Received An Injury Settlement Offer? Treat It Like A Yard Sale Bargain
Negotiating a personal injury settlement is complicated. On one hand, you don't want to stick to an unreasonably high demand, especially if you want an out-of-court settlement. On the other hand, you shouldn't accept an extremely low offer. Treating the process like a bargain at a yard sale may help you handle it better. Below are a few useful tips you can employ:
Don't Act Excited
Acting overjoyed at a yard sale is the surest way to get the seller to stick to a high price. He or she will know that the item excites you, and you may be willing to buy it at any price. Similarly, you shouldn't act excited when an insurance adjuster makes his or her first offer. The adjuster expects you to negotiate so he or she isn't likely to offer you the highest offer in the initial stages. Acting excited signals that you don't know the value of your case, and this makes bargaining very difficult.
Know Your Last Price
In a yard sale, you must know the price you are willing to pay for every item that interests you so that you can walk away if the seller can't reach that price. If you don't know this from the beginning, then the seller can easily hoodwink you to pay a higher price. In the same way, you should know how much you are willing to accept before you start bargaining. Otherwise, you may be "convinced" or "tricked" into accepting a low offer.
Don't Mention Your Price Upfront
Whereas it's important to know the last price you are willing to pay for an item at the yard sale, the seller doesn't have to know it. Expect the seller to counter your first offer. Therefore, if you mention your last price, you aren't likely to buy the item at your price.
In a personal injury case, it's also not wise to request for the exact compensation you want. Insurance adjusters understand and expect to negotiate with you. Therefore, it's always wise to quote a little bit more than you expect to receive. This leaves you with some room for negotiation. Also, mentioning your real price may lead you to accept less money than you deserve if the adjuster was willing to pay settle for more.
Be Willing To Walk Away
Yard sales occur due to willing-seller, willing-buyer agreements. If you aren't willing to pay the last price offered by the buyer, then you just walk away. Similarly, you don't have to accept a low settlement offer even if the insurance adjuster insists it is the highest you can receive for your damages. After all, you reserve the right to sue the defendant should you not receive an attractive offer.
For further assistance, contact a personal injury lawyer, such as one from The Reed Noble Law Firm PLLC.
