by Deker » Wed Feb 26, 2014 8:33 am
The scope of your question as I read it pertains to the value one should expect when settling a car accident injury claim. Before you can settle a case, you must gather sufficient information to permit both sides to evaluate the case as strengths and weaknesses. If there is a significant disparity in the parties evaluation of the case, it is highly unlikely that the case will settle unless there is a small amount of money involved or actions are taken to persuade one or both sides to reevaluate their position. The prospects of settlement and the effort which is often required to achieve them should not be underestimated nor should they be ignored.For both sides began to reach an agreement in their valuation of the case, each should possess the same significant knowledge, facts, opinions of the facts and conclusions as to the liability and damages. The best way to begin accomplishing this goal is for the plaintiffs, i.e. you, and your attorney to send a demand letter to either the insurance carrier or defense counsel. As I review the post it appears that you may have already done so. Take great care to analyze carefully their liability and damages involved. Of course, consider the defendant's ability to pay any judgment as well as the requested settlement amount. As a practical matter, if the case has settlement value above a nominal sum, you should file suit promptly because it is unlikely that the insurance carrier will respond favorably and expeditiously to a substantial settlement demand unless liability is clear and the damages far exceed the policy limits. Thus, in significant cases, as it sounds in your case, it is often necessary to involve supervisors or defense counsel in reviewing a file for settlement purposes.Unfortunately, no matter what value you place on your case, it will be necessary to ask for more than you are willing to accept. The insurance industry is designed in such a way that the insurance adjusters generally assume that you're opening number is inflated and, therefore, that you will except less in settlement. As it acts claims representative myself this is one of the fundamental place in the insurance playbook. Second, it is essential that they save something off your opening demand in order to demonstrate that they are effectively performing their duties. The old saying is everyone has a boss. Bearing that in mind, a reduction allows the adjuster to demonstrate to his or her boss that they are doing their job. However, in preparing to play this game, take care not to ask such an outrageously large sum that the carrier summarily rejects or demanded refuses to make a counter offer thus forcing you to bid against yourself.TO BE CONT. www.BodeyLaw.com 27 months ago http://www.BodeyLaw.com