Be it a car accident, medical malpractice, or another incident which left you filing a claim in order to receive compensation for your injuries, in all of these cases you will find yourself submitting a letter of demand to an insurance company. An action which leads to negotiations. Be sure to write your demand letter carefully and after a lot of research, on top additional supporting documents, in order to shorten the negotiation process to a mere select few phone calls with the insurance company’s claims adjuster. To further help you through this process, we have put together a guide to negotiations with an insurance company.
Workings of The Negotiation Process
The initial phone call with the chosen insurance company’s claims adjuster will be all about discussing the strengths and weaknesses of the claim you filed with them. Following this, the adjuster will put forward a settlement offer which will be significantly lower than the amount you had previously requested in the letter of demand. Because of this, you will then counter demand an amount, which is higher than the offer just put forward, but still lower than what you originally, asked for in your demand letter. In most cases, a number will be settled on after no more than three phone calls.
Side Note: Don’t Be Alarmed by A Reservation of Rights Letter
In some cases, your insurance company will send you reservation of rights letter, which is meant to protect the company by stating that your claim is currently under investigation in order to check whether the type of accident you had is actually covered by your insurance policy. During this time, the insurance company will make use of their right not to pay you until investigations are wrapped up in order to prevent you from claiming it has to be covered, since the company already began negotiations over your claim.
Come Prepared with An Acceptable Settlement Amount
While you are writing your demand letter, it would already be wise to have an acceptable settlement amount in mind. You can estimate this by checking how much your claim should be worth, going by other settlements of similar claims. Furthermore, you should also go into negotiations with an acceptable minimum, which you should absolutely keep to yourself and never disclose to the adjuster. This minimum is purely a guideline, so you won’t accept a lower amount under pressure. The personal injury lawyer in Camrose will ensure that your claim is paid completely. It is important that you work with a lawyer that is experienced at out of court settlement and at trials. They will ensure that you get maximum compensation for your injuries.