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What to do when you and the adjuster submit a settlement only to have the insurance company reject it?
Wiki User
∙ 11y ago
You just negotiate. You need to review the settlement offer made by the company and the settlement you submitted. Try to see where the differences are and try to come to a middle ground. There may be issues that you have not considered or that the company has not considered.
Insurance Companies do not profit from a long drawn out adjustment of a claim. So make sure that you and your adjusters assertions are reasonable and not embellished and that the companies rational for their offer is reasonable as well.
Then re-negotiate. Bare in mind that property insurance does not cover sentimental value. The company is required to look at bricks and mortar calculations, not the personal history attached to ones possessions.
Wiki User
∙ 11y ago
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You were recently in a car accident their insurance company went with a 5050 split you got your insurance company involved and they found the other party 100 at fault what is the next step?
Let your insurance company know everything that you know about the accident and about what the other person's insurance company has proposed, and then let your insurance company handle the rest. If the other person was 100% at fault for the accident, your insurance company has a very powerful incentive to reject the counter-party settlement offer of a 50/50 split. Let your insurance company know everything that you know about the accident and about what the other person's insurance company has proposed, and then let your insurance company handle the rest. If the other person was 100% at fault for the accident, your insurance company has a very powerful incentive to reject the counter-party settlement offer of a 50/50 split.
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Can you reject just uninsured motorist bodily injury and keep uninsured motorist physical damage?
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Does an insurance company have a statute of limitation to when a claim can be settled?
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If you didn't report your car being vandalized to either the police or the insurance company for a few months can you report it now?
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What happens if you reject the insurance companies offer for the totaled car?
If you do not agree with or wish to reject the companies settlement offer then it is time to attempt a renogotiation of your settlement. Remember that in Most jurisdictions the company is required to make an attempt to settle your claim within 60 days. They are not actually required to settle within 60 days, only to have made the offer. If you have reason to believe that the settlement offer was inadequate, you should clearly and calmly explain in detail how and why you have come to a different valuation of your claim. You will likely find the company receptive to your opinions and may get them to consider factors that they previously did not take into account or were not aware of when they made the first offer. Most Insurers with some few notable eceptions are eager to come to a fair settlement within the regulatory guidelines. After all, a 1,000 dollar good faith settlement with a satisfied claimant is worth more than 10,000 dollars in advertising. 1. If you reject the offer The company is now released from the regulatory time limit required to settle the claim. 2. Bare in mind also that the company only has to make an offer that is in line with the market or replacement value of the vehicle. Meaning the comparable value of the same or similar type vehicle. Sentimental value and extenuated values such as classic car value is not a factor in determining market value. Classic or Antique vehicle value should be covered on the Owners Policy with a classic auto rider attached to the owners policy.
