How to Settle With Insurance After a Car Wreck
After a car wreck you will often need to negotiate a claims settlement with the at-fault party's insurance adjuster regarding bodily injury and property damage. Bodily injury provides coverage for your hospital bills, medical expenses, lost wages and ongoing treatment due to a covered accident, while physical damage coverage will pay to repair or replace your vehicle.
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Instructions
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Settling a Bodily Injury Claim
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Determine who is at fault. If you are the at-fault party you should have a small amount of coverage for your medical needs under pip coverage or medical payments. If the other party is at fault, there is more room to negotiate under their bodily injury coverage.
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Obtain a copy of your medical records. The insurance company will negotiate with you based on the extent of your injuries. If your injuries were not substantial you can expect a smaller settlement but if your injuries were more severe or ongoing, your settlement should reflect this.
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Collect your medical bills, salary information and determine your lost wages (which should include days missed and any future time off you may need). Calculate the expenses you have incurred and expect to incur in the future; use this figure to estimate a ball park figure for which you are willing to settle.
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Set your own pace. Do not feel obligated to accept the first offer and do not settle quickly just to get the money. Be patient, present your evidence and negotiate to ensure you receive the highest settlement.
Settling a Property Damage Claim
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Research the value of your vehicle at sites such as kbb.com and Edmunds.com. These sites allow you to input information such as year, make, model, mileage, accessories and overall condition of the vehicle; they then use that information to compute the private sale value, the trade-in value and the suggested retail value.
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Contact local dealers and inquire about the price of similar vehicles with similar mileage. Ask the dealership to fax or email this information to you so you can provide it to the adjuster.
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Browse local newspapers and auto trades for similar vehicles within your geographical region. Make copies of these ads and use them to negotiate.
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Provide documentation to the adjuster regarding the value of your vehicle and be willing to negotiate a settlement. Remember it's the insurance company's job to put you back into the same financial position as you were in before the accident. It is not their job to provide you with a new vehicle.
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References
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- Photo Credit wrecked car image by hazel proudlove from Fotolia.com
