Wednesday, August 10, 2022
UncategorizedHow to Negotiate Your Personal Injury Payout

How to Negotiate Your Personal Injury Payout

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Accidents happen, and we all understand that. However, some accidents may be results of negligence rather than a random instance of bad luck. When another individual’s negligence causes you harm, you have the right to expect compensation for the expenses of your medical care and related losses.

More often than not, that means filing a claim with the fault party’s insurer and negotiating a settlement. You file your claim, but the basic settlement process does not satisfy you. You want to do everything you can to maximize your potential compensation since making a full recovery ensures you have an adequate payout to do so. In this post, we walk you through the settlement process, from filing your claim to negotiating a settlement and signing the release.

Photo by Gabrielle Henderson on Unsplash

Choose a Law Firm You Would Like to Be Represented By 

First things first, when starting any personal injury claim, you would like your personal injury solicitor to be trustworthy and knowledgeable of its domain. Most law firms provide free and confidential consultation where you can gain free legal advice on how to best move forward with your case. 

Even if you go through a free consultation, you will not be at the point required to appoint a professional as a representative because most firms offer a consultation so that people can gain as much legal insight as possible before entering into any personal injury claim.  

After your first consultation, you can either decide to start your claim if you’ve been advised accordingly, or you can have as much time as you need to decide on how to proceed next.

Personal Injury Claim Essentials 

  • Evidence 

The jury will decide your case by looking at the evidence. Even the other party can decide whether or not to offer you a fair payout based on the credibility of your case. That said, the more you can do to persevere with evidence, the greater the chance of winning your case and receiving a decent compensation. 

Make sure you take pictures of your immediate injuries and the accident scene if you’re able to. It’s also crucial to collect names and contact information for witnesses and the police report.

  • Proof of Medical Treatment 

Succeeding in your personal injury case means obtaining a reasonable payment for your wounds and other losses. That’s why it’s important to get a precise view of your damages. You will need professional health care providers to document your injuries and formulate a treatment schema. This documentation inspires the other side to come to the table and offer a higher settlement. 

You should receive medical attention, even if “you’re fine.” If your medical advisor recommends a treatment schema, you should carefully follow it. This should include seeking treatment for things like post-traumatic stress, flashbacks, and physical therapy. 

  • Value Your Claim Fully 

Contrary to more popular opinions, you’re not limited to one type of damage. There are various types of injuries you may suffer because of your damage.

 You may not be cognizant of all the types of injuries and losses that you have. For instance, you can claim payout for emotional damages and loss of regular use of body functions. 

4 Common Settlement Negotiation Strategies 

In completing your personal injury claim, you figured out a range of what you believe your claim is worth. Before you discuss with an insurance agent about your request, decide on a lower settlement figure you would agree to within that range. 

1. Decide on a settlement amount 

In planning your personal injury settlement demand letter, you figured out a range of what you believe your claim is worth. Before discussing your demand with an insurance adjuster, decide on a minimum settlement amount you would accept within that range. You can also use a personal injury compensation calculator to get an estimation of your settlement but don’t share that information with your adjuster. Before the offers and counter-offers start going back and forth, it helps if you have your bottom line in mind. 

Remember that you have to cling to a certain amount you originally set for yourself. If the insurance adjuster shares facts, you had not considered but which clearly reduces your settlement amount – or if you discover evidence that makes your claim worthy – you may want to revise upward. 

2. Don’t Be Too Eager 

It’s normal practice for insurance companies to begin settlement negotiation by first offering a very low amount. With this method, the insurer is trying to find out whether you fully comprehend what your claim is worth and your patience. 

Don’t just jump at a first offer. You will face a series of tactics from the other side to test your reaction. If the offer is reasonable, you can make a counter-offer that’s more favourable for you but lower than your first one. That proves to the insurer that you’re reasonable and are willing to compromise. A little more negotiation should quickly get you to the final compensation amount you both think is fair. 

3. Get the Insurance Company to Justify a Low Offer 

If the adjuster makes an offer so worthless, that’s obviously a negotiating strategy to see if you know what your claim is really worth, don’t immediately reduce the amount you required in your letter. Instead, ask the insurer to give you more genuine reasons on why the offer is too low. Remember the discussion and write a brief letter replying to each of the factors the insurer has mentioned.  

4. Wait for a Response 

Don’t reduce your settlement amount more than once until you receive a new, much better offer from the adjuster. 

If the insurer comes up with more reasons for a low settlement amount, go for each one. Once you’ve gone through all their arguments, you will either receive the much-expected offer, or you will have to find out that you need to put some additional pressure on the insurer for a more reasonable offer.

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