Below average service"
      0.5 2.0/5 "Expected more"
      Taken car Insurance from Hdfc general insurance company for last 2 years .And am making payments through on-line banking service annually . It has the benefits of bumper to bumper coverage , cashless garages Their customer service and response is good . It has good coverage policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 03, 2018
    • United India Car Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have four wheeler, whuich have insured with the United India Insurance company. I would like to say that the response is an excellent one too with the United India Insurance company. Coverage value is around 2.9 lakh Rupees with them as such.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 03, 2018
    • Tata AIG Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My car is insured with the Tata Aig Car insurance. I pay a premium of 15000 per year. They have also offered me a fair IDV value for my car. I never had any issues with the their services. Overall I never had any issues with the car insurance policy so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 02, 2018
    • review Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with Bharti Axa general insurance from last 2 years, i have not claimed anything so far from this insurance policy. I pay a premium of Rs 11500 for this car insurance. The coverage value is good with this insurance and they cover both bumper to bumper and third party.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 01, 2018
    • National Insurance Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car is insured with National insurance from last 10-12 years and it is one of the good policy. I pay a premium of Rs 9000-10000 for this car insurance. I have claimed once in 2010 and the experience was very good, road side assistance was given and there was a cashless garage.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 01, 2018
    Common Loader Icon
    Page 1 of 50 1 2 3 4 5
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.