Negotiating with an Insurance Company

Negotiating with the Insurance Company | Badre Law PC

To get the best insurance deal from an insurance company, you have to be willing to negotiate to get the closest thing to what you want. In addition, negotiating with an insurance company may be difficult but possible if you know the art of negotiation and a few essential tactics. You will find many websites that have guidelines or tips to successfully reason with an insurance company while getting what you were hoping for out of the deal. Furthermore, Asda Money is an example of a well-known negotiable insurance company in the UK.

Prepare a Settlement Amount

Understanding just how much your claim is worth is essential because this helps you negotiate your claim more constructively. For example, if you are looking to negotiate your initial claim offer with an insurance company, your first step in the process will be to present the company with an organised demand letter and supporting documents to go with it. In addition, you will then meet with your insurance claims adjuster to assess your case and offer a lower amount than you mentioned in the demand letter you submitted. 

Accordingly, it would be more advantageous to have help from an attorney or mediator claiming your insurance payment to draw light to the case. Furthermore, a few crucial factors to consider in this process is the cost of your medical bills and damaged property, your lost wages, and any other additional expenses.

Do Not Take The First Offer

Insurance companies generally do not take enough time to examine your claim, so, in essence, the damage report says that the insurance claim is worth less than it is. One of the best skills a negotiator has is making the lowest offer to its party, which your claims adjuster will do exactly. Hence, as an experienced arbitrator, you must not accept the first claim offer. Moreover, the goal of the claims adjuster is to reduce the insurance company’s payout and check if you are financially competent in knowing your claim’s value.

Consult Your Attorney about Emotional Damage

For the most beneficial outcome of your claim negotiation, ensure that your lawyer or mediator addresses the emotional damage and reemphasises the damage you incurred and the severity of the incident. In addition, by communicating the emotional harm you experienced from the incident and the permanent impact it will have on your life to your lawyer or mediator, they can then pass it on to the claims adjuster and get your case labelled as of utmost importance. Therefore, emotional appeal is the most beneficial way of getting reciprocation from the insurance company’s claims adjuster. Moreover, you should not admit any fault in the accident, as this will give the claim’s adjuster leverage to immensely decrease the value of your claim.

Get a Written Settlement

The last step in your claim negotiation is to get your insurance settlement in writing as proof after arriving at an offer you are content with. You can confirm the final negotiated settlement offer in a letter containing all the details of the final settlement amount, a list of damages the settlement covers, and a confirmation date when you will receive the necessary documents. A few crucial documents you can use to support your settlements may include witness statements, copies of police reports, medical builds, repair quotes, and photos of the damage and the scene of the accident.