Dealing with Insurance Companies: Tips for Negotiating a Fair SettlementPutnam Law Office
When dealing with the insurance company after an accident, doing so strategically can improve your chances of success and maximum recovery. The purpose of filing a personal injury claim is to recover financial compensation for damages. Since most claims are made against insurance companies of an individual or entity that caused your accident and your losses, there is a good chance that at some point during the process, you will have to talk with an adjuster.
Insurance adjusters may seem compassionate to your situation, but they are not on your side. They will work every angle they can to get you to either accept a claim denial or take a low settlement offer that will not be sufficient to cover the costs of your losses. It is important to understand critical strategies for successful negotiations with the insurance company.
How to Negotiate with the Insurance Company After an Accident
In some situations, there may be very little back and forth with an adjuster to come to an agreed-upon settlement amount. Most times, though, settlement negotiations last longer than this. Negotiations can even stall and be futile, leading to a lawsuit being filed. But, even if a lawsuit is filed, negotiations can always resume before a suit heads to court, and an agreement can be reached.
If you are injured by the reckless actions of another party, and you file a personal injury claim against their insurance, here are some negotiating tips to put you in the strongest position.
- Fully understand the value of your claim and the totality of your damages. When you know the true cost of your losses, you can determine what range a settlement should fall in to be acceptable.
- If an insurance adjuster makes an offer, it may be unreasonably low. When you know how much your claim is worth, you will know when an offer is absurd. Don’t accept the first offer, as it is usually not a fair one for full compensation.
- If the adjuster makes an offer that falls within your range of compensation that you will accept, but still under what you asked for in your demand letter, counter with a number between the adjuster’s offer and just below what you included in your demand letter. This can help foster productive negotiations and get things moving along to a conclusion faster.
- When an adjuster makes a low offer, and this is usually what they do, ask them to justify their offer. Take notes on what they say so that you can respond, and this may help you get a more sound and fair offer.
- Don’t underestimate the importance of your pain and suffering as a result of your accident. The emotional impact of your accident and all of the adverse ways your life has been impacted should be highlighted.
Call a Lawyer at Putnam Law
Negotiating for the most compensation possible with an insurance adjuster can be a challenging thing to do, especially if you are suffering from the injuries that you sustained from your accident. An attorney can do the negotiations on your behalf so you can keep your focus on healing.
For help with a personal injury claim in Oklahoma, please call the Oklahoma City personal injury attorneys at the Putnam Law Office to schedule a free consultation with an attorney at (405) 849-9149.