How to Expense Lost Time from Insurance Claim
If you are that one that has to handle an auto accident insurance claim, then in most cases you will spend 8-16 hours of your own time doing so....if you are lucky. Things like finding a reputable body shop or getting a repair estimate take time. If you are persistent you can recoup your loss of time.
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 a record of the time it take you to perform the duties associated with handling the insurance claim, including things like finding a body shop, getting a repair estimate, travel time, gas for travel, rental car, time spent on phone with insurance representatives.
- Itemize anything you can justify.
- 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. 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.
- 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.
