If you decide to negotiate the terms of your injury settlement with the insurance company, a bit of basic preparation and knowledge can mean the difference between a settlement that you are happy with and one you will regret. What follows is a list of three of the most basic things you should know about the process.
The insurance company will usually not settle until either you are finished treating your injuries or until they have a clear idea of when you are likely to be done treating your injuries.
As an insurance adjuster, I was often accused of stalling when it came to offering a settlement to an injured party. Believe me, stalling is the last thing that the insurance company wants to do. Remember, however, that insurance companies are representing the party whose negligence lead to your injury. In order to protect their client, the insurance company will want to make sure that they are controlling their insured’s costs, as well as their own. Insurance companies do this in two main ways.
First, they try to pay you once, for all the expenses associated with your accident and its aftermath. If they wait until you are done seeking treatment, it is much less likely that you will return to them again later with more expenses. Second, the insurance company will want you to sign a release saying that what they are paying you covers your losses/pain and suffering; and that you agree not to ask for more money later. If you settle when your treatment is over, there is a better chance that you can sign a release with confidence that you have been justly compensated.