The goal of every car accident injury victim is usually to negotiate a fair settlement for as much money as possible in your case. To achieve this, I suggest following the four tips I cover in this video. Be sure to stick around to the end because I give a fifth bonus tip that could be the most crucial in securing a fair payday. To illustrate how these tips work in real life, let me share the story of my past client, Nikki.
Nikki’s Story
Nikki was driving when a vehicle pulled out in front of her, failing to yield and causing a collision. Liability against the at-fault driver was clear, and the insurance company never contested it. Nikki didn’t seek treatment immediately. She didn’t go to the hospital but as her neck and back pain worsened, she saw a chiropractor four days after the accident. Nikki contacted our office weeks later, by which time she already had her treatment plan in place. She received a few months of chiropractic and pain management treatment before completing her treatment. Then, we gathered Nikki’s medical records and bills to initiate settlement negotiations.
Complete Your Medical Treatment
The first tip is to complete your medical treatment or at least reach maximum medical improvement before attempting settlement negotiations. You won’t know the value of your case until you’re done treating or reach maximum medical improvement. Insurance companies often try to settle cases early with lowball offers. Without medical records and bills supporting your damages, insurance companies won’t make a fair offer. The only exception is if you have more than the available policy limits and settle for those limits.
Make a Big Demand
When we initiated settlement negotiations for Nikki, her total medical treatment cost was around $11,500. We made a demand for the policy limits, which brings us to the second tip: make a big demand when you initiate settlement negotiations. In Kentucky, insurers aren’t required to disclose policy limits. By demanding the insurer’s approval and the driver’s permission to offer the policy limits, we started negotiations high. This strategy prevents selling your claim short and gives you a shot at a fair payday. Don’t start negotiations with what you believe your case is worth; demand more than the amount of your injury claim.
Don’t Be Afraid to Ask for More Money
When Nikki’s insurer responded to our demand, they made an initial offer higher than expected. I countered, and they countered back. Despite their fair offer, I pushed for more, leading to my third tip: don’t be afraid to ask for more money. Make as many counteroffers as needed. The worst the insurer can say is no, but their last offer usually remains on the table. In Nikki’s case, the insurer accepted our final offer of $25,000, bringing her total recovery to $35,000 with personal injury protection benefits.
Claim All Available Insurance
The fourth tip is to make sure you’ve claimed all available insurance. Nikki also claimed personal injury protection benefits, which covered $10,000 of her medical expenses. This maximized her settlement. Check for uninsured motorist insurance if the other driver lacks insurance or has insufficient coverage. Don’t settle without checking for umbrella policies that might compensate you further.
Bonus Tip: File a Lawsuit if Necessary
If the insurance company isn’t fair and makes a lowball offer, the right move is usually to file a lawsuit. Filing a lawsuit pressures the insurance company and can lead to a fair payout. While knowing these five tips helps, you might still be unsure what to tell the insurance company to get a big payday. For more advice, watch the video linked at the end of this post. Lastly, if you’ve been injured in Kentucky, remember: don’t wait, call Tate.
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