Becoming an Expert Negotiator: Tips for Negotiating a Personal Injury Settlement
One of the most difficult parts of personal injury settlement is the negotiation process. Negotiation typically starts shortly after the claim is filed and the demand letter is sent. It can be a complex process. If you've never been through an insurance claim negotiation before, it's best to have a personal injury attorney there to represent you. Here are some tips to help you make the process as successful as possible.
Don't Jump at the First Offer
In most cases, the first offer you get from the adjuster isn't going to be the best one. Usually, the first offer is actually the lowest. This is because the adjuster is going to start at the lowest amount that he or she thinks you might accept.
Even if you feel that the first offer is reasonable, you should still make a counter offer in an amount that is lower than your original request, though only slightly. Making a counter offer this way will show the adjuster that you are open to some compromise but you still expect a fair settlement.
Always Ask the Adjuster to Justify Lower Amounts
If your first offer from the adjuster is much lower than you would have expected, it is probably just an effort to see how much you know about the process and how assertive you are going to be. You can ask the adjuster to provide you with an explanation of how he or she arrived at the lower amount. Once the adjuster has supplied you with the reasons for the number, you can create a written rebuttal that disputes the claims that you have evidence and documentation for.
Consider any legitimate reasons that the adjuster presented, and lower your requested settlement amount accordingly in your rebuttal. This shows the adjuster that you're willing to consider another perspective and understand it. Sometimes, this is all that's necessary for the adjuster to negotiate more effectively with you.
Put it All on Paper
Don't accept any settlement agreement from the insurance company until it is presented to you in print. When you finish a settlement discussion with the adjuster, take time to write down everything that you agreed upon. Sign that form and include a date for the adjuster to respond with confirmation. This way, you'll have everything on record to ensure that you get your payment.
Now that you understand how to navigate the negotiation and settlement process, you can work with the insurance company with the confidence of a specialist. If handling the discussions yourself pushes you outside of your comfort zone, reach out to a personal injury attorney like Marcus & Mack to guide you.