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 Posted: Thu Feb 11, 2010 9:06 am Post subject: Insurance settlement negotiations |
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I had accepted an insurance settlement offer a couple of months back. But, some how I feel I should've negotiated more with the adjuster before giving in to his offer. Is there any specific way that I could've negotiated in order to derive a better settlement offer?
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Oldman78
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| Posted: Thu Feb 11, 2010 12:44 pm Post subject: Settlement negotiation |
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| When you are negotiating with insurance adjuster, always be calm but firm. Let him know that you mean business and that you will wait for the right amount of claim. The first rule of bargaining is always ask for more than what you want and never lower your demand until the adjuster makes a counter-offer. You must always remember that the adjusters have a settlement range and will typically start at the lowest figure. You may seek advice from a car accident lawyer to determine a reasonable settlement amount. You can also write a letter to the insurance company in support of the value of your claim. |
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Veronica
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| Posted: Thu Feb 11, 2010 12:52 pm Post subject: |
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| Quote: | | I had accepted an insurance settlement offer a couple of months back |
of course you KNOW it's too late for this one.. | Quote: | | But, some how I feel I should've negotiated more with the adjuster before giving in to his offer. |
What makes you say this? What was the settlement you accepted, and why do you think now, you should've got more? | Quote: | | Is there any specific way that I could've negotiated in order to derive a better settlement offer? |
Not without knowing the facts..no one can tell you this...was it an injury or property claim? Of course, the one thing that is always true is to know the value of what you are 'selling'...to know that generally requires research.. | Quote: | | You may seek advice from a car accident lawyer to determine a reasonable settlement amount |
sure if you want to give them 33.3% minimally of your settlement...and if it's a property (ie total loss)..you'd likely never find an attorney to take it.
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Lori
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| Posted: Fri Feb 12, 2010 10:45 am Post subject: |
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| Quote: | | and if it's a property (ie total loss).. |
Hi Lori.. my car got totaled in an accident.
| Quote: | | What was the settlement you accepted, and why do you think now, you should've got more? |
It was worth 12,500, I had to pay a deductible worth 250 and got paid for the remaining. I had a loan of around 15,000.
| Quote: | | sure if you want to give them 33.3% minimally of your settlement |
No, I'd never like to go for a lawyer under such circumstances!
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Oldman78
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| Posted: Fri Feb 12, 2010 12:51 pm Post subject: |
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Oldman78 I wouldn't let an atty near it either, even If you could find one to take it  | Quote: | | It was worth 12,500, I had to pay a deductible worth 250 and got paid for the remaining. I had a loan of around 15,000. |
Well let me aleave your concerns about 'holding out' maybe would've got you more, and explain what you DO need...
First off a carrier owes you the ACV (actual cash value) NOT what you owe on the vehicle...EVER....
What you do need to do is get some GAP coverage, which covers that 'gap' between what you owe and what the vehicle is worth, subject to some exclusions of course. Most auto carriers now offer variations of GAP...so if what you are replacing it with, you are also upside down in..you need to look into this so it doesn't happen again. Also be forewarned, most GAP coverage will NOT cover this 3k or so rollover loan you are likely having to do on this vehicle.
Also if you want post what your vehicle was including mileage, options and state you're in and I'll look up a value for you to see if it looks like it was a fair settlement (again likely too late but we can check)...
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Fri Feb 12, 2010 2:43 pm Post subject: |
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There is really not much negotiations involved with property damage. There may be room for some errors and some consideration given on certain smaller things but usually the value of a vehicle is the value. As mentioned, you don't negotiate based on what is owed to the lien holder as your insurance contract/policy does not provide for this.
If the value from the insurance company was correct, or even close, then you "still" owed about $3000 more then the vehicle was worth. Why was the purchase price so high? Did you roll over another loan into that vehicle? |
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tcope
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| Posted: Sat Feb 13, 2010 7:34 am Post subject: |
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See, the negotiation goes back-n-forth for both the adjuster and you. In the end either the claim gets settled or you two would decide that it can't be settled.
A claim remains unsettled only when either of your views are too different from the another. But as a claimant you should always remember that you'd need to carry on this negotiation till you arrive at a fair settlement. |
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steven
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| Posted: Mon Feb 15, 2010 12:05 pm Post subject: |
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| If the offer made by the adjuster is way too less than the amount you felt would be reasonable, then you shouldn't accept it. On the other hand,if the adjuster tells you something like 'it's all that she has in her authority', then it's time for you to evaluate and see if it's worthy of the damage caused to you. If it is, please go ahead and accept it! |
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roddick
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