Determining the Settlement Value of Your Personal Injury Claim
Personal injury settlements are complicated and uncertain things, and the process of reaching a settlement with your insurance company is often time-consuming and confusing. You may not have any idea what to expect or what a reasonable settlement offer is. An experienced Florida personal injury attorney may be able to help you navigate the process and explain what you might expect as far as settlement values after your initial interview. Your attorney has a great deal of experience, and he will weigh all the factors and relevant questions of your case when discussing possible settlement ranges with you.
After you agree on a general settlement range, your Florida disability attorney will present it to the insurance company and see if the insurer will agree that it is a reasonable demand. The ultimate decision is yours: the number may seem unreasonable to you, but it is important to seriously consider your attorney’s recommendation as to what your case is actually worth.
The demand figure issued by your attorney in the first letter of settlement negotiations might seem high, because it is almost always much higher than the actual settlement range you can expect; this is a negotiation tactic in which you ask for much more and negotiate down to a more reasonable level. An experienced Florida personal injury attorney will cite a figure that gives both parties room to negotiate within, so don’t get your hopes up that you will actually get the figure requested at first.
You might wonder why your attorney doesn’t request an extremely large sum from the beginning if the insurer is just going to negotiate it down anyway. Some believe that because the carrier comes back with a lower figure than the demand, your attorney should make the initial demand that much higher. But the truth is, if the first demand figure is unreasonably high, the insurance company will probably not even respond to a request for settlement. This will just delay the process and cause the insurer to refuse to make any settlement offer at all. The insurer is more likely to deal with a claimant whose first demand is at least somewhat reasonable.
If you have further questions about how to negotiate with your insurance company, contact experienced Florida personal injury attorney John Fagan for a free consultation.