Being involved in a car accident can be a traumatic and stressful experience. Settling a claim with an insurance company can cause even more stress. The process can be overwhelming, particularly if you’re still in recovery.
We reviewed the website of Dolman Law Group to understand better how to settle an auto accident claim with an insurance company.
Knowing the proper steps to follow to settle a car accident claim is crucial. With this knowledge, you can be better prepared for the settlement process.
Hence, you will be able to fight for a fair settlement and return to your everyday life as soon as possible.
Keep reading to learn more.
Determine the Losses for Which You’re Claiming Compensation
When settling a claim, you must first know the losses for which you seek compensation. That includes both economic and non-economic losses.
Non-economic damages include pain and suffering and loss of enjoyment of life. Economic losses entail medical costs, property loss, and lost income. Medical expenses include the cost of doctor’s visits, medication, rehabilitation, and more.
Property loss covers the cost of repairs or replacement for your car. You may get compensation for lost wages if you can’t work due to the accident.
Understand Your Coverage
It’s essential to understand what your insurance policy covers. This will help you to know what you’re entitled to and what to expect from the insurance provider.
Review your policy and take note of the limits that apply to you. It’s also important to know the type of coverage you have. Examples are liability, collision, or comprehensive coverage.
That will determine the extent of the coverage. Understanding your policy will also help you to make informed decisions.
After the accident, gather as much evidence as possible to support your claim. Evidence includes:
- Photos of the damage to both vehicles
- A copy of the police report
- Statements from witnesses
- Medical records
Evidence can help you to prove your case and receive a fair settlement. Keep all receipts and documentation related to the accident. This can help you prove your damages and ensure you receive the compensation you deserve.
File a Claim With the Insurance Company
Ensure you file a claim with the insurance company as soon as possible. The insurer will ask you to provide details about the accident. This may include the date, time, location, and circumstances surrounding the crash. They will also ask about any injuries or damages resulting from the accident.
Be honest and accurate when providing information to the insurance company. Providing false information can harm your chances of receiving a fair settlement.
Negotiate Your Settlement
The insurer will evaluate the claim and determine the amount of compensation to give. It is quite common for the insurer’s initial offer to be lower than what you deserve.
After receiving a low offer, you can present a counteroffer to the insurance company. The insurer may then provide you with another offer. That will go on until both parties reach a mutually acceptable resolution.
Carefully Consider Any Settlement Offer
Once you accept an offer and sign a settlement agreement, you can’t get more compensation in the future. Hence, it’s essential to carefully consider a settlement offer before accepting it.
You should review the offer thoroughly to ensure it covers all your losses. If you accept a low settlement offer, it won’t cover all your expenses. You might end up paying for accident-related costs out of pocket.
Take Legal Action Within the Required Timeframe
If you and the insurer can’t reach a settlement agreement, you may need to take legal action. Doing so involves filing a car accident lawsuit in court.
You must file a suit within a specific deadline, known as the statute of limitations. The length of the statute of limitations can vary across states. Failing to honor the deadline can cause you to lose your right to obtain compensation.
The Bottom Line
Settling an auto accident claim with an insurance company can become complicated. However, following the tips above, you can recover compensation for your losses.