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Personal injury law helps accident victims get the justice they deserve by ensuring they’re compensated for their losses–property loss and bodily injury. The main goal is to indemnify you, but shouldn’t you get the maximum amount possible? It’s important to be well prepared if you intend to recover damages for your loss through an insurance company.

Insurance companies typically trick their claimants to reduce the amount they’re entitled to for the sake of protecting their bottom lines. Unfortunately, it’s hard to negotiate with insurance adjusters on your own. In other words, you needed legal assistance when engaging insurance adjusters and that’s why most people hire a car accident lawyer in Alaska.

Tips for Negotiating the Maximum Settlement Possible

Preparing yourself to face an insurance adjuster is the first step in getting the best outcome thus, the following tips can help claimants maximize their settlements for injury and property damage.

1. Gather Relevant Paperwork

Even before involving an injury lawyer, make sure your paperwork is organized. The relevant paperwork should include all documents related to the accident, such as information gathered at the accident scene–witness statements, details of the faulting driver, and more. Also, your lawyer will require a copy of your insurance policy to establish to initiate the recovery process.

As a standard requirement, an insurance policy must be active for the policyholder to be compensated–defaulting premiums potentially terminate an auto insurance policy. Police reports and other evidence gathered at the accident scene help the insured and their legal team build a strong case. Such evidence can come in handy if, for instance, the insurance adjuster tries to blame you for the accident.

Your medical record is also relevant to the claim. Ensure the record paints a true picture of your recovery journey, starting from the date of the accident to date. The record should be accompanied by medical bills and all receipts for the expenses related to your injury. Such expenses can include:

• Out-of-pocket expenses related to the accident, such as towing charges, boarding fees, and car repair expenses;
• Rehabilitation expenses;
• Expenses incurred to acquire assistive devices, such as wheelchairs and crutches.

2. Know the Worth of Your Claim

The value of a claim is calculated in the following way:

Step 1: Add economic damages (medical bills and out-of-pocket medical expenses) and non-economic damages (lost wages, emotional distress, lost opportunity to earn, and others).

Step 2: Multiply the figure you got in Step 1 by one to two times to incorporate non-economic damages (pain and suffering).

The multipliers in Step 2 are only applicable to less severe or minor injury cases. Fair settlement for claims involving serious injuries, such as wrongful deaths is calculated by adding medical bills and other related expenses and then multiplying the sum by a multiplier of 3 to 5. Making such calculations can be confusing for laymen and that’s why you should involve an injury lawyer to help you get a fair settlement.

3. Send a Demand Letter to the Insurance Company

A demand letter is a summary of what you claim for your loss– sending this letter is the first step of the recovery process. Well-drafted demand letters help settle injury claims faster and avoid costly litigations.

Drafting a Demand Letter

The demand letter should be based on relevant information and facts. Having said that, you should refer to the documents or records related to the accident, such as police reports, medical records, and others.

Also, you must present the facts without exaggerating but make sure the strongest arguments are incorporated. Explain everything comprehensively by describing the loss incurred before requesting a specific settlement amount.

What to Include in a Demand Letter

The following details should feature in a demand letter, besides including relevant facts–as aforementioned:

a) Statement on the Other Party’s Fault

Give reasons why the other driver is liable for the crash, the loss incurred, and how the loss has impacted your life. The statement should be backed up with the accident or police report, pictures taken at the accident scene, witness statements, and others.

b) Medical Expenses

List all medical expenses incurred, the medical facilities that handled your injuries, details of your doctor, and all costs related to your injuries. The insurance company might request an independent medical examination to verify your claim–it’s standard procedure for most insurance companies.

c) Other Damages

Other damages can include pain and suffering and more. Describe how your life has been affected by the accident.

4. Develop a Negotiation Strategy

Once you settle for a settlement value, decide the lowest settlement amount you can take without filing legal action. The minimum amount should not be revealed to the adjuster–it’s only for reference.

Negotiating a fair settlement with an insurance adjuster is not as simple as it sounds. However, the tips in this article, and others, can help you make better choices.