After you file an insurance claim, your insurer will typically conduct investigations and present you with a settlement offer to cover your damages. However, the offer may not always meet your expectations or fully compensate you for the losses you incurred.
In such cases, you can object and seek an improved settlement. Understanding the steps involved can help protect your interests and ensure you receive fair compensation. Here is what you need to do.
Gather supporting evidence
Once you’ve reviewed the insurer’s settlement offer and determined it does not cover your losses, gather supporting evidence to strengthen your objection. Collect all relevant documents that demonstrate the full extent of your losses, such as medical records, receipts for out-of-pocket expenses and repair estimates.
Formally communicate your objection
Inform your insurer in writing, explaining why the settlement is insufficient, and provide the evidence to support your claims. Be clear and specific about what you believe is a fair settlement amount, and point out any discrepancies. It can prompt the insurer to reconsider and potentially increase the offer.
Prepare for negotiations
Get ready to enter into settlement negotiations with the insurance company. They may respond with a counteroffer and the talks can involve several rounds of back-and-forth discussions. During this time, stick to facts, stay patient and focused, and remember to keep records of all communications with the insurer.
You might want to consider alternative dispute resolution methods like mediation if settlement negotiations do not bear fruit. Should everything else fail, taking legal action against the insurance company is also an option.
Navigating the complexities of insurance claims and settlement disputes can be challenging, underscoring the need for legal guidance. It can make a significant difference in protecting your rights and increase the chances of a favorable resolution.