Expense Lost Time from Insurance Claim
It will inevitably happen to all of us one day. Driving down the road and Bam !@$!. You got hit. Either you or your insurance company will file a claim to recoup damages from the accident. If you are the one that has to handle it then in most cases you will spend 8-16 hours of your own time handling your claim. This is if you are lucky. Things like finding a reputable body shop or getting a repair estimate takes time. This is time that you would not have had to waste if you were not hit.
If you are persistent you can recoup your loss of time. After all the person who hit you will spend less than 20 minutes handling his or her part of the claim.
Contents
Steps
- Calculate your hourly rate. In most cases you could use the rate based on your salary if you are not an hourly worker. Keep in mind the value of your time must be realistic if not the flags will go up and you may not receive compensation.
- Keep good record of the time it takes you to perform the duties associated with handling the insurance claim. These are a some of things to record the time it take to do: Find a body shop, get a repair estimate, travel time, gas for travel, rental Car, Time spent on phone with insurance representative.
- Itemize anything you can justify can be itemized.
- Be ready to answer for your itemization. When you initially submit an itemization, be sure to it is on the high side of the estimate of your time. In most cases you will have to reduce the price a little for them to accept it. Everyone likes a deal, insurance companies included.
- Be persistent and follow-up. It is not in their best interest to be proactive but with persistence things will happen.
- Keep an open mind. If questioned about something ask the claims agent how much he or she is getting paid to interact with you. Then ask why shouldn’t you receive compensation if they are.
- Be persistent and follow-up.
Tips
- Be persistent and follow-up.
Warnings
- This approach WILL NOT work in all states. Moreover, some states, such as Florida, will not even entertain the idea. Check statutory and case law to determine if your state allows for this reimbursement, or you could be wasting more of your time that will not be reimbursed.
