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Imagine that you get into an accident with an individual, and you file an insurance claim with that individual’s insurance company. You expect the insurance company to give you the amount of money you requested, but then find that they are being difficult and only offer you a fraction of that. Unfortunately, this is the case for most victims who file a claim with an insurance company after getting involved in an accident.
Insurance companies are not known for generously giving victims compensation for their accidents. After all, insurance companies look to satisfy their shareholders by making profits. This means that they must aim to give out as little as possible. However, this does not mean that you have to settle for the minimal amount that the insurance company may offer for your claim. Remember that you have the ability to negotiate with an insurance company, and you may be able to seek a larger settlement than what the company first offers.
Like in any negotiation, do not simply accept the first offer that is thrown at you. In the case of insurance companies, the first offer they give you will likely be much lower than the real value of your claim. Be patient and negotiate with them to get the amount you believe you may be entitled to.
If you or your loved one has been involved in a personal injury accident and are concerned about the insurance settlement process, call Zinda Law Group at (888) 449-1160 for a free consultation with one of our experienced personal injury lawyers.
For a free legal consultation, call 800-863-5312
Each personal injury case is unique, and the time it takes to settle a personal injury case varies. The settlement process first begins when you file a personal injury claim with the other party’s insurance company. After that, there may be weeks or months of negotiations until both parties come to an agreement. This process can take a few months, a year, or even longer. It all depends on how complex your case is.
If you and the insurance adjuster still have not reached an agreement after many rounds of negotiations, your attorney may file a lawsuit with the court. A lawyer may do this is to get the insurance adjuster to give you a satisfactory offer. However, if the insurance company does not submit and decides to go to trial, you may have to wait longer for a conclusion to your case because trial dates are often set six to eight months after a complaint is filed. However, you still have the option to settle before the trial starts.
The Negotiation Process
Negotiating an insurance settlement is like haggling in an open market. Follow the steps and tips below to be as effective as you can be when negotiating with an insurance adjuster.
1. Demand a High Amount in Your Demand Letter
When you first file a personal injury claim with an insurance company, you will send the company what is called a demand letter, which will include the amount of money you wish to seek. You will want to start with a high amount because the insurance adjuster will generally give you a counteroffer of a lower amount. It is unlikely that you will be able to negotiate a higher settlement than your initial demand.
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2. Provide Proof to Support Your Claim
Once you send your demand letter, the insurance adjuster may say that your claim is not worth the amount you say it is worth. When this occurs, you will need evidence to rebut the insurance adjuster. For instance, if the insurance adjuster says she does not think that your injuries are as severe as you say they are, you will want to provide her a doctor’s report or the like showing the full extent of your injuries.
3. Rinse and Repeat
The insurance settlement negotiation process is a bargaining process. You and the insurance adjuster may go back and forth with you, saying that your claim is worth more while the insurance adjuster is saying it is worth less. Hopefully, you will be able to compromise on an amount that satisfies your needs. However, if you are unable to reach a satisfactory compromise, you may wish to take your case to trial.
4. Be Patient
Negotiating with an insurance adjuster can be frustrating, and you may wish to settle on a low amount just to move on with your life. However, by doing so, you may lose out on the compensation you may be entitled to. The insurance adjuster may be hoping that you follow this route. Be careful not to settle on an amount that is less than what your claim is worth due to impatience.
5. Be Prepared
Whenever you are speaking with an insurance adjuster, you will want to be prepared with the points you want to emphasize. Do not go into a meeting with an insurance adjuster without an idea on how much your claim is worth and evidence supporting your claim.
The Attorneys at Zinda Law Group May Negotiate on Your Behalf
An insurance company has an immense amount of resources that can easily overwhelm an individual who decides to go against them alone. Thus, an experienced lawyer can be a valuable ally who can help even the scales. Letting a lawyer handle your case will ease the burden off your back as he or she may organize and investigate your to help you seek the compensation you may be entitled to.
If we are unable to negotiate a reasonable settlement, the experienced attorneys at Zinda Law Group may take your case to trial.
Contact Zinda Law Group Today
At Zinda Law Group, we work on a contingency basis. If we are unable to reach a settlement in your case, you will not owe us anything. We offer free consultations with one of our personal injury attorneys—to schedule yours, call us today at 512 246 2224.