Who doesn’t want to get the most money for their personal injury case?
You would be surprised how many people are totally unaware they have the power to get more money from the insurance company that is covering the person who hurt them. It’s not by chance they don’t know that.
Here’s the deal…
Personal injury claims are always negotiated. And with a proper approach, one can get a much higher injury payout.
And, as a result, in this guide you will discover:
- Why injury cases vary a lot in their value
- The 5 Biggest Mistakes that Cost You Money
- The 10 Smartest Negotiation Tactics
- When to Accept a Settlement Offer, and When to Reject
What are Personal Injury Settlements
Personal injury settlements are the money that is given to an injured person, who suffered from someone else’s careless actions. It is compensation for all the pain, expenses, and problems that a person had because of the accident.
The thing is that most people don’t know that…
Insurance companies always give a person a much lower offer than they are expecting to pay. They do it, because they assume that an average person will never be able to find out how much a personal injury settlement is worth.
However, an individual can avoid that, when they have effective legal representation. Personal injury attorney experience really does matter. The reason is that a professional knows how to value any claim, so an individual knows how to negotiate for a proper settlement.
If a person had to negotiate with insurance adjusters and attorneys all by themselves, would it be better to let an expert lawyer do the job?
Why the Majority of Personal Injury Cases Settle
Have you ever wondered how many personal injury cases get to trial?
As the statistics showed, it’s only 5% of the total number. What does it mean? Around 95% of personal injury cases were settled at some point before the trial.
Why is it so?
It’s because:
- Going to trial can be rather costly and time-consuming;
- The result of the trial is never predictable;
- Settlements allow a person to be in control over the decision;
- Settling an accident case means an individual can get some money a lot sooner.
What Does a Personal Injury Settlement Worth
How much can a personal injury claim be worth? For example, how much is whiplash worth?
The truth is that accident cases’ worth can be so different from one to another. If you look at similar cases, you might still find some unique differences between those.
However, the major factors, which affect a case’s value are:
- All Medical Expenses: Current and future medical treatments, drugs, tests, and bills;
- Loss of Income: If a person was unable to work due to the injury;
- Pain and Suffering: All the physical pain and emotional distress that a person felt because of their injuries;
- Liability: How clearly the other party was at fault for the accident.
The Biggest Mistakes That Can Cost You Money
Negotiating personal injury settlements is not an easy thing, because there are a lot of things, which can cost you a significant amount of money.
If a person knows about all these mistakes, they could avoid them, and get a larger personal injury settlement as a result.
Let’s see what these 5 mistakes are.
- Accepting the first offer from the insurance company – the data shows that people who reject the initial offer and negotiate receive settlements $30,700 higher;
- Settling an accident case too early – people often feel better in a couple of days after an accident, but all the injuries can be assessed only later. This is why a person should never settle their personal injury claim too early;
- Failing to record everything – all medical treatments, missing work, difficulties in day-to-day activities, and the special diet should be noted. This is a simple way how to document everything that may be helpful for getting a higher injury settlement;
- Giving a recorded statement – people tend to give a recorded statement from the insurance adjuster, but it is an absolutely bad idea. Anything they say can be later used against a person to minimize the insurance company’s liability;
- Posting information on social media platforms – all the platforms are available for insurance adjusters to use against a person. A single photo can make an insurance company to reject your claim.
Negotiation Tips and Strategies That Actually Work
Winning settlement negotiations is possible when one has the right strategies. Therefore, it is necessary to take a look at the ones, which really work.
First of all, it is essential to start with a proper demand letter that states clearly all the points about a person’s injuries, damages, and the liability of the other party. It is crucial to set a proper tone for the entire negotiation.
Second, the injured party should be patient. A good and significant settlement takes time. Insurance companies usually try to make a person settle quickly, and this is something that an individual should never do.
Third, it is important to understand what is the minimum amount a person is ready to accept as a settlement.
Fourth, comparable cases might help when negotiating with an insurance company. The lawyer can tell an individual about the similar cases and their final compensation.
Last but not least, it is necessary to know how to say no. If the offer from an insurance company is not acceptable for a person, the injured party should reject it. It is important to remember that an insurance company has to settle an accident case as well. This means that an injured person can have much more leverage.
When to Accept an Injury Settlement
When is the right moment to accept an insurance company’s offer and to settle an accident case? It is usually a rather difficult question to answer, as every case is unique. But there is one rule, which always works.
The right time to settle an accident case is when a person gets to the point of maximum medical improvement.
This is the point, when the overall condition of an injured person becomes stable, and it is possible to predict what consequences the accident might have for that individual in the future.
Why is this important?
Because in order to negotiate a proper settlement an individual needs to know the full extent of his or her injuries and the exact amount of money to cover all of the damages. Settling an accident case too early might cost a person a chance to get compensation for all the future medical treatments and any permanent disability.
There are some reasons to settle an injury case sooner. For example, financial difficulties might be the most common cause for it. But this or other reasons should never be desperation, because an individual always need to be rational and make an informed decision.
Wrapping Things Up
Negotiating the highest injury settlement possible is not a matter of luck. It is a matter of a clear understanding of how it all works, how to negotiate successfully, and how to avoid all the common mistakes people make.
The difference between an average settlement and an extraordinary one can be just in an effective attorney and their willingness to fight for an accident victim.
Insurance companies should never try to get away with low compensation, because they are aware of the fact that the person they deal with has limited understanding of the whole settlement process.
It is important to remember that people are not just fighting for money. They are fighting for a chance to receive a proper compensation that will help them to recover completely, to pay all medical bills, and to go on with their lives as before. It is not that easy to negotiate for that.
