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Insurance companies aim to minimize their losses and mitigate the damages for their insureds. For instance, an insurance company may only offer a person $7,500 even if their medical bills are $10,000. Unfortunately, too many people think that the initial offer is the most they will be able to get, and they agree to settle for it.
However, if the person has an attorney representing them, the attorney can point out to the insurance company the full extent of the damages. For instance, the person may have a permanent injury that requires ongoing medical treatment, lost time from work, and lost opportunities to engage in activities they once enjoyed.
An attorney can make the insurance company understand that the person is entitled to compensation for these damages. This often results in the insurance company offering a higher settlement amount to reimburse the person for their losses more completely.
Using Litigation As A Bargaining Chip
Does the threat of trial enhance the likelihood of a better settlement? In short, the answer is probably yes. However, it depends on the specifics of each case.
If an insurance company believes that a jury will find in its favor, then the threat of going to trial won’t make a difference. But if they believe that a jury could go either way, the risk of a trial can lead to a higher settlement offer. This is especially true in cases where a victim has suffered catastrophic and permanent injuries and there is a high risk of an excess verdict against the insurance company’s insured.
In such situations, insurance companies do not want to risk having to pay out of their own pockets, so they may offer a higher settlement to avoid a trial. Additionally, preparing for a trial is time-consuming and expensive, so the threat of a trial can also impact settlement offers from that standpoint.
Ultimately, the decision to go to trial or accept a settlement offer should be based on a thorough evaluation of the case, weighing the potential risks and benefits of each option. Your attorney can provide guidance and advice on the best course of action allowing you to make an informed and confident decision about how to move forward with your case.
Why Experience Is Key
An attorney’s trial skills come into play primarily when a trial has been set for a case. At the beginning phases of an insurance claim, an attorney’s experience in negotiation is more relevant. This is important to note because negotiation skills are essential for an attorney to secure the best settlement possible for their client outside of a trial.
What’s more, negotiation continues to play a significant role even during trials, where both parties attempt to negotiate before the case is turned over to a jury. Therefore, both negotiation and trial skills are important for an attorney to possess to ensure their client receives the best possible outcome.
With the guidance of a skilled attorney for Personal Injury Law, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Personal Injury Law in the Florida Panhandle, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (954) 678-5155 today.
