Is It Difficult To Negotiate A Settlement After A Personal Injury Accident?
Slips and falls on floors at work are rare, but they occur. Car accidents are more common (but still relatively rare.) Both are personal injury accidents. Since personal injury accidents happen all of the time, you have likely been involved in one. If this is the case, hire a personal injury lawyer to help you win the personal injury lawsuit that will win you the settlement you deserve. You should also read this article for valuable information.
Your personal injury lawyer in Thousand Oaks will tell you that bargaining is a part of settlement negotiations. The first step you must take is to collect all of the relevant evidence that can support your personal injury claim. This evidence must be sent to the insurance company with a demand letter. Make sure that the demand letter asks for a high amount of compensation – the insurance company will negotiate the initial asking amount down to a much lower number. The letter must also contain a description of the injuries sustained, the medical treatment currently being received, income loss and other economic and non-economic damages sustained. The letter should justify why the other party was at fault.
Common issues that arise
Your personal injury lawyer is very familiar with these common issues that arise in negotiations after personal injury accidents:
● Disputes in ambiguities in insurance policy terms. Keep in mind that the defendant’s insurance company’s more conservative interpretation of these terms may still favor you and your situation.
● Disputes regarding the true nature, extent, and severity of your medical injuries. You should safeguard against these disputes by always including complete medical records from your doctor as part of the evidence.
● Disputes regarding who was at fault. The defense’s insurance company may try to lower or negate your settlement claims by claiming that you were at least partially at fault. Guard against this by seeking counsel from your personal injury lawyer before discussing fault with the defense’s insurance company.
The right way to negotiate
As strange as it may sound, personal injury lawyers know that there is a ‘right way to negotiate’ personal injury claims. He or she will tell you to do the following before submitting a claim letter:
● Investigate your claim’s economic and non-economic value
● State the minimum amount you will accept as a settlement
● Document and keep records of all of the insurance company’s statements and actions
● Never jump at the first offer from the insurance company – this will be a too low amount that is designed to appease you and keep you from trying to press a lawsuit against the defendant and his or her insurance company later on.
● Include the agreement of the final settlement in writing for your records
What does the reservation of rights letter mean?
Your personal injury lawyer will tell you not to panic if you get this letter from the defendant’s insurance company. This letter states that its investigator is investigating and analyzing the case and reserves the right to not pay for any part of the personal injury accident that is out of the scope of policy coverage terms. You will probably receive this letter before the negotiations process begins.
How to negotiate with your insurance company
This is vital especially if you were involved in a car accident where an uninsured motorist was at fault. You will be filing a first-party claim if you file a claim against your own insurance company. Be sure to follow the rules of your insurance policy. For example, be sure to submit your claim during the window period. Obtain an Independent Medical Examination within the window period. This can be used as vital evidence and your insurance company is required to pay for it to the extent that it investigates bodily injury caused by the accident.
Strong-arm tactics the insurance company may try
Insurance companies are out to make money. Any payouts they make to reduce that money. Adjusters will use any justification to pay you as little of a settlement as possible. This may mean breaking the law. For example, an adjuster may tell you that your claim was invalid because you filed outside of the window period when this was not the case. Keep in mind that this is rare.
You can sue the defendant’s insurance company for bad faith
You can sue the defendant’s insurance company if you feel that they acted in bad faith during the negotiation process. You will need to file a separate claim. Negotiating a personal injury claim is lengthy and somewhat involved, but it is not rocket science and completely accomplishable with the right lawyer.
