Mitigating losses is a term used throughout the insurance industry. To "mitigate" means to lessen or minimize.
The concept is that you have the ultimate responsibility to lessen the property and personal damages resulting from your accident. You may not have caused the accident, but the responsibility of finding a replacement vehicle, and taking active steps towards resolving all the other issues, will largely rest with you. Once an insurance company makes an offer, whether it's by phone, in writing, or through a voice mail message, the clock starts ticking against you.
A specific example of mitigating your losses involves the use of a rental car. If the insurance company has given you a rental car, it's safe to assume they will not be paying for it more than a week or until liability for the accident is determined.
START LOOKING FOR A VEHICLE THE MOMENT YOU ARE ABLE TO FOLLOWING YOUR ACCIDENT.
Even before you have an offer, you can at least begin to search for vehicles that are comparable to your current one.