Dealing with an insurance company after an accident or injury can feel like a game of chess – except they’ve been playing for years, and you’re just getting started. It can be frustrating and stressful, but knowing what to expect can help you stay in control and push for a fair outcome.
First, it helps to understand you have legal rights and are entitled to fair compensation for your losses. Additionally, insurance companies are legally obligated to handle claims in good faith, so you shouldn’t feel pressured or intimidated into accepting an unfair offer. Here’s what to expect when negotiating a settlement.
The first offer will likely be low
Insurance companies aren’t in the business of handing out large checks. As such, the first offer is almost always lower than your claim’s actual value. They hope you’ll accept it quickly and save them money. Don’t feel pressured; it’s just the starting point, and you can negotiate for a better deal.
Expect some delays and pushback along the way
Adjusters often drag their feet, hoping you’ll get frustrated and accept less. They might ask for additional documents or dispute parts of your claim. It’s a common tactic designed to test your patience. Stay firm, respond promptly to all requests from the insurer and keep records of all communication.
You’ll need evidence to back up your claim
A strong claim isn’t built on words alone. You need evidence, and the more you have, the harder it is for the insurer to lowball you. For instance, provide pay stubs or employer statements if you’re claiming lost wages. Similarly, providing repair estimates if your property was damaged adds weight to your case.
Negotiation involves some give-and-take
You likely won’t get everything you ask for; compromise is a big part of settlement negotiations. However, it doesn’t mean you have to accept a bad deal. You can make counteroffers with well-reasoned arguments supported by facts. Prepare for a bit of back-and-forth before reaching an agreement.
Remember, you can’t go back later and ask for more money once you settle. As such, ensure the settlement covers all your damages before accepting it. If negotiations fail, mediation or legal action may be necessary to secure fair compensation. Reaching out for qualified guidance can help you confidently navigate the settlement process and protect your interests.