When it comes to the point in your claim that you have to negotiate, you may be feeling overwhelmed and not very confident of what to say or do. In many cases, lawyers and auditors can seem intimidating and make you feel unsure of your next move. Keep in mind, you are a victim in the accident that occurred and you are there to get what you deserve. Here are a few steps to help you get the most out of your negotiations.
Start off your negotiations with a demand letter that you can present to the insurance company. Include supporting documentation that can back up what your demand letter states and is asking for. You will need to back up your claim with the proof that something occurred and why it occurred. The adjuster will carefully study your letter and then come back with a settlement that they are willing to offer you. Most of the time, the first offer from an adjuster will be a low offer and if you take it, you are stuck with it and no more. The adjuster’s settlement offer will be lower than what Is in the demand letter. Your injury lawyer in Burlington will need to talk to the adjuster a couple more times in order to get an offer that you both can agree on.
Decide on Settlement Amount
When you are putting together your demand letter, you want to already know how much you will need in your settlement. Before you actually speak to the adjuster, your minimum should stick with you because you don’t want to settle. The figure that you come up with is based on several factors and may be able to be adjusted a little but not sacrificed.
When talking to adjusters, they will most likely point out facts that they have Interpreted within your demand letter that must be considered in order to play more in their favor. You want to make sure that this don’t stop you from sticking to your goal.
Letter on Reservation of Rights
If you receive a “reservation of rights” letter from the insurance company, don’t allow this letter to make you feel Intimidated. This letter is meant to inform you that the insurance company is going to investigate your claim and will reserve the right to not pay you if the result of the investigation is that your claims cannot be founded.
Basically, this is the rights of the insurance companies and while they may find something that could counter act what you are claiming, they can be appealed to some degree and you may need to hire an attorney to represent you.
Do Not Take a First Offer
In almost all settlement negotiations, insurance adjusters will make a first offer that is low and is simply a tactic used to see how low they can pay off the claim and get rid of it. In some cases, they can be considered reasonable, depending on what you need to pay.
Be sure to take the time to look through the offers you receive from the insurance companies. Know what you need to settle your claim. Take into consideration the amount it will take to get you back on your feet; your vehicle, medical bills paid, and loss of income.