Did you know the insurance company you file a claim against actually controls your payout?
Insurance companies hold all the cards when it comes to your personal injury settlement. Here’s what you need to know…
Did you know that most people are clueless when it comes to what insurance companies really want?
Insurance companies have developed certain strategies when it comes to dealing with your personal injury claim, and they all have to do with reducing their payout. To really protect yourself when it comes to the settlement amount, you need to know what to look out for and how to avoid falling into their tactics.
Understanding these simple insurance company strategies can help you fight back against insurance companies that will stop at nothing to avoid paying you a fair settlement.
Quick list of what we’ll cover:
- How Insurance Companies Control Your Settlement Amount
- Insurance Company Game : The Real Numbers On Personal Injury Payouts
- Why Insurance Companies Rely On Delay Tactics
- Smart Tactics To Help You Fight Back Against Insurance Companies
How Insurance Companies Control Your Settlement Amount
Insurance companies are not in the business of handing you money when you file a personal injury claim. Their number one goal is:
Pay as little as possible for your injuries
Insurance companies are in business to protect their own bottom line, not yours. Even when you file a claim with your own insurance company, they will always look out for themselves first.
Studies show that 95% of personal injury cases end in a settlement before trial. This gives insurance companies a huge advantage in negotiations since most people will settle and not go to court.
But here’s the thing…
The people who fight for what they deserve see results. 70% of people who held out for better offers ended up receiving $30,700 more in settlement payouts than those who accepted the insurance companies first offer.
When it comes to more serious injuries, having an experienced personal injury attorney can make a big difference when it comes to understanding insurance company strategies and getting the settlement you deserve. Personal injury lawyers know exactly how insurance companies operate, and can help level the playing field when it comes to settlement negotiations.
Insurance Company Game : The Real Numbers On Personal Injury Payouts
Wondering how much personal injury settlements are worth these days? Here’s what the real numbers say…
Personal injury settlements fall between $10,000 to upwards of $75,000. There’s only one problem…
The type of injury makes a huge difference when it comes to payout amounts:
- Soft tissue injury: $2,000 – $8,000
- Bone fracture: $15,000 – $50,000
- Severe injuries requiring surgery: $100,000 – $500,000
- Brain injury and medical malpractice: $300,000 – several million dollars
Here’s what most people don’t know…
Insurance companies try to fight back as much as they can when it comes to offering high payouts. That’s where having a personal injury attorney can really make a difference. Statistics show that people with a lawyer receive a payout that is nearly 3x as high as those who don’t have one.
Why Insurance Companies Rely On Delay Tactics
Would you believe insurance companies are counting on you to accept their first offer?
Insurance companies actually want to prolong the settlement process. You might be wondering why they would do that? Well, here’s the thing…
Insurance companies know that money is tight for most of their customers. While you’re stuck worrying about your medical bills and lost wages, their accounts are full of cash. The longer they wait, the hungrier they think you’ll get.
Here’s how they pull it off:
- Questioning your injuries by saying treatment is unnecessary
- Disputing liability by saying you contributed to the accident
- Requesting unnecessary or excessive documentation
- Making lowball offers right out of the gate
Pretty sneaky, right?
But the good news is, once you know their tricks, you can start to turn the tables on them.
Smart Tactics To Help You Fight Back Against Insurance Companies
Wondering what you can do to protect yourself when it comes to the insurance company game? Here are the 4 proven strategies that can help:
Document Everything
Keep a detailed account of all medical treatments, days missed from work, and how your injuries impact your daily life. You want to take notes on how the injury affects your life, keep track of your bills, and document everything you do related to the case. Photos of your injuries and the accident scene are helpful, as are contact information for any witnesses.
Why is this important?
Insurance companies have all sorts of ways of reducing your payout. One of those is to dispute the details of your accident. The more evidence you have to back your claim up, the harder it is for them to fight against it. Having a ton of evidence also strengthens your hand during negotiations.
Know Your Claim’s Value
This is key…
You must have a firm understanding of your claim’s value before you ever begin negotiating. Insurance companies will try and take advantage of the fact that many people don’t know what their claim is worth.
When determining the value of your claim, you need to take into account medical bills, lost wages, pain and suffering, and impact on quality of life.
Don’t Accept the First Offer
Here’s a little secret insurance companies really don’t want you to know…
The first offer is almost never their best. It’s a “test” to see if you know what your claim is worth.
Insurance companies rarely start with their highest offer, and it’s not uncommon for them to start extremely low in an attempt to anchor negotiations in their favor.
Get Professional Help
Statistics don’t lie…
People with an experienced lawyer end up with a higher payout 95% of the time than people who negotiate on their own. An experienced lawyer knows how to fight back against insurance company tactics and can help level the playing field when it comes to settlements.
The Hidden Impact On Your Financial Future
Most people only consider their immediate medical bills when it comes to the value of their claim. Insurance companies know there’s more at stake here than that.
Here’s what you need to think about when it comes to your long-term financial future:
- Future medical expenses. Future treatment can easily cost more than your current medical bills. But if you take a quick settlement, you’ll be on your own when it comes to paying for it.
- Insurance companies will fight you tooth and nail when it comes to pain and suffering damages. It’s an important piece of the puzzle, but one that’s not as easy to quantify as the rest of your medical expenses.
The bottom line?
Insurance companies have entire teams of professionals whose only goal is to reduce your payout. They have detailed systems for valuing claims and years of experience negotiating with accident victims.
That’s why it’s so important for you to have professional representation on your side as well.
Wrapping Up The Settlement Game
Insurance companies have a major impact on personal injury settlements because they are the ones who hold the money. The insurance company you file a claim against will always do what’s best for them, even if it’s not best for your settlement payout.
Insurance companies have specific strategies when it comes to dealing with your personal injury claim, and it all comes down to minimizing their payout. Tactics like delaying the process, questioning your injuries, and making lowball offers are all expected and predictable.
But there’s a silver lining…
Once you know how insurance companies operate, it’s much easier to fight back against them. Proper documentation, professional legal help, and patience when it comes to negotiations can help you increase your settlement payout dramatically.
Insurance companies are in business to make money, and they will take advantage of you every chance they get. Don’t let them get the best of you. The difference between accepting that first offer and fighting for a fair settlement can mean tens of thousands of dollars for you.
