If you’re like most people, you probably don’t think about your insurance policy until you need to use it. And when you do need to use it, you expect that it will cover everything. Unfortunately, that’s not always the case. You may be underinsured without even realizing it. That’s why it’s important to understand how to negotiate underinsured insurance compensation, in the event that you do have to make a claim. In this blog post, we will explore what underinsured insurance is and how you can negotiate for the compensation you deserve.
What is underinsured insurance?
In the United States, underinsured insurance is defined as protection against bodily injury or property damage caused by an underinsured driver. Underinsured motorists coverage (UIM) pays for damages to the insured driver or passengers in the event that they are involved in an accident with an underinsured driver. This type of coverage is typically optional, but can be very beneficial if you or a loved one are ever involved in an accident with an underinsured driver.
While all states require drivers to have some form of liability insurance, many drivers choose to purchase the minimum amount required by their state laws. This often leaves them woefully underinsured should they cause an accident. If you are lucky enough to have UIM coverage and are hit by one of these drivers, your policy will help pay for any damages that exceed the other driver’s liability limits.
If you do not have UIM coverage, you may still be able to recover compensation from the at-fault driver if they had assets such as a home or savings that could be used to pay for your damages. However, this process can be complicated and it is always best to consult with an experienced personal injury attorney to discuss your options.
How to negotiate underinsured insurance compensation
If you’ve been in an accident with an underinsured driver, you may be wondering how to negotiate underinsured insurance compensation. Here are a few tips:
1. Know the value of your claim. Before you can negotiate a fair settlement, you need to know how much your claim is actually worth. This can be tricky to determine on your own, so it’s a good idea to consult with an experienced personal injury attorney.
2. Don’t take the first offer. The insurance company’s initial offer is almost always lowball. Don’t accept it without first negotiating for a higher amount.
3. Be prepared to walk away from the negotiation table. If the insurance company refuses to budge on their offer, don’t be afraid to walk away and file a lawsuit instead. This may be the only way to get the full compensation you deserve.
4. Stay calm and polite throughout the negotiation process. Getting angry or emotional will only make it harder to reach a fair settlement.
When to seek help from a professional
If you have been in an accident and your vehicle has been damaged, you may be entitled to compensation from your insurance company. However, if you feel that the amount of money they are offering you is insufficient, you may want to seek help from a professional.
A professional can help you determine how much your vehicle is worth and what type of repairs it will need. They can also negotiate with your insurance company on your behalf to get you the best possible settlement.
If you are not sure whether or not you should seek professional help, consider the following factors:
-The severity of the damage to your vehicle
-The cost of repairs
-The value of your vehicle
-Your insurance policy limits
-Your state’s laws regarding car accidents and insurance settlements
Conclusion
If you’ve been in an accident with an underinsured driver, you may be wondering how to negotiate underinsured insurance compensation. Fortunately, there are a few things you can do to increase your chances of getting the full amount of compensation you deserve. First, make sure to document everything related to the accident, including any damages sustained and any medical bills incurred. You should also get in touch with a personal injury attorney who can help you navigate the legal process and ensure that you get the maximum possible compensation.
