If you’re involved in a car accident that was someone else’s fault, you can typically hold them liable for any damages you sustained as a result of that accident.
Doing so typically means negotiating directly with insurance companies, often with the help of a lawyer like our attorneys at Maison Law, so you can end up with a larger insurance settlement.
But how does this process work and how can you maximize your payout?
How Insurance Settlements Work
Most people think that car accident cases and personal injury claims typically play out in a courtroom, with both sides making heated arguments in an attempt to persuade a jury. But the reality is most personal injury claims are settled out of court, long before trial is even a realistic option. That’s because both parties are incentivized to avoid a trial however they can; going to trial is expensive, stressful, time consuming, and uncertain. On top of that, it’s typical for both parties to know exactly what happened, so it’s reasonable for those parties to come to an understanding and reach a mutually amenable solution.
In this process, insurance companies typically conduct their own investigation to determine fault, estimate damages, and so on. When they feel they have a good understanding of what’s going on, they typically make a settlement offer to the moving party. For example, they might offer you $75,000 to compensate you for any property damage or medical expenses you’ve incurred as a result of a car accident. In exchange for taking this settlement, you waive any further legal claims related to this accident.
However, you don’t need to take this settlement offer. You might be able to make a counteroffer, or continue negotiations in pursuit of greater compensation, especially if your expenses can be proven to exceed the initial offer. Often, the upper limit you can pursue is the personal injury liability coverage maintained by the opposing party, but this figure varies and changes frequently; for example, California recently passed new legislation to increase minimum requirements for personal injury liability coverage limits.
How to Negotiate a Larger Insurance Settlement
So what steps can you take to negotiate a larger insurance settlement?
· Hire a good lawyer. First and foremost, you need to hire a good lawyer. Your lawyer is going to dig into the details of your case, understanding every detail so they can best represent your interests in insurance negotiations. They’re also going to give you advice, which you should take very seriously. If you have good legal representation and follow their direction, you’ll maximize your prospective benefits.
· Gather as much evidence as possible. To win compensation, you must show damages. Accordingly, you can improve your negotiating position by gathering as much evidence as possible related to your claims. Photos and videos are excellent for demonstrating the extent of damages, and you’ll also need to provide things like hospital bills and receipts for prescription medications. Your lawyer can help you figure out which types of evidence to gather and how to gather them.
· Decide on a strategy. Early on, it’s a good idea to decide on a strategy. Once you have all the relevant details on the accident and the extent of your injuries, you and your lawyer can decide how you want to position yourselves and negotiate. Do you have a goal for the amount of compensation you want to win? And what are you willing to compromise on?
· Get thorough medical care. Make sure you get all the medical care you need. That means going to the hospital immediately after the accident, following your doctor’s advice, and attending all follow-up appointments.
· Consider all harms you’ve experienced. Factor in every form of harm you experienced, including property damage, lost property, lost wages, and even your subjective pain and suffering.
· Be patient. It takes time to settle a case. Even for a relatively simple matter, it could be weeks or months before a final resolution is reached and dispersed. If your case is complicated, or if it goes to trial, it could take years. Be patient if you want to negotiate a larger settlement.
· Be willing to go to trial. Finally, be willing to go to trial (if it makes sense for your case). This puts you in a much stronger negotiating position, as the other side will want to avoid a trial if at all possible.
Negotiating a larger insurance settlement isn’t always possible, but with the help of a good lawyer, you can calculate the potential costs and benefits and decide to move forward if it makes sense to do so.
And if you follow the strategies in this guide, you’ll be much better positioned to get the settlement you deserve.