You have a pretty good idea of what your accident claim is worth. However, the insurance company probably doesn’t see things the same way. Whether it’s a disagreement over the value of your vehicle or your medical expenses, insurance adjusters can use a host of tactics to reduce the value of your personal injury claim.
Thankfully, you can take advantage of some common strategies for accident settlement negotiations. These strategies can help ensure you receive your claim’s maximum value.
Strategies for Maximizing the Value of an Accident Claim
Simply listing your damages, providing evidence, and calculating your claim’s total value usually isn’t enough to keep you out of negotiations with an insurance adjuster. Most accident claims go through a series of negotiations. This is usually when the insurance company tries to get you to accept a lower settlement offer.
You can always accept any offer presented by the insurance company. However, taking a lower settlement offer may leave you with outstanding expenses. Even if your insurance settlement doesn’t cover all your damages, you can’t file another claim for the same accident.
An exception can be if multiple parties are liable for the same accident. In this instance, you can file separate claims against each of the liable parties. However, you still can’t file multiple claims against the same individual.
If you decide to decline the initial settlement offer, here are some effective strategies that can help negotiations go a little more smoothly. These strategies may also help you recover most or all of your claim’s overall value.
Be Patient
Don’t be surprised if the at-fault party’s insurance company contacts you immediately after the accident. An insurance adjuster may even show up in your hospital room. The adjuster has a settlement check in hand. All you have to do is sign some paperwork and you receive compensation for your accident.
While this definitely speeds up the claim process, it also has a crucial downside. Remember, once you accept a settlement your claim is considered closed. No, you can’t reopen a closed accident claim.
Accepting the initial offer before you’ve calculated your damages is rarely a great idea. You don’t know if the settlement is enough to cover your losses. Being patient and going through the claim process can help ensure you’re not accepting less than your claim’s value.
Document All of Your Damages
Some damages are easier to document than others. Most accident claims list both economic and non-economic losses. Your economic losses are tangible items like your medical expenses, property damage costs, and lost income.
You can usually prove these damages with documentation like medical records, bills, and receipts. Property repair or replacement estimates can also help support your accident claim. Don’t forget about picking up a copy of your official accident report. Most reports are ready between seven and ten business days. Your official report proves the accident occurred. Most reports also identify the liable party.
Along with economic damages, accident claims typically include non-economic losses. These are intangible damages, meaning you can’t fall back on bills and receipts to calculate the value. Since it’s almost impossible to put a price on your pain and suffering, you can use one of two methods to determine the value of your non-economic losses.
When it comes to proving non-economic losses, keeping a journal of your pain and mental anguish can help. You may also need to supply expert medical testimony to help support your claim.
A good tip is to send in documentation for each listed damage. The insurance adjuster may not need all of your submitted documentation but it can also help speed up the legal process. Instead of pausing your claim’s review or denying it for lack of evidence, the insurance company has everything it needs to keep moving forward.
Follow All Medical Guidelines
If your healthcare provider lays out a treatment plan, follow every step. If you ignore a prescribed treatment plan, the insurance adjuster can use it against you. The insurance company may deny your listed medical costs. Since you’re not following treatment the insurance adjuster can decide your injuries aren’t as severe as what’s listed on your claim.
The insurance company can also claim your lack of treatment is aggravating your injuries, meaning they’re not required to pay out for any damages. Following all treatment plans not only helps protect your accident claim’s value but also benefits your overall health.
Considerations Before Accepting a Settlement Offer
We’ve covered what happens when you accept a settlement offer. Your accident claim is considered officially closed and it can’t be reopened. This means you can’t recover additional compensation from the same defendant, even if bills from the accident are still coming in. You’re responsible for covering any damages left over after accepting a settlement.
To help ensure you’re not accepting less than your claim’s value, take a minute to consider a few key factors:
- How long did it take for the insurance company to respond to your demand letter? The timeline varies by state. For example, Texas gives insurance companies 15 days to respond to a demand letter. If the insurance company responds in only a couple of days, it often indicates they’re hoping you’re willing to accept a lower offer.
- Do you believe you can receive more compensation if your claim goes to civil court? This will delay the settlement process and court costs can eat away at your compensation amount.
Your answers to the above questions can make it easier for you to figure out which is the best course of action to receive the maximum settlement amount.
Work with an Attorney at the Start of the Claim Process
An effective strategy for maximizing your accident claim’s value is to partner with an experienced personal injury attorney at the start of the legal process. Your attorney can help ensure you receive fair compensation for your damages.
From gathering evidence to calculating your damages and negotiating with the insurance adjuster, your attorney can handle almost every step of the legal process.
