Advice On Negotiating A Settlement With An Insurance Company

During those investigations the claimant should provide the insurance company with all the requested information. In that way, the claimant’s hope for winning a fair compensation should enjoy a greater likelihood of realization.

As the negotiations proceed, the claimant has the right to recognize and respond to any bid from the insurance company.

Smart claimants learn the true value of their damaged motorcycle.

In order to determine how much money to expect from the insurer, the claimant should consider the following:

—The cost of any needed medical care
—The value for any pain and suffering
—The value of any lost income, when the injury prevented a return to work
—The costs associated with handling the demands created by a long-term condition.

Using the above factors, plus the information on the damaged vehicle’s value, the claimant should form in his or her mind the figure that should match with the figure in a fair settlement.

Actions to take, after determining the value of the submitted claim

Send a demand letter, including documents that should serve as support for the claim; end letter with a demand. Wait for response; if initial offer is reasonable, respond with a counteroffer.

If initial bid is a low-ball offer, send a letter, and ask the adjuster to provide a reason for introduction of such a low offer. Also compare that low offer with the mental figure, the figure you arrived at by studying the factors mentioned above. If the mental figure is close to the adjuster’s bid, then increase the size of the same number/figure.

If the response to the demand letter consists of a request for more information, try to satisfy that request. Failure to do so, could delay considerably the time when an initial bid might be made by the adjuster.

Once you receive a response to your counteroffer, keep sharing offers and counteroffers with the adjuster until both sides have agreed on a settlement figure.

Once both sides have agreed on the amount of a settlement, send a letter to the adjuster, and ask for confirmation of the agreed-upon settlement figure. Learn the date for when the money should be sent to the claimant, or the claimant’s chosen attorney. In that same letter, ask for details, regarding exactly what damages the money in the promised settlement package should cover.

While waiting for the promised money, you might want to speak with your attorney regarding the name on your checking account. Your personal injury lawyer in London might call you by your nickname. You do not want to get a check that bears your nickname, since you would have to get that name changed, in order to deposit the delivered money in your bank account.