Insurance companies are in the business of making money. Insurance companies will likely help them by providing financial relief through claims and settlements. However, an insurance company will try its best to reduce the compensation amount of the accident victims.
On the other hand, it will be most beneficial for accident victims to hire an oilfield accident lawyer as they can ensure fair compensation front the insurance company and an ideal settlement from the responsible party for the accident.
After the accident, the victims will likely interact with the insurer to settle. In such cases, it would benefit you if you knew how to negotiate a higher settlement.
Tips for negotiating and achieving a higher settlement from the insurer:
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Documentation
Before you start negotiating, ensure you have all the necessary documentation to support your claim. It includes medical bills, out-of-pocket expense receipts, and documentation of lost wages. You should also have a written record of the accident, including the date, time, location, and any witnesses’ names and contact information.
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Claim’s value
The first step in negotiating a higher settlement is determining the value of your claim. It includes calculating your damages, such as medical expenses, lost wages, and property damage.
You should also consider any non-economic damages, such as pain and suffering, loss of enjoyment of life, and loss of consortium. An excellent way to determine the value of your claim is to review similar cases and see how much they were settled for.
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Initial offer
It’s important to remember that the first offer from the insurance company is rarely their best offer. It is often significantly lower than what you are entitled to. Don’t hesitate to counter their offer and negotiate for a higher settlement.
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Alternative dispute resolution
If you cannot agree with the insurance company, you may consider alternative dispute resolution methods, such as mediation or arbitration. These methods can be less formal and may help you reach a mutually acceptable resolution.
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Strong case
When negotiating a settlement, making a solid case for why you deserve higher compensation is essential. It presents evidence of your damages and explains how the accident has affected your life. It would help if you also were prepared to provide documentation to support your claims, such as medical records and proof of lost wages.
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Hire an attorney
If you need help negotiating a settlement or face pushback from the insurance company, consider hiring an attorney. An experienced personal injury lawyer can help you negotiate a higher settlement and advocate for your rights. They will also be able to advise you on the strength of your case and the likelihood of success in court.
