How to Negotiate with Insurance Companies in case of Auto Injuries
Having the right strategy when it comes to insurance claim negotiations for personal injury is critical. This is because how you go about your negotiation will determine how much compensation you receive. Here is an insight into how to negotiate with insurance companies in case of auto injuries.
Before the negotiations on your auto injury compensations can start, you need to have sent the insurance company a demand letter bundled with relevant supporting documents. In this demand letter, state the amount you would like to receive as a settlement from the insurance company for your auto injury. From now on, if everything is in good faith, your matter will be handled by the company’s insurance adjuster.
What settlement amount are you comfortable with?
It’s crucial that you think about the settlement amount that you will be comfortable with before sending in your demand letter. Keep in mind that the extent of the damages can be beyond physical when it comes to personal injury. Think about the injury that you sustained will affect your life moving forward – your career, your relationship with family and friends, your love life, and your hobbies.
Now that you have a settlement amount that you are comfortable with and add to it some 30% for good measure as you will be going into a negotiation. The 30% will provide sufficient cushioning for the settlement amount agreed upon at the end of the negotiation with the insurance adjuster to fall somewhere around what you had in mind.
If you can afford to have an experienced insurance lawyer with you throughout this process, it will be better for you. Their expertise will help level the playing field between you and the insurance adjuster during the negotiations so that you don’t end up with a bad deal.
Reviewing the strengths and weaknesses of your claim
How much the insurance adjuster is willing to offer you as settlement for your auto insurance will largely depend on your claim’s strengths and weaknesses, which you will be reviewing the strengths and weaknesses of your claim as part of the negotiations. If the adjuster is readily willing to settle for the amount that you stated on your demand letter or anything close to it, then maybe your claim has more worth than you had imagined. You can consider revising you’re the figure upwards.
On the other hand, if the adjuster lays bare some of your claim’s weaknesses that make it not worth anything close to what you had requested, you might have to revise the figure downwards.
Did you receive a Reservation of Rights Letter?
Amidst your negotiations with the insurance adjuster, you might receive a Reservation of Rights letter from the insurance. There is no need to be intimidated or alarmed as this is normal. This letter generally informs you that your claim is under investigation to ascertain the accident’s facts that resulted in your injury.
If the facts are not right, like the policy in question does not cover the accident, then the insurance company reserves the right not to pay you. This is meant to stop you from claiming the insurance company is liable to pay you just because there is an ongoing settlement negotiation.
Put considerable emphasis on emotional points
In a settlement claim negotiation, you are looking to win the best outcome possible. For this reason, you should focus on discussing the points that are in your favor. This should include pointing out that the insured was entirely at fault for the accident. Emphasize the fact that, despite the medical costs being reasonable, you endured unimaginable pain from the injury. Moreover, you are likely to have long-term or permanent physical defects. This may make living the everyday life you did before tricky.
Explain to the insurance adjust how the whole ordeal has negatively affected your emotional well-being massively. You can add that the emotional burden is almost unbearable, looking at the injuries you are nursing or the scars you have to bear for the rest of your life. It would be great if you can show photos of the injuries and scars. You can say that as a family person, this emotional trauma is interfering with how you relate with your spouse and children.
Make a written agreement
Once you conclude the negotiations with a settlement that you deem fair, you must insist on a written agreement. This agreement should include details such as the agreed settlement amount, the injuries covered, and the date by which you will have received your settlement.
Stambaugh Law is an established law firm with experienced lawyers who can help you in case of auto injuries and get compensated well.