As a personal injury lawyer, my primary goal is to help my clients negotiate a fair settlement and maximize the amount of money my client receives in their pocket after a car accident. Whether you’ve suffered injuries in a collision, slip and fall, or other incidents caused by someone else’s negligence, the settlement process can be daunting. However, understanding a few key strategies can make a significant difference in the outcome of your case. Here are four essential tips—and one bonus tip—that could lead to a fair payday in your car accident injury case.
Complete Your Medical Treatment or Reach Maximum Medical Improvement
One of the most important steps you can take to ensure a fair settlement is to complete your medical treatment or at least reach maximum medical improvement (MMI) before starting settlement negotiations. You won’t truly know the full extent of your injuries—or the value of your case—until you’ve completed treatment or reached MMI.
Insurance companies often try to settle cases quickly after an accident, offering lowball amounts before you’ve even had a chance to fully understand your medical needs. Settling too soon can result in a payout that doesn’t cover all your expenses and losses. Waiting until you’ve completed treatment ensures that your settlement demand reflects the full scope of your injuries.
Real-Life Example: One of my clients, Nikki (her real name is not being used in order to protect her identity), didn’t seek immediate medical treatment immediately after her car accident. It wasn’t until her neck and back pain worsened that she decided to visit a chiropractor. We waited until she had completed a few months of chiropractic treatment before initiating settlement negotiations. This approach allowed us to accurately assess her medical expenses and negotiate a fair settlement.
Make a Big Demand When Initiating Settlement Negotiations
When it’s time to start settlement negotiations, don’t be afraid to make a big demand. In Kentucky, insurers are not required to disclose the at-fault driver’s policy limits during the pre-litigation phase, which makes it essential to start negotiations with a strong demand.
In most of our cases, we begin by demanding the insurer make an offer for the policy limits, especially when liability is clear. This strategy sets the stage for a fair settlement and ensures that you don’t sell your claim short.
Real-Life Example: In Nikki’s case, after gathering all her medical records and bills, we made a demand for the at-fault driver’s policy limits. The insurance company responded with an initial offer that was higher than we expected, giving us a strong starting point for further negotiations.
Don’t Be Afraid to Ask for More Money
Negotiating a fair settlement often means making multiple counteroffers. Don’t be afraid to ask for more money from the insurance company, even if you think they might reject your request. The worst they can do is say no, but in my experience, the insurance company rarely pulls their last offer off the table.
Making a counteroffer is a crucial part of the negotiation process, and it can often lead to a better settlement than the initial offer.
Real-Life Example: After receiving the insurance company’s initial offer in Nikki’s case, we made a counteroffer. The insurance company responded with another offer that was even closer to our desired amount. We eventually made an offer that was for even more money than we expected the insurance company to agree to paying out and the insurance company accepted it. By pushing for more, we were able to secure a settlement that exceeded our expectations.
Ensure You’ve Claimed All Available Insurance Benefits
To maximize your settlement, make sure you’ve claimed all available insurance benefits. In addition to the at-fault driver’s liability insurance, you may be entitled to benefits from your own insurance policy, such as Personal Injury Protection (PIP) benefits or underinsured motorist coverage.
Real-Life Example: In Nikki’s case, we also made a claim for PIP benefits, which covered $10,000 of her medical expenses. This additional coverage meant more money in Nikki’s pocket from the settlement, as her medical bills were already largely taken care of by her PIP benefits.
Bonus Tip: File a Lawsuit if the Insurance Company Isn’t Fair
If the insurance company isn’t offering a fair settlement, it may be time to file a lawsuit. Filing a lawsuit puts pressure on the insurance company and can often lead to a better settlement offer as the case progresses through litigation.
While Nikki’s case settled without the need for a lawsuit, many of my clients have seen significant improvements in their settlement offers after filing suit. Litigation forces the insurance company to take your claim more seriously and can result in a much fairer payout.
Final Thoughts
Negotiating a fair settlement in your car accident injury case is all about strategy. By completing your medical treatment, making a strong initial demand, being persistent in negotiations, claiming all available benefits, and considering litigation if necessary, you can significantly increase your chances of getting the compensation you deserve.
If you’ve been injured in a car accident in Kentucky, don’t hesitate to reach out for legal advice. Remember, Don’t Wait, Call Tate! We’re here to help you navigate the complexities of your injury claim and fight for the settlement you deserve. Call us anytime at (502) 309-9213 for a free consultation.
