Typically, US state laws let car owners recover the total amount of losses due to an accident. The exact statutory details might vary from one state to another, but insurance companies are expected to compensate you according to your damages as per the applicable policy terms. However, it is essential to remember that insurance companies make money by accepting premiums for which there are claims. So, they do have a vested financial interest in denying legitimate insurance claims.
In many cases hiring a car accident lawyer will prove to be of immense help in getting a fair compensation amount from the insurance company. Not only will they be better placed to negotiate with the companies, but they also serve to make the negotiation fruitful and keep things professional. The following tips will help you in the different stages of the process:
Evaluate Damage In Monetary Terms
First, the negotiation process starts by knowing what sum of money you want. To achieve this, you need to evaluate all damages resulting from the accident in financial terms, especially those you can claim. Acquaint yourself with all the types of damages you can claim. These include:
- Medical bills
- Lost work compensation
- Rehabilitation services
- Property damage
- Physical suffering
- Mental agony
Try to stick to the fine line that separates exaggerated claims that ask for too much money and claims that leave out many things liable to be compensated by the insurance company. Remember to keep in mind that there is a difference in what you want and what to expect. When you finish assessing your claim value, you need to approach the insurance firm with a settlement plan and start the negotiation process.
Separate The Compensation Essentials From Things You Can Compromise On
It is wise to invest some time thinking about the actual damages for which you want compensation. You need to arrive at an amount that you feel is fair for your case and another sum that will make you happy. You also need to determine the lowest amount that is acceptable to you. Make sure you don’t divulge your settlement goals to the insurance company, the responsible party, or their representatives.
Keep in mind that you want to get the maximum compensation possible that covers all your bases in terms of the losses incurred from the accident. Make future planning of your settlement goals. It will give you the benefit of drawing up a baseline for the negotiation process. It will also aid you in assessing the settlement offers made by the other party.
Expect Low Initial Compensation Offers
There is a marked conflict of interest in a car accident settlement case. You are trying to get the maximum financial amount as the settlement. The insurance company wants to keep it at a minimum. This makes it very likely that the insurance company’s first settlement offer is relatively low. In all probability, they will hope that you will accept any offer they provide through a lack of awareness.
Naturally, such offers will only serve to incite your anger. They will make you feel upset about the unfairness of the firm. In this respect, remember that it’s just a strategy to wiggle out with minimum expenditure. The key here is the term “negotiations.”
Note Down Strong Points For Conversations
More often than not, your conversations with your insurance adjuster are going to be intimidating. Keeping this in mind, it would help if you recorded your most strong points regarding your case as notes. These notes will serve to make you appear more organized and confident and will be an indicator of a person who intends to get his due compensation from the insuring company.
You can do this by writing down your most vital points. It will also help if you think of some of the insurance company’s possible arguments and your responses to the same.
Be Prepared With Suitable Damage Documentation
In all probability, the insurance company will ask for some financial record verification, which is only normal. Accordingly, you need to be prepared through documents of your expenses and losses resulting from your accident. Remember to save all of the repair bills for your vehicle, the medical expenses bill, and detailed information about lost work. For lost work compensation, you need to provide a note from your employer and your pay bills. These documents will help to prove your expenses and losses.
If you have experienced an accident for another driver’s fault, you have all the legal rights to get compensated for your losses and expenses. The first thing to do is to assess your losses and approach with the errant driver’s insurance company. Remember, persuasion will be critical in this. The expert tips we have discussed in this article should help you in the same.
In case you think that the insurance firm’s final offer is not enough, it’s worth hiring a lawyer. A consultation on the legal avenues open to you like going to court, should help. Best of luck, and wishing you a speedy recovery of your claim!