Connect with us

Law

How To Negotiate A Winning Settlement With Insurance Companies

How To Negotiate A Winning Settlement With Insurance Companies

Out of the thousands of personal injury claims filed each year, some 95% are settled out of court. This is because, in most instances, neither side in the case has the stomach or the unlimited bank account to deal with a protracted trial. Therefore, settlement is the ideal option. But like many things, settling a case is an art form unto itself. And the goal for any plaintiff should be to secure the most advantageous settlement possible. To do this, quality representation will be required. Those looking for a NY injury attorney can find a list here. Also, a crucial part of the process is dealing with the insurance company. There is always an initial call with an insurance adjuster where both parties discuss the claim. Usually, after a few phone calls, a settlement is reached. Here are some additional tips plaintiffs should keep in mind when dealing with insurance companies.

Decide on a Figure Beforehand

Going into any negotiation unprepared is ill advised—especially when it comes to dealing with insurance companies. Claimants should always have a settlement figure in mind before negotiations even begin. The claimant’s attorney can help decide on this figure, and it should be represented in the demand letter. Also, the claimant should have a minimum settlement figure that he or she will accept. They should never reveal this settlement figure to the insurance adjuster, instead keeping it in mind as a baseline during negotiations.

How To Negotiate A Winning Settlement With Insurance Companies

Don’t Accept the First Offer

In most cases, the initial settlement figure offered by the adjuster will be low, either as a gambit to test the claimant’s negotiating ability, or simply out of a desire to save money. All unreasonable offers should be rejected out of hand. Conversely, claimant’s can and should make an immediate counteroffer when presented with a reasonable offer. Making this counteroffer slightly less than the figure represented in the demand letter is a good move, as it shows a willingness to compromise on behalf of the claimant.

Get Specific

If an adjuster makes a low ball offer than it is crucial to get him or her to explain the reasoning behind it. Have them put their reasoning in writing and describe in detail how they came to that figure. Then the claimant can answer with his or her own facts and all points they have in their favor. Any emotional points supporting the claim are welcome, too.

Get it in Writing

Once a settlement figure has been agreed upon, it is time to put it down on paper. Confirm this agreement in a letter to the insurance adjuster and contain all relevant details, such as the settlement amount and any damages or injuries covered in that figure. Include the date by which the claimant expects to receive all settlement documents from the adjuster as well.

These are just a few tactics to keep in mind when negotiating with an insurance company. Of course, seasoned attorneys are adept at navigating this process, and they can be hired on contingency, meaning they won’t earn money unless a settlement is reached.

Continue Reading

Recent Posts

Maximum Power: Update Your Old House For Modern Electrical Needs Maximum Power: Update Your Old House For Modern Electrical Needs
Home Improvement2 days ago

Maximum Power: Update Your Old House For Modern Electrical Needs

An outdated electrical system can wreak havoc on your energy bills and greatly increase your risk of structural damage. If...

Key Techniques To Learn On A First Aid Course Key Techniques To Learn On A First Aid Course
Health1 week ago

Key Techniques To Learn On A First Aid Course

Introduction First aid training is an incredible qualification that can enable one to offer life saving assistance in an emergency....

Best Tips For Managing Your Building and Construction Projects Best Tips For Managing Your Building and Construction Projects
General2 weeks ago

Best Tips For Managing Your Building and Construction Projects

Building and construction projects consist of many tasks, from job-site duties to office paperwork. Juggling it all can oftentimes be...

How To Choose The Best Locksmith For The Job How To Choose The Best Locksmith For The Job
Home Improvement2 weeks ago

How To Choose The Best Locksmith For The Job

The existence of a locksmith is very crucial for society because they help out countless people on a daily basis....

5 Modern Conservatory Ideas To Create A Serene Escape 5 Modern Conservatory Ideas To Create A Serene Escape
General4 weeks ago

5 Modern Conservatory Ideas To Create A Serene Escape

Having a serene and relaxing conservatory is the dream, especially in the summer months. Creating an extension of your home...

4 Different Types Of Lifting Equipment For A Construction Site 4 Different Types Of Lifting Equipment For A Construction Site
Business4 weeks ago

4 Different Types Of Lifting Equipment For A Construction Site

One of the biggest challenges on a construction site is the problem of lifting heavy materials and tools to a...

5 Tips That Can Help Your Business Flourish 5 Tips That Can Help Your Business Flourish
Business4 weeks ago

5 Tips That Can Help Your Business Flourish

Many, both small and big, businesses were affected by the outbreak of the novel coronavirus, no one was spared. Overnight,...

Why First Aid Training Is Essential For Your Business Why First Aid Training Is Essential For Your Business
Education1 month ago

Why First Aid Training Is Essential For Your Business

Introduction All employers, depending on the establishment, should organize and provide basic appropriate conditions for lunch breaks as well as...

Are You Covered? Tips For Finding Affordable Health Insurance For Your Whole Family Are You Covered? Tips For Finding Affordable Health Insurance For Your Whole Family
Lifestyle1 month ago

Are You Covered? Tips For Finding Affordable Health Insurance For Your Whole Family

If you are in the market for health insurance, you may be overwhelmed by the many different features and the...

How to Prevent Potential Hazards In A Lab How to Prevent Potential Hazards In A Lab
General1 month ago

How to Prevent Potential Hazards In A Lab

Unfortunately, lab accidents can happen. When they do, the consequences can be very serious. Some of the most common lab...

How to Extend Your UK Spouse Visa How to Extend Your UK Spouse Visa
Travel2 months ago

How to Extend Your UK Spouse Visa

The UK spouse visa is also known as a UK marriage visa. The UK spouse visa allows married partners of...

How Best Is Automation Helping The Retail Industry to Survive? How Best Is Automation Helping The Retail Industry to Survive?
Business2 months ago

How Best Is Automation Helping The Retail Industry to Survive?

“In the post Covid-19 world, the only place cos are willing to invest is in automation. The return on investment...

Best Artificial Intelligence Trends to Watch Out In 2021 Best Artificial Intelligence Trends to Watch Out In 2021
Tech2 months ago

Best Artificial Intelligence Trends to Watch Out In 2021

Technologies are getting advanced day by day, and according to that, the developers and the mobile app development companies should...

Keeping Your Assets Safe — Crypto Insurance May Soon Become The Norm Keeping Your Assets Safe — Crypto Insurance May Soon Become The Norm
Markets & Finance2 months ago

Keeping Your Assets Safe — Crypto Insurance May Soon Become The Norm

Many people all over the world have compared the cryptocurrency market to the wild West, largely because of the fact...

Which VPN Is Best For The Windows 10? Which VPN Is Best For The Windows 10?
Tech2 months ago

Which VPN Is Best For The Windows 10?

VPN is necessary whether you are doing personal or professional activities. Fully secure VPN for the Windows 10 are hard...

Categories

Archives

Trending