Even if you’ve fully recovered from all the injuries you’ve suffered in an accident, there’s still one battle left. Winning compensation from the at-fault party’s insurance company. This is the most difficult of them all.
Insurance companies are pretty stingy when it comes to awarding compensation. That’s because they lose the chance to make a profit. You need to be extra careful when it comes to negotiating with the insurance company. This article focuses on that. It lists 5 tips that you should follow before you start negotiating with the insurance company. Read on to find out more.
Tip 1: Hire a Lawyer
You definitely need a lawyer before you start negotiating with the insurance company. The lawyer will help you deal with all the tricks insurance companies use to lower your compensation. Some common tactics that insurance companies use include:
- Shifting the blame to the victim
- Downplaying the victim’s injuries
- Bringing up bizarre interpretations of insurance terms and conditions
With a lawyer by your side, all attempts at lowering your compensation will not bear fruit.
Tip 2: Have a Settlement Amount in Mind
Take all your damages into consideration when preparing an estimate. This includes all your economic and non-economic losses. Also, make sure to use the appropriate multipliers for non-economic damages.
When you have a clear number in mind, it becomes easier to simply deny the insurance adjuster’s low offers. It also helps to have a number below which you’ll never go.
Tip 3: Don’t Accept the First Offer
Never, ever accept the first offer. It will always be low, no matter how you look at it. Insurance adjusters know that most accident victims will be in financial distress. The adjusters will take advantage of this situation and make a low offer so that the claim is closed quickly.
Don’t fall for this. Reject the initial offer and negotiate hard.
Tip 4: Carry the Necessary Documents
You can’t just walk into a settlement negotiation without the appropriate documents. In addition to making a claim, you’ll also have to prove it. This is only possible with the relevant documents.
For instance, if you’re claiming damages for pain and suffering, make sure that you’re carrying statements from the appropriate medical professionals to back your claim. Emphasize the impact of the pain on your day-to-day life, your job, and your personal relationships. Try to make a strong case for why you deserve the amount you’re requesting.
Tip 5: Read Documents Carefully
This is applicable in two scenarios.
- When making an offer
The terms and conditions of an insurance agreement are riddled with technical mumbo-jumbo. There are chances that the insurance agreement has exceptions for specific situations. And these special terms and conditions may play spoilsport with your claim.
- When accepting an offer
Assuming you’ve accepted an offer, make sure to read all the terms and conditions carefully. If you don’t understand anything, ask someone you know. Never sign an agreement if you’re unclear about its contents. Accepting an offer marks the end of the case. It also removes your right to seek compensation. So, decide wisely.
Accidents are traumatic events. Victims often suffer from physical and emotional losses. They also sustain financial difficulties. Seeking compensation helps soothe these difficulties.
Insurance companies, however, make a victim’s life a living hell before they grant fair compensation. They tend to resort to weird and heartless tricks to either deny or delay the compensation the victim deserves.
In times like this, the victim needs a lawyer. One who will fight for the victim’s rights and won’t rest until they receive fair compensation. With the right lawyer by their side, negotiating with the insurance company becomes easier and more stress-free.