Tips for Maximizing Your Personal Injury Settlement
A personal injury claim filed after any type of accident is most likely going to result in negotiating with the negligent party’s insurance company. Negotiations do not always result in a fair settlement offer, in which case, the parties will have to go to court.
If you work with a personal injury lawyer, and they work with you to present the insurance company with an organized demand letter along with the proper documents, you will have framed your case for negotiations. Settlement negotiations can be ongoing, but your case could reach an out-of-court resolution anytime. An experienced and reliable law firm, such as the Aizenman Law Group, for instance, will work tirelessly to get you justice and fair compensation.
These are some tips for maximizing your personal injury settlement when negotiating with the insurance company.
1. Have a Settlement Amount in Mind
If you and your personal injury lawyer have put together a demand letter, this is an indication you’ve come to an amount you feel will be a fair settlement for your injuries. Before you talk to the insurance company, have a minimum settlement amount in mind that you are willing to accept. Do not reveal this amount. Keep it in mind as a bottom line when you go through the negotiation process.
2. Do Not Jump at the First Settlement Offer
When you receive your first settlement offer from the insurance company, don’t make a decision in haste. Even if you feel the offer is acceptable, you should make a counteroffer. The counteroffer can be a little less than what was requested in your demand letter. This offer will show the insurance company you are reasonable and willing to compromise.
3. Have the Insurance Company Justify Their Low Settlement Offer
If the first offer received by the insurance company is low, it is most likely a negotiating tactic. Ask the adjuster, or insurance company, to provide specific reasons for the lower offer than the one requested by you. These reasons should be written down, and a response should be created for each of the reasons explaining your situation. Once the adjuster or insurance company receives your response to their lower-value offer, they should make a more reasonable one for you.
4. Highlight the Emotional Points of Injuries
When you enter into negotiations with the insurance company, you do not need to cover every fact. Highlight just the emotional points in your favor. Some of the points should include:
- Their client was at fault for the accident
- How painful the injury that you’ve suffered
- How much medical expense you’ve suffered as a result of injuries
- What long-term or permanent physical effects will you endure
If you have sent any photos of damaged property or your injuries, refer to these during this time to highlight your emotional points. If any family members have suffered due to your injuries because you can no longer provide the same level of care to them, this should also be mentioned.
Putting a value on ‘pain and suffering’ is challenging. These conditions, however, can make an impact on the insurance company’s offer to you of a fair settlement.
5. The Settlement Should be in Writing
When you’ve finally reached an agreement with the insurance company, you should confirm these terms in a letter to the adjuster. Do not make the letter lengthy. It should be to the point and state the amount that has been settled on. In this letter, you should also state your injuries and damages the settlement will cover, along with the date you expect your settlement documents from the insurance company.
How a Personal Injury Lawyer Can Help with Insurance Settlement
Filing a personal injury claim will almost certainly require the expertise of an experienced personal injury lawyer. They will provide you with the following:
- Assistance in putting together evidence, records, and facts to support your position in your claim.
- Assistance in negotiating with the insurance company. These companies have years of experience in trying to settle claims for as little as possible. An experienced personal injury lawyer will protect your rights and help you receive a fair settlement as compensation for your injuries.
A personal injury lawyer has the expertise and experience to put you in the best position for a fair settlement of your claim. If you’ve been injured and these injuries have seriously impacted your life, put your future in the hands of a legal professional to protect your rights.
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