Auto Insurance Settlements

2007-07-24 08:31:47

( Insurance )



The Rigorous Process of Auto Insurance Settlements

Getting involved in a vehicular accident is a trying time for car owners. You and all other parties of the accident will normally file claims first with your respective auto insurance companies to cover property damage and injury, as provided in your auto insurance policies. Your insurance provider will contact the insurers of the other parties and arrange for auto insurance settlements for you and the other parties.

Normally, the insurance company will send an adjuster to examine your vehicle for the extent of the damage and to ask you for some supporting documents such as a police report, a photo of the accident or the damage, and your license details. Depending on the extent of the damage and injury, he may then offer you a settlement amount on the spot or after conducting further investigation. And if your vehicle is still repairable, the insurance company will arrange this matter with an accredited auto shop.

Issues about Auto Insurance Settlements

In theory, the process of auto insurance settlements sounds simple enough. However, many motorists have had bad experiences with claim settlements due to various reasons.

Claim settlements get more complicated because insurers want to pay the lowest possible amounts, or because they also need to conduct their own investigations about the accident. There may also be other parties involved, such as the police and the hospital, who need to provide important information that will affect the calculation of the claims.

The whole situation gets worse when the insurer has quoted a settlement amount that is lower than what you had expected. Sometimes, the insurer refuses to cover some other aspects of your claim, such as legal or medical bills, only because of some technicalities.

Timing is also a major issue for both you and your insurer. You and your insurer may not agree about the repair schedules or the release date of your claim.

Tips for the Insured Motorist

While accidents may not always be avoided, you can still take some measures for prompt and satisfactory auto insurance settlements.

Negotiate the claim amount thoroughly with the adjuster. Adjusters often have specific amount ranges and limits to their quotations, and your adjuster may be able to jack up the claim amount to your satisfaction.

But if you feel that you cannot agree with the settlement amount that the adjuster has quoted, your next step is to write a demand letter to the insurer. You should be able to back up your claim with important data such as an assessment of repairs by a reputable auto shop, and with sufficient proof of any expense that you have incurred due to the accident. These expenses include medical bills, legal consultations, and costs of transportation in lieu of using your vehicle.

As a last resort, you may want to consult a lawyer who specializes in car insurance and accident cases.


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