Getting injured in a car accident is often a traumatic and life-changing experience. Unfortunately, the negotiations with insurance companies after the accident prolong the stress. Your own insurance company and the opposite party’s insurance company will work to settle for the least amount of money, taking away from the fair compensation that you deserve.
Understand your Insurance Policy
Wisconsin law requires you to have Bodily Injury Coverage ($25,000 per person and $50,000 per accident), property damage coverage ($10,000), and uninsured motorist coverage. There are also optional types of insurances in Wisconsin in addition to the required: Collision coverage, comprehensive coverage, and medical payments (MedPay). If the at-fault party has more insurance than is required, then your settlement may be higher. It is important to know your insurance coverage before entering the negotiation room to ensure that you maximize the benefits.
Your insurance company does not technically represent you, they are still looking out for their own interests. Insurance companies’ goal is to minimize the settlement at your expense. Therefore it is important to hire an experienced personal injury lawyer who will watch out for your best interest and fight the insurance companies to demand the settlement that you deserve.
Know your Claim’s Worth
Before meeting with the insurance company, it is important to consult with your lawyer first to understand what is on the line. Your lawyer can help you calculate how much settlement money you should fight for. The severity of your injuries, the effects of these injuries, and the available insurance coverage will determine the value of your claim. Special damages are a specific dollar amount and are also known as economic damages. These include medical bills like ambulance fees, hospital bills, treatments, and medications, property damage, and lost income. Non-economic general damages do not have a set dollar amount and are sometimes harder to prove. These include pain and suffering, loss of enjoyment of life (inability to enjoy hobbies, interests, and general life, and mental distress including anxiety and depression.
Do Not Settle Quickly
Do not let the insurance company rush you into a small settlement that does not fairly cover your expenses and damages. Do not accept their first offer but be prepared to discuss the settlement. It may be necessary to postpone further negotiations until you have time for a thorough medical evaluation to understand the full extent of your injuries.
- The initial offer is the jumping-off point for negotiations. Insurance companies understand that this is a stressful process that you most likely want to get over with as soon as possible. With the help of an experienced personal injury lawyer, you can negotiate off the initial offer to fight for compensation you deserve.
- Insurance companies don’t serve your best interests. The insurance companies’ goal is to minimize the settlement, and making a quick offer is often the best way to accomplish their goal. If you accept the initial low settlement offer, you will be unable to negotiate later if you realize that it was not enough to cover your damages and injuries.
- You don’t know the full scope of your injuries. Some accident injuries may persist longer than expected. It is important to allow for time for a thorough medical evaluation to properly assess the full extent of your injuries and the settlement that should accompany them.
Hire an Experienced Wisconsin Personal Injury Lawyer
It is essential to hire an experienced personal injury lawyer in Wisconsin to ensure that you receive the settlement that you deserve. Do not let the insurance companies take advantage of you in a vulnerable state after a car accident, contact Konstantakis Law Office today.
