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Getting into a car accident can turn your life upside down in seconds. In addition to the shock of a car accident and injuries, there is also a question that most people quietly stress about: How will I get compensated?
You can receive compensation either through a settlement or a court judgment. Most car accident cases result in settlements. Negotiating with insurance companies can be challenging, mainly because insurers are often focused on protecting their bottom line.
However, once you understand how car accident settlement negotiations work, you can remain in control of the outcome, ensuring you do not leave money on the table and give the insurance company the upper hand.
Understanding What Your Car Accident Claim Is Really Worth
Before initiating any negotiation with the insurance company, you need a clear picture of what your personal injury claim includes. Your damages may go beyond repair bills or an ER visit. A solid settlement demand should account for all losses, including medical expenses (past and future), lost income, reduced earning ability, property damage, and the physical and emotional toll of the accident.
Additionally, you need to factor in fault. New York law applies a pure comparative negligence rule, which means your percentage of responsibility reduces your compensation. This does not mean that you won’t receive a car accident settlement at all, even if you were partially at fault, just that the total amount you receive may be less than you expected to account for the damages you caused.
Decide the Ideal Outcome You Want from a Personal Injury Case
It is also vital that you consider what a fair settlement after a car accident looks like for you. What amount would cover your losses without having to go back to your pocket? This is why it is so important to preserve evidence in the immediate aftermath of a car accident so that you have the proof to back up your claims.
Also, ask yourself what the lowest number you would accept is. A range can give you clarity and confidence going into negotiations.
Once you have a specific range, do not share it with the insurer. The target numbers are for your decision-making once you’re presented with an offer, not for the other side.
Send a Clear, Detailed Demand Letter
Once you have calculated your car accident claim’s value, put it in writing. A demand letter should clearly explain how the motor vehicle accident happened, your injuries, medical bills, ongoing symptoms, vehicle damage, and financial losses. Then state the amount you are requesting.
Since insurers usually counter with a lower offer, it may be reasonable to ask for more than what you would reasonably accept. This leaves room for negotiation without undermining your credibility. To ensure you present your demand persuasively and accurately, consider seeking legal guidance from a law firm experienced in handling car accident settlements.
Common Pitfalls When Communicating with the Insurance Company
When communicating with the insurance company, stick to the facts and avoid speculation or emotional statements. Do not admit fault and be particularly cautious about giving recorded statements without legal advice, and because every interaction matters, keep everything in writing.
If the insurance company calls, take notes during the conversation. Insurance companies are trained to spot comments they can use to reduce compensation, and even casual remarks can be used against you. This is why it is smart to leave communications with the insurance company to an experienced car accident lawyer.
Never Accept the First Offer After an Auto Accident
Initial car accident settlement offers are almost always low because they hope you will settle quickly and they can get the case off their desk. Treat the first offer as a starting point. A thoughtful counteroffer shows that you understand the value of your claim and are prepared to negotiate or, failing that, to take the case to court if necessary.
Contact Our Car Accident Lawyers for a Free Consultation on Your Car Accident Claim
If you are overwhelmed by negotiations after a car accident or would prefer expert legal representation from the outset, the experienced personal injury lawyers at the Monarch Law Group are here to help. We protect car accident victims’ interests and help you pursue compensation that reflects your losses. Contact us today to schedule a consultation.
