Prior to commencing an insurance negotiation, ensure that you thoroughly examine the policy in question. This will help you determine what is included, what the policy limits are, and what exclusions exist. Understanding your rights and entitlements will help build a strong enough case that prevents the insurance company from offering an unreasonably low payout. Be wary of any deductibles, liability limits, or other clauses that might impact your claims.
Gather Documentation That Matters
To bolster your negotiation effort, assemble any and all documents that pertain to your claim. Consider including medical records, any repair estimates, police reports, photographs, witness statements, and other relevant supporting evidence. The greater the amount of proof you have, the more difficulty the insurance company will have in disputing your claim. Document every interaction you have with the insurance provider, from emails to phone calls and any written communication.
Calculate a Fair Settlement Amount
Assess the total value of your claim comprehensively, ensuring that all damages- medical bills, lost wages, property damage, pain suffered- are included. Crosscheck the estimated costs with other similar cases to validate your demand. Do not hesitate to consult with independent appraisers, contractors, or medical professionals if you are in doubt regarding how much money you should be receiving.
Be Ready for A Low Offer
Insurance companies are notorious for starting negotiations with lowest possible settlement. Often, insurance companies try to figure out if their low payout tactic will work. Instead of accepting their first offer, take a deep look into their reasoning and try to counter it with a better argument. Negotiation will only be successful if you remain calm. Professionalism and persistence is also very important.
Prepare to Make a Better Argument
Counter every piece of evidence the other side uses against you and make sure you provide an argument that is stronger than what they have presented. Focus on the evidence you have already gathered and try pointing out other damages as well as expenses the insurer did not take into consideration. You should always be ready with supporting files and papers because without documentation to back your demand, who will take you seriously ?
Stay Calm And Keep Trying
Post initial negotiation, insurers are bound to take their time in getting back to you, as they would want you to settle for something lower. Keep acting professional post this point and firmly state your case. Even if the insurance adjuster seems to be unresponsive, do not hesitate in speaking to a supervisor or making a formal complaint because it will make them strive to respond faster.
Seek Legal Help If Needed
If talks break down altogether, or the offer of settlement received from the insurance company is inadequate, you might need to consult a lawyer or a public adjuster. Attorneys have prior dealings with insurance companies and can assist you in receiving a more favorable settlement. Most personal injury attorneys work on a contingency basis; that is, they do not get paid unless you win the case.
Ask For The Settlement In Writing
After an agreement is reached, ask for a formal written settlement which states the amount you will be paid and any other terms and conditions. Make sure to read the agreement before you sign it and check that it is consistent with what you discussed. If there are any ambiguities, it is advisable to obtain legal guidance before you proceed to sign the settlement agreement.
Closing Comments About Insurance Settlement Negotiations
Negotiating an insurance settlement is challenging and requires adequate preparation, time, and perseverance. It is within your best interests if you know your policy, have considerable amounts of evidence, and make reasonable counter-offers so that you may achieve the higher payout. You may want to take professional help to get what you deserve as compensation.
