Do you ever get the feeling that the insurance company may be hiding information from you during the injury claim process? That is because they are. In this post, I cover the biggest secrets the insurance companies do not want you to know about your injury claim.
The First Offer is Not the Best Offer
Always remember the first offer made by insurance companies will almost never amount to the most they will be willing to pay you. They say that in a negotiation the one who offers the price first always loses because they never get that price and have no information to negotiate with. The final offer you settle on can often be much larger than the first offer so long as you take the time to negotiate with the insurance company.
You Can Make a Demand for the Policy Limits
Insurance companies do not want you to know their insured’s policy limits. In Kentucky, insurance companies are not even required to disclose this information to you. However, if a lawsuit is filed against their insured (the alleged at-fault driver), the insurance company will eventually have to disclose the policy limits. Due to this, before filing a lawsuit, it is recommended you make a demand for the policy limits and see how the insurance company responds to the demand.
Denied Liability Does Not Mean the Case is Weak
Even if an insurance company initially denies liability in your injury case and offers no money to you to settle the case, it does not mean you have a bad case. In these cases where liability is initially denied, it is likely a lawsuit will have to be filed. I can personally think of numerous cases I have handled that eventually settled for a significant amount of money after liability was initially denied by the at-fault party’s insurer.
Filing a Lawsuit Could Result in More Compensation
if you sue the insured you may get a higher offer on your case. Sometimes the best move is to settle early, but sometimes the insurance company is holding out on you or denies liability, and filing a lawsuit is the right way to go. Many times, an insurance company will make a higher offer at some point after a lawsuit is filed. Insurance companies are in the business of making a profit. Sometimes if they can avoid paying a defense attorney to defend their insured and racking up large legal expenses, it may make more sense for them to make a higher offer on your case. Eventually, during the litigation process, insurance companies must also consider if they are exposing their insured to a potential judgment in excess of the policy limits. This risk may also make the insurance company to make you a better offer.
You Do Not Have to Give a Recorded Statement to the Other Party’s Insurer
Fifth, remember you do not have to give a recorded statement to the at-fault party’s insurance company. If you give a recorded statement to the at-fault party’s insurance company, it can be used against you in future legal proceedings in your case. It is highly recommended that you at least consult with an experienced personal injury attorney before ever considering giving a recorded statement.
Contact an Experienced Attorney for Help Dealing with Insurance Companies
If you have been injured in an automobile accident, slip or trip and fall incident, or dog bite incident, do not hesitate to call Attorney Tate Meagher today! We provide 100% free legal consultations and never take a fee unless we win your case.