We deal with insurance companies on a daily basis. Here are three common tactics some insurance companies may use as you seek fair compensation for your vehicle.
Delay
Insurance companies may not be in a hurry to pay you. In fact, you may not hear from them for days, weeks, or even months! And when they get in touch, they may ask for some documentation or evidence that they should already have. Keep calm and be patient. Delay tactics can cause people to settle for less than they deserve to “get it over with.” It can also put you in a real financial bind if the car isn’t drivable and you’re stuck without a way to work, or if your car is racking up storage fees at a tow lot and you can’t afford to get it out.
Denial
In a few cases, some insurance companies may outright deny your claim. This can be a strong-arm tactic, and may be the result of a perceived weakness in you or your claim. Some insurance companies may argue almost anything you do makes the accident your fault – even something miniscule like an officer thinking you were doing 1 mph over the speed limit. Don’t give up! If their insured was at-fault in the accident, they should compensate you. Refer back to the accident report, and press your claim.
Quick, Lowball Settlement Offers
On the opposite side of the spectrum from the first two tactics is when an insurance company tries to get you to take a low settlement offer immediately, despite that fact that it doesn’t cover your losses. This is more likely to be a problem in cases where the damage is light. The insurance company may be betting you’ll pocket the cash rather than fix the car. Don’t fall for it, especially if they claim it is “take it or leave it.” Take the time to get multiple estimates if your car is repairable – or find comparable cars for sale locally if it is totaled – to give you a basis to negotiate fairly. Often, the best bet is to have the insurance company pay the repair shop you’ve chosen directly.