How to Approach Personal Injury Settlement Negotiations
All parties to personal injury settlement negotiations look to get the best of the deal. While you want to receive the highest settlement, the insurance company would like to pay you the least. Without any plan, you are likely to end on the wrong side of the bargain.
Here is how to get the best out of your personal injury settlement negotiations.
Know your worth
The first step towards getting the rightful settlement is by understanding the probable worth of the case. Most insurance companies take advantage of the accident aftermath when you are yet to settle to offer you any amount. Accepting this offer is your undoing as you are yet to establish all the damages and costs.
Before you engage the insurance adjuster, observe the accident and the resultant damages to establish the probable settlement you will accept. While this amount is flexible, depending on the various developing factors, it forms a basis for what you seek to achieve.
Do not go for the first offer
The first tactic for every insurance company to pay you low after an accident is by giving a lowball offer. This is primarily to test your knowledge of the insurance policy and if you understand the worth of the accident.
Do not take this lowball offer. Instead, revert to the insurance company to find out why they are offering such low amounts. They will then come around better. However, it’s not all the time when you should refuse the offer. If it is almost worth your perceived value, offer a counter-offer to show that you are reasonable and willing to reach an agreement. Within a few offers and counter-offers, you should have reached your settlement.
Substantiate your claims
For every claim you make, you need to have a backing for it in the form of evidence or witnesses. That is why you must take some time before reaching the final verdict on your claim’s worth. First, examine the extent of the damages and the possible long-term impacts.
Even though most insurance companies tend to be hard to negotiate with, substantial evidence will help your case. To avoid any errors of commission or omission, document everything about the accident right from the time it happens to the time of negotiations. Include all the costs like medical care, transportation, and loss of income.
Engage an attorney when necessary
Even though you can handle most of the preliminary negotiation stages, there comes a time when you need to look for professional support. One of the cases when you need to involve an attorney is when you need compensation that runs into thousands of dollars. Such cases tend to have severe ramifications, and you need an attorney first to get you this large amount then ensure you receive it.
The other when you need an attorney is in case of a contested fault. It is not all times when you will establish with ease the party at fault. In fact, for most accidents, you will have to work hard to establish fault. Even when at fault, no driver would accept liability. You need an experienced attorney to help you collect and present the evidence to prove fault. At the same time, you can look for an attorney when you need compensation for future damages like medical expenses.
To increase your chances of receiving the rightful compensation, contact Naqvi Accident Injury Law to represent you immediately after the accident. The earlier you reach out to the attorney, the better your chances of winning. This is because, in the early stages, the evidence is still intact. You also are likely not to have said anything that puts you at fault or entered any agreement.
