How to negotiate a settlement with an Insurance Claim Adjuster. Many times, after failing your insurance claim, it is the normal process for an insurance company to assign an adjuster to your claim. This is how all insurance companies work when it comes to customers filing claims for their insurance.
Most often than not, the adjuster always reduces the amount of settlement that you are hoping to get from your insurance claim. In light of that, we are going to be taking a look at how to negotiate a settlement with an insurance claim adjuster.
How to negotiate a settlement with an Insurance Claim Adjuster
After an adjuster is done adjusting your claim to suit your insurance policy, you need to agree with him or her before it is presented to the company. Presenting a small window for you, the insurance policyholder, to negotiate with the adjuster if the figure presented is not acceptable to you. For a settlement claim to be paid out, both parties have to agree with the adjuster’s figure.
Therefore, in this article today we are going to be considering many tips and methods to negotiate successfully with your insurance adjuster. If you do not know how to negotiate, this article is going to take you through several negotiation steps so that you can get the figure you want as your settlement claim. Therefore, without further ado, let us go ahead and jump in.
Insurance Claim Settlement
We have talked about insurance claims several times in this article, and we are still going to talk about it again. Before we go ahead and start dropping some steps on how you will be able to negotiate your claim settlement with your insurance adjuster, let’s first of all visit an insurance claim again. An insurance claim is simply when a policyholder decides to claim the insurance on an incident so that the damage can be repaired by the insurance company.
It is a formal request to your insurance company to provide money to repair damages caused by an accident that you have been insured for. Whether you fix the damage from the accident with your money or not, the insurance company is going to reimburse you because that is what insurance is all about. So again, inform the company that you need money to fix the damages. After that, the company sends the claim settlements to pay for the damages.
In this article, I did not have time to go again about how insurance works, but one of the processes of how insurance works is that the company has a signer and an adjuster. An adjuster is a person or an agent of an insurance company that fine-tunes your claim to suit your insurance policy. The adjuster does this by removing things that you are not supposed to claim and that are not covered by your insurance from your claim.
It means that after the adjuster is done adjusting your claim, the figure of the settlement is definitely going to get reduced. Most of the time, the adjusted figure is totally unfair to the policyholder, and the policyholder has to negotiate. This is why it is very important to know how to negotiate with your adjuster to claim fair compensation for your settlement.
How to negotiate a settlement with an Insurance Claim Adjuster
To be able to successfully negotiate with your insurance adjuster, there are certain things you need to know. Also, they are setting proven strategies you need to use to negotiate with them successfully. Some of the best negotiating strategies are listed below.
- Know the true value of your insurance claim
In order not to get cheated by your insurance adjuster, you need to know the true value of the claim you have filed. You need to figure out a minimum amount and a maximum amount of the claim so that you can use this when the adjuster provides their own amount for you. If it is nowhere near the minimum amount of your claim, you can simply start your negotiation process.
- Do not accept the first offer given to you
One of the major mistakes that insurance policyholders make is jumping at the first offer made by an insurance company to them. You can go a lot higher when you negotiate, so do not accept the first offer the company gives you. Once the insurance company makes their offer, and it is a reasonable offer, you can go a little bit lower than the original offer you made to them, which is definitely higher than the offer they made to you.
- Make the adjuster justify a low offer
negotiating a settlement with an adjuster is never easy unless you are good at it by learning. The first offer the adjuster will give you will be a very long one. What you have to do in this case is to ask him to justify why the offer is as low as that. If he has no specific reason why the offer is low, then you definitely know that you can go higher than that.
- Put the settlement figure into writing
You can immediately put it into writing after reaching a conclusion and a settlement figure that both of you are the reason. One can write a short letter stating the amount that they are settled with, the injuries or damage that the settlement covers, and then the date. You also need to add the settlement documents to the letter.
Above are some of the best tips and steps to take on how to negotiate a settlement with an insurance claim adjuster. It is very easy to get your insurance company to pay a considerable settlement to you, but you just need to know how to negotiate. That is why we have listed the above steps for you to practice before picking up the phone to call your adjuster.
Frequently Asked Questions
Can you negotiate an insurance settlement?
The answer is a very big yes. You definitely can negotiate your insurance settlement because it is your right to do so. Insurance companies know that they are definitely going to be making a lower offer than what your claim is, so there is an avenue for you to negotiate. Although you might not be successful, there is nothing wrong with doing so.
What is a good settlement offer?
If after filing your claim and receiving an offer from the adjuster, it covers all the damages you need to be fixed, then it is a good settlement offer. However, if it does not, then you should not settle for it.
How do you negotiate with a loss adjuster?
Negotiating with a loss adjuster is a very easy thing to do. All you have to do is to know the facts of your policy agreements. Then read all of the tips in this article to be better prepared to have a successful negotiation.
Should I accept the first compensation offer?
In the first of a given to you covers all the damages and the expertise needed to fix it you should accept it if you like. However, you should not and you should continue to negotiate for a better offer from the insurance company.