If you’ve found yourself handling an injury claim, there’s a high chance that the insurance company has made an unreasonably low settlement offer. It’s a common tactic aimed at minimizing the insurer’s payout. A proportion of victims, overwhelmed by the process, will accept this inadequate settlement, saving the insurer significant sums of money. However, you don’t have to short-change yourself. I’m here to share four crucial tips that may help you secure a fair and reasonable settlement offer.
1. Keep Calm and Stay Polite
Your conduct when dealing with the insurance company matters. They’re looking for cues, and how you respond to a low offer gives them a glimpse into your potential performance in front of a jury. If you appear angry or impolite, the insurer may assume that a jury might find you unlikable. This can lead to even lower settlement offers, as insurers know that unlikable plaintiffs often receive less favorable jury awards. Therefore, no matter how low the offer, always remain calm and polite in your interactions with the adjuster.
2. Demand the Reasoning for the Low Offer
Once you’ve received a low offer, ask the adjuster to provide their reasoning for it. Listen to their explanation and critically assess it. If you find flaws in their logic, highlight them by pointing them out to the insurance adjuster. It’s also advisable to request this reasoning in writing, including the specific offer amount and justification. This written record allows you to directly challenge any faulty rationale they’ve used in their calculations.
3. Ensure All Medical Records and Bills Have Been Provided
Occasionally, low offers arise because the adjuster doesn’t have all your medical records or bills. Make sure to provide any missing documentation. Once you’ve supplied the additional materials, request that the insurer reevaluate the claim and make a new offer based on all the materials.
4. Reject the Initial Offer (Unless It’s a Policy-Limit Offer)
As a rule of thumb, you should never accept the first settlement offer from an insurance company. Insurers expect negotiation and are usually willing to revise their initial offer and negotiate with injury victims. I recommend that you counter their first offer with a demand for either the policy limits or an amount exceeding your case’s estimated value, depending on your specific circumstances.
In my experience, this negotiation strategy can lead to significantly increased settlements. For instance, in a recent case, my client was initially offered $5,000. After filing a lawsuit and further negotiation, we secured a six-figure settlement. The only exception to this rule is if the insurer’s initial offer equals the policy limits. In that case, it might be advisable to accept, depending on the circumstances of your case.
Received a Low Offer? Contact Us!
Remember, the tips we have outlined in this article are beneficial but not exhaustive. To secure a fair and reasonable settlement, you must first know how to calculate a fair settlement value for your case. Once equipped with this knowledge, you can better counter low-ball offers and negotiate effectively.
At Meagher Injury Lawyers, we have vast experience in turning lowball offers into fair and reasonable offers using the negotiation tactics we deploy. If you’ve been injured in a car accident in Kentucky, don’t delay in seeking legal advice. As we like to say, “Don’t Wait, Call Tate!” We exclusively handle personal injury cases in Kentucky, including motor vehicle accidents, slip or trip and fall incidents, and dog attack cases. Contact us today for a free lawyer consultation to discuss your legal options with your injury case.
