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December 2019

How does an insurance company decide to settle a claim?

If you sustain injuries as the victim of an auto accident, questions surrounding insurance compensation are sure to be on your mind.

You deserve financial compensation to cover your medical expenses, but how does an insurance company settle a claim? What should you expect to receive?

An inside look

In a book entitled “How Insurance Companies Settle Cases,” the author cautions claimants to avoid “Monday mornings and Friday afternoons as this is the busiest time for adjusters.” Insurance company representatives sift through piles of paperwork to determine the amount of financial compensation to offer injured victims of vehicle crashes.

What you can do

If you can, collect as much information as possible following a vehicle crash; it can make a significant difference in the way an insurance company handles your claim. Use your smartphone to take pictures of the vehicle damage, license plate numbers, the other driver’s license and insurance card, and the crash site. This is the kind of information that provides the best benefits when the time comes to file your claim.

The insurance company mindset

Insurance companies try to retain as much money as they can. An insurer may offer you a lowball settlement check at the outset, hoping you will take it so they can close the case. They could also deny your claim. Fortunately, you can avoid dealing with the insurance company altogether by relying on an experienced advocate who ensures the protection of your rights.

Looking ahead

Remember that insurance company adjusters thrive on documentation. This is one of the reasons to visit a doctor as soon as possible following an accident. You can give a copy of the medical report concerning your injuries to your attorney who, in turn, will use that information when negotiating with the insurance company on your behalf. According to the information presented, claims adjusters will often offer “two-thirds or one-half of the demand received from the plaintiff’s attorney.” However, an attorney experienced with the way an insurance company decides to settle a claim will accept nothing less than full and fair compensation to cover your medical expenses, lost wages, pain and suffering and more.

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