How to Negotiate a Personal Injury Settlement
Have you recently been in an accident and suffered from personal injuries as a result? If so, you want to do everything you can to ensure the person or business responsible ends up paying you the amount you deserve.
Unfortunately, most people end up making a lot of mistakes when fighting for the full amount of their personal injury settlement.
You may have to accept less for a personal injury settlement, depending on circumstances, but that doesn’t mean you shouldn’t take the extra time to negotiate the best deal possible.
Here are some of the advice on how to negotiate a personal injury settlement.
Know Your Bottom Line
The first step is to know your bottom line. What is the least amount of money you will accept to settle your case? This means knowing how much money you need to cover your medical expenses, lost wages, and other damages.
Once you have your bottom line, you can start negotiating with the insurance company. It’s important to remember that you shouldn’t accept the first offer they make. If you feel like you’re being low-balled, don’t be afraid to counter-offer.
Understand the Other Side’s Position
It is important to understand the other side’s position. This means understanding their possible motives and interests in the case, as well as their bottom line.
What are they hoping to achieve? How much are they willing to settle for? Knowing this information will help you formulate your own strategy and ensure that you are getting the best possible outcome.
Start High and Expect to Settle Somewhere in the Middle
The general rule of thumb is to start high and expect to settle somewhere in the middle. For example, if you have $10,000 in medical bills and lost wages, you may initially request $30,000-$40,000.
The insurance company will likely come back with a much lower offer, but if you start high you will have room to negotiate down to an amount that is more acceptable to you. Be sure to document your personal injury and keep track of any medical treatment you receive so that you can back up your personal injury settlement request.
It is to your advantage if you have an idea of the average settlement payout you can expect from a paraquat lawsuit.
Be Prepared to Walk Away
You will need to be prepared to walk away from the negotiation if necessary. Start by knowing how much your case is worth and what you are willing to settle for. Then, make an initial demand that is higher than what you are actually willing to accept.
From there, the insurance company will likely counter with a lower offer. Prepare to walk away from the negotiation if the other side refuses to reach your bottom line. Sometimes, the best settlement is the one you don’t make.
Protect Your Rights by Understanding How to Negotiate a Personal Injury Settlement
It is important to remember that you are not required to accept the first offer from the insurance company. If you feel that the offer is too low, you can negotiate for a higher settlement. Follow the tips in this article to help you how to negotiate a personal injury settlement that is fair to you.
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