What Takes Place During Injury Settlement Negotiations
Whether you’ve filed an insurance claim or personal injury lawsuit in relation to the injuries that you’ve suffered from because of an accident, you may eventually enter negotiations against the insurance company or defendant before you receive a favorable settlement offer. These negotiations can determine whether the offer you receive is fair or is much lower than you had anticipated. While you’re preparing for these negotiations, you should brush up on what they entail.
When Negotiations Typically Begin
After you send in a written demand letter that requests a high amount of compensation, the negotiation process should begin within a couple of weeks. The adjuster with the insurance company in question will either contact you or your lawyer within one or two weeks following the sending of the demand letter. Once the negotiations have begun, there’s no time limit to how long these negotiations can last.
Basic Steps During Settlement Negotiation Process
The first step in the settlement negotiation process typically begins with sending a demand letter that requests a high amount of compensation, which is then followed by the insurance adjuster contacting you to inform you about why this amount is too high. You can then make a response to these arguments. In many cases, the adjuster will then send a low settlement amount to determine if you’re in a hurry to receive compensation. If you don’t accept this offer, you may want to slightly lower the initial amount you requested in the demand letter. This process can continue until you’re satisfied with the amount that they are offering.
What To Do If You Don’t Receive Response From Insurer
Once you’ve sent a demand letter to the insurance company in question, there are times when they may not send a response in the customary two-week period. It’s at this point that a call to the claims department may be necessary. During the call, you should request a specific date for a response to your demand letter. To heighten the chances that you receive a favorable settlement amount, you’ll likely want to request the assistance of a personal injury lawyer Las Vegas. A personal injury lawyer will be able to handle every step of the negotiation for you, which reduces the possibility that a mistake is made.