When you are injured in an accident, one important aspect of making a full recovery is the receipt of the compensation that will allow you to do so. For this reason, you will want to do all you can to obtain the full compensation you deserve. Once the negotiation process begins, you will need an effective strategy to realize success.
A great place to start is the six settlement tips below.
Identify The Settlement Amount You Desire
When preparing your demand letter to the insurance company, you should estimate the minimum and maximum range for the worth of your claim. These figures are for your use and should not be revealed to the insurance adjuster. However, it will help you to know the minimum amount you will accept when conversations with the insurance adjuster begin. This will prevent you from being forced to make a quick decision if an adjuster presents you with a sudden, take it or leave it proposition.
Do not be afraid to show and give flexibility with your numbers if the insurance adjuster reveals facts to you concerning the case you did not earlier consider.
Do Not Accept Too Fast
It is a common practice for adjusters to offer you an extremely low claim initially. In some cases, they will even deny that party they represent is even liable for the accident. This tactic allows the adjuster to gauge the level of understanding you possess regarding the worth of your claim.
When you receive the first offer from the adjuster, compare it to the minimum and maximum ranges you established earlier. Ask yourself if it is a reasonable offer. If the offer is reasonable, make a counteroffer that represents a minor compromise to the number you stated in your demand letter. This will show the adjuster you are also being reasonable and set the two of you on a path to quickly reach a settlement with which both sides agree.
Get Clarification From Adjuster
If your first offer from the adjuster is a low ball offer meant to check your understanding of the claim, do not immediately lower your demand letter amount. A better course of action is to request a full explanation of the low offer. Take note of each reason the adjuster explains to you and respond in writing to each factor. If the reasons for the low offer provided by the adjuster have merit, you can lower your demand letter amount slightly. However, do not lower your compensation request too much before seeing the adjuster reaction to your reply letter.
Highlights Favorable Emotional Points
You should be sure to highlight all the emotional points that support your claims for compensation during negotiations. For example, a photo sent by you to the adjuster showing a badly damaged car or a serious injury should be discussed. It the other party was determined to be drinking at the time of the accident, refer to this also.
You should also be sure to discuss injuries you may have sustained that can be serious but do not show visible signs. For example, according to Dairn Shane from Preszler Law of Vancouver, a concussion injury doesn’t have to involve visible damage, but is instead defined as any trauma which causes the brain to collide with the inside of the skull. So do not let an insurance adjuster ignore your injuries because they are not visible to him or her.
Wait For Response
You should never reduce your demands multiple times before receiving a counteroffer from an adjuster. This is simply a poor negotiation tactic. If the adjuster presents more reasons to you for a low offer, address each one again. Remember, patience and due diligence will often be the deciding factors in whether or not you get the settlement you deserve.
Know When To Seek Professional Representation
You may find through the course of negotiations that you are unable to obtain the settlement you desire alone. You will definitely need professional representation if any of the following factors apply:
- Your claim involves pain and suffering valued at a significant monetary amount.
- Your claim involves future compensation for things like lost income and ongoing medical care.
- The fault of the accident is in question.
If you are injured in an accident, it is important to receive all the compensation necessary to facilitate your full recovery. The six tips above will greatly and surely improve your chances at receiving the settlement claim you deserve.