Having automobile insurance is not only mandatory if you want to drive a vehicle, but it also provides with you with financial protection in the event of an accident or other event where you or a third party are injured or suffers a loss. If you find yourself in a situation where you have suffered damage or a loss that involved your vehicle, you will have to file a claim. When filing a claim, it is important to know what to do to ensure a fair outcome. Although insurance companies vary according to their policies, below outlines tips on how to settle an automobile insurance claim:

Check Your Policy: Depending on the vehicle incident, it is important to read your policy to understand the terms and conditions when filing a claim. It is essential to check the ‘exclusion’ part of the policy to make sure the vehicle incident is not excluded in your coverage and check to see how much you will pay out for the deductible. You should have also contacted your insurance provider right after the incident as well as documenting exactly what happened that lead to the event.

Collect Essential Documentation: You will need to gather important information such as police reports and statements, your statement, any witness information, photographs of the scene, receipts such as auto repairs, mechanic estimates, medical expenses, and anything that may have been damaged or stolen. You should also have witness information such as names, addresses, and phone numbers as well as any injured persons’ information and insurance information. Make sure that you get a list of the names and badge numbers of police officers who were at the scene. When getting repair estimates, make sure you have at least three estimates.

Claims Adjuster: You will have to find out what your claim is worth. This is the job of a claims adjuster who will calculate costs associated with the vehicle incident including pain and suffering. The value of the claim will be given to the insurance company. You can also total all of your expenses yourself. Make sure you put more than the amount because claims adjusters will often will reduce the amount. You can then send the amount with the documentation supporting it to the claims adjuster. The adjuster will respond with an offer of settlement. If you do not like the offer you can submit a counter-offer. When you come to an agreement, the settlement negotiation is complete and you will receive compensation.

Personal Injury lawyer: If you cannot come to a settlement agreement, you should find a personal injury lawyer that specializes in your vehicle situation such as a lawyer who has experience with vehicle accidents. If you are not at fault, a lawyer can help secure all compensation relevant to the incident such as medical expenses, loss of work, vehicle repair costs…etc. If your lawyer is unable to get an acceptable settlement offer, and believes you should get more compensation, he or she may suggest filing a lawsuit so the court can decide a fair settlement.

In most cases, a lawyer can successfully negotiate a settlement offer with the insurance company; however, if the insurance company is being stubborn, it is beneficial to have a lawyer represent you in a lawsuit. It will make the litigation process less stressful and will increase the chances of getting the fairest compensation.

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Category: Finances
Keywords: auto, automobile, assurance, business, family, society