What To Do If You Are Not Satisfied With An Insurance Settlement?
It can be stressful and difficult enough to go through the process of making an insurance claim, but if you find at the end of it that the settlement amount offered is insufficient, it can only amplify the heartbreak. Luckily you don’t have to suffer the injustice of an unsatisfactory insurance policy payout, so let’s go over the things you can do to deal with this eventuality.
Work out what a good offer looks like
First of all, you need to be realistic about the size of the settlement that you can realistically expect in your specific scenario.
So what is a good settlement offer? Well, obviously this depends on myriad factors, from the type of claim being made to the extent of the trauma you have suffered, to the financial ramifications it has had for you.
For example, in terms of auto insurance, average payouts sit at around $20,000 right now and are steadily increasing year on year. Meanwhile, for personal injury suits in general, settlements are even more varied, with plaintiffs potentially getting as little as $3,000 or as much as $75,000 or more.
Having this information to hand in the case of insurance disputes will stand you in good stead to determine if you are being ripped off by the settlement offer.
Hire an experienced lawyer
The quickest way to get steamrolled by an insurer and receive a pittance as a payout is to try and go through the claims process on your own.
Instead, you must hire a reputable attorney who specialises in taking this type of case. And with this overview of lawsuit loans, you’ll see that this can be more affordable than you might think. Ideally, if you have a lawyer to fight for you from day one, you won’t have to worry about being dissatisfied with the insurance settlement in the first place. However, even if you do hire an attorney a little later in the process, you should still be able to resolve insurance disputes with their assistance and advice.
Harness internal processes to highlight your dispute
Every insurer worth its salt will be set up to enable customers to make complaints and raise issues if there is any aspect of the service that they are not happy with.
This includes disputes over insurance settlements, and so your first priority should be to go through these internal processes and see if there is a way to work towards a resolution you feel is appropriate.
Insurers are beholden to industry regulations which means they have to look into your case and provide feedback on your concerns. Hopefully, at this stage, you will be able to get your settlement reviewed, and increase the size of the payout to best reflect what is fitting in the circumstances.
Turn to external authorities
If you have worked with the internal policies and procedures of an insurer and you are still not content with the outcome, then you will need to look elsewhere to ensure that action is taken on your behalf.
Again, this is something that a lawyer will be able to advise you on according to your specific circumstances, but there are both national and regional ombudsman services that can come into play when insurance disputes arise and consumers are eager for their rights to be upheld.
By this point, you may be frustrated and exhausted by the claims process, but it is definitely worth persevering. You are not just battling for your own benefit, but also for those who seek settlements from insurers in the future.
