How to Expertly Negotiate in a Personal Injury Settlement

How to Expertly Negotiate in a Personal Injury Settlement

A slip and fall, medical malpractice, or motor vehicle mishap can cause unimaginable property damage, lost earnings, and medical expenses. You can recover compensation through a personal injury lawsuit. However, the insurance firm may propose a settlement instead of litigation. 

They may offer a meager initial settlement offer. However, your lawyer will take over by making a counteroffer, and the negotiations will continue until they reach a fair amount. Involving a lawyer from the inception is advisable to avoid insurance firms taking undue advantage of you. 

How Personal Injury Settlement Negotiations Work

A personal injury lawsuit can take months before going to trial. After filing the complaint, the parties can negotiate to resolve the case before it proceeds to trial. Over 95 percent of accident issues end through settlement negotiations. 

A settlement agreement is a guaranteed offer to forgo every legal claim. Sometimes, negotiations can last months before a settlement value is agreed upon. 

At the beginning of the case, the parties may not have enough information on guilt and the amount of damages involved. However, things will become more apparent over the course of litigation. 

The initial settlement offer is often low and insufficient. The insurer wants to maximize profit and avoid litigation costs. However, once you engage a reputable personal injury lawyer, the insurance company will sit tight and take your issue seriously. They understand that things can swing either way once a professional is on the table. 

Settlement negotiations can linger until trial. Some cases even settle on the day of trial. Usually, settlement is a better option for all parties because trials are costly and juries are unpredictable. Thus, you can quickly get a guaranteed offer through settlement devoid of stress. 

Settlement Tricks Insurers Often Employ

Insurance firms often prioritize their profit in every deal. They want to get away with offering a miserable offer even when it is evidently insufficient for your losses. You can hardly win them as a layperson because they have dealt with numerous injury victims. 

They usually deploy their negotiation arsenal to outsmart victims with low offers. Their settlement tricks include:

• Pretending to be supporting you
• Offering a quick and seamless offer because of your fragile situation
• Attempting to use your words against you
• Giving unrealistic deadlines to resolve the issue
• Deploying private investigators to collate proof against you
• Luring you into a settlement before engaging an attorney

“Insurers are skilled negotiators. They make settlement offers that only favor them. It is their usual modus operandi, and that is why you should contact a skilled personal injury lawyer immediately after the incident to ensure you have someone with matching skills by your side,” says personal injury attorney Tim Sechler from Sechler Law Firm, LLC.

What If the Settlement Offer Is Unsatisfactory?

As stated earlier, insurance companies often make a demeaning first offer to outsmart you. The offer is often insufficient for your medical bills. 

You can reject the settlement offer if it is unsatisfactory. It will serve as the starting point for your legal representative. In other words, the settlement negotiations just began!

Settlement often involves numerous counteroffers and back-and-forth offers. Your lawyer may begin with a demand letter, to which the insurer will reply with a low offer. The negotiations will linger with counter offers until both parties settle on an amount. 

The insurance company can make a fair offer after some months of negotiations. You must engage a dodged lawyer who can withstand their tricks and tactics. 

When to Accept a Settlement Offer

You must consider some factors to accept a logical settlement offer. They include:

• Worth of your damages (lost wages, medical expenses, and anticipated medical needs)
• Strength of your matter
• Negligence of the defendant
• The desire for a quick settlement

You can explore the trial route if you have a compelling case to ensure the system holds the defendant accountable. However, you may accept the low offer from the insurance adjuster to avoid litigation stress and cost. Your lawyer can enlighten you on your settlement demands. 

How an Attorney Can Negotiate Your Personal Injury Claim

The insurance firm has expert negotiators; they know how to maximize profit by luring victims into accepting low-ball offers. On the other hand, a reputable personal injury attorney also knows how to negotiate for a fair settlement expertly. 

Hence, allow your attorney to interface with the insurance company. They will handle the settlement process while you focus on healing. 

Your lawyer knows the estimated value of your case and will handle the negotiation process expertly. They will keep you updated as the negotiations unfold.