When it comes to negotiating with insurance companies about injuries to yourself, to your loved ones or about damage to your personal property, knowledge is power. You will probably need more than general knowledge about negotiation and costs. The more specific and targeted your information is, the better outcome you are likely to secure at the end of the extended negotiation process.
Depending on your case, the details will vary considerably in terms of time commitment, research and eventual probable outcome. However, as outlined on FindLaw, there are some basic principles you can put to work in the majority of these types of insurance negotiations.
Know your opponent
One of the biggest mistakes you might make — and one that many insurance providers invite you to make at every turn — is assuming that the company representatives have your best interests at heart. The reality of the situation is often more complicated.
Insurance claims adjusters — or anyone with whom you speak regarding your claim, regardless of job title — may want to give you access to funds. However, they probably also have the job of making sure that, from their company’s perspective, they do not pay you too much.
Know your situation
This dual agenda on the part of insurance providers leads to many people getting less than they deserve out of their insurance benefits. If you are paying for premiums, you should get the coverage to which you are entitled. However, it is likely that the companies will make you learn, work and wait before this happens.
This is why knowing the details of your injury, such as total expected cost of recovery, is often of critical importance. You would probably have to compile these projections yourself.
Know your options
There are various rules and regulations that both you and your insurance company have to follow regarding a claim. Depending on your case and your place in this regulatory context, you would probably benefit from knowing when — and how — it would be a good idea to accept, to reject or negotiate the details of various offers the company might make.