After you have written a demand letter, the negotiation process begins. The insurance company will give you an offer, and if you are not comfortable with the offer, you will need to respond by asking for more. Most insurance companies are reluctant to pay, which is why negotiations can sometimes heat up. You will need a plan on getting the insurance company to give the best offer. Here is what you need to do.
Involve a Lawyer
You can go through the negotiations without a lawyer. However, you risk losing it to the company. Most people who have engaged lawyers have succeeded in getting the best settlement. Therefore, hiring a personal injury attorney increases your chances of getting fair compensation. These professionals have dealt with insurance companies before. They know what they want and how to get them to pay more. Therefore, if you suffer serious injuries that may incur a lot of money to treat, ensure a lawyer will help you get a justified amount. You should also involve a lawyer if you are partly at fault or seeking compensation for future damages.
Get a Minimum Figure in Mind
To know where to start with the negotiations, have a specific amount in your mind. This means the amount should be the lowest you can go to accept the offer. Adjust the figure to meet your demands if you come across other factors you did not include in the claim. So, if the adjuster points out things that weaken your claim, you may consider lowering the amount. You can also raise it a bit if the low offer is too close to the figure you have in mind.
Never Accept the Initial Offer
Negotiations begin with the insurance company offering a low amount. This usually happens to test if you understand what you are eligible for. If the amount shown is fair enough, you can go for it. However, start negotiating if you feel something extra needs to be added to cover all the expenses.
Ask for Justification of the Low Offer
As mentioned earlier, the adjuster may point out things that weaken your claim. Therefore, ask them to justify their offer. Make the notes and write a response letter regarding the details pointed out by the adjuster. The reasons they give will determine if you will lower the amount.
Wait for the Company to Respond
After writing a response letter after a low offer, wait for the company to respond. Never decrease your amount without getting a new proposal from the adjuster. Make sure you go over the reason for the low offer and always wait for the company to respond before bargaining again.
Write Down the Agreed Settlement
When you agree with the adjuster, confirm this agreement in a letter. Make the letter short and precise. Ensure both parties sign the settlement letter. It obligates the company to pay and releases them from the fault.
In conclusion, these critical things help you get a fair personal injury settlement. Involve a lawyer with ample knowledge of handling insurance companies, and don’t be in a hurry to accept an offer if you don’t think it is fair enough.