- Date 06 Dec 2017
- Category Insurance Knowledge Base
For Your Knowledge
How to reach a desired goal in negotiating with insurer for your insurance claim?
A personal injury claim, it may be for a road accident, or for getting back costs of medical negligence, once you have delivered a demand letter to an insurance firm, now you need to negotiate successfully.
If you have prepared a well thought-out demand letter for insurance firm and attached appropriate supporting papers for your condition as well, the claim negotiation procedure will almost certainly consist of not anything more than a small number of phone discussions with a claim agent. There is a to the point guideline of how negotiations by and large work and a few suggestions to make you successful during a number of stages of the procedure.
How is the Negotiation Process Usually Preceded
All the way through the initial call with the insurance claim agent, you and the claim agent will maintain your plus and minus points about your claim. After that the claim agent will make a proposal to clear up your claim for a sum smaller than what you stated in your demand letter. You always try to figure out a higher number than the claim agent's proposal but smaller than your real numbers. Most of the time, later than two or three phone discussions you will come to the similar opinion on a settlement number where in the middle.
"RESERVATION OF RIGHTS" Note
If you obtain a "reservation of rights" note from the insurance firm, do not be shocked or scared. This note let you know that the insurance firm is conducting an inquiry for your claim, however that they have the right not to give you anything whenever it proves to be in the end that the injury is not insured. The letter basically defends the insurance firm by forbidding you from making any more claims that the firm's insurance policy protects your accident only for the reason that it started negotiations process with you.
Figure out a Sum of Settlement in Mind
As element of setting up your demand letter, you should figure out what you think your claim has value. In such range, and earlier than you start discussion with a claim agent about your demand letter, make up your mind on a least compensation amount that you will consider as true. This amount is for your own understanding – accordingly you can remember your reasonable amount when you come under the stress in negotiation – however it is not a thing you need to expose to the claim agent.
You do not, on the other hand, need to stick with the amount you decided for yourself. Every time that a claim agents calls attention to a few facts you had not thought about but that clearly make your claim tending down in amount, you may need to decrease your amount a bit. And, every time that the claim agent takes a start with a proposal at or close to your calculated amount, you might want to adjust your figure once more.