by Kwtaper » Tue Jun 10, 2008 04:19 pm
My vehicle was hit by another in December 2007.
That party and their insurance co. accepted responsibility.
Thus far that company has done a timely job at reimbursing for deductible, towing, car rental, medical bills (3 doctors' visits) plus physical therapy (9 sessions).
The injuries that resulted from the accident are considered soft-tissue injuries.
Now I am working on the injury part of the settlement. I am opting for the time being to forgo an attorney since we are not looking at major damage or injuries, but want to make sure I am getting best possible settlement that is reasonable.
Although no missed earnings from work (I'm salaried, not hourly) loss of time from the office to make it to appointments added stress to my work schedule.
The insurance company originally offered $2,000 to settle and now increased to $2,500.
My original thoughts targeted $5,000-$6,000 range.
Any advice on how to handle their offer and my target? Thanks.
That party and their insurance co. accepted responsibility.
Thus far that company has done a timely job at reimbursing for deductible, towing, car rental, medical bills (3 doctors' visits) plus physical therapy (9 sessions).
The injuries that resulted from the accident are considered soft-tissue injuries.
Now I am working on the injury part of the settlement. I am opting for the time being to forgo an attorney since we are not looking at major damage or injuries, but want to make sure I am getting best possible settlement that is reasonable.
Although no missed earnings from work (I'm salaried, not hourly) loss of time from the office to make it to appointments added stress to my work schedule.
The insurance company originally offered $2,000 to settle and now increased to $2,500.
My original thoughts targeted $5,000-$6,000 range.
Any advice on how to handle their offer and my target? Thanks.
Posted: Wed Jun 11, 2008 09:05 am Post Subject:
The insurance company originally offered $2,000 to settle and now increased to $2,500.
I'm sure that you always have the right to ask your insurance co. to explain on what basis they wanna settle it at $2500.
Posted: Wed Jun 11, 2008 09:32 am Post Subject:
Hi anonymous00,
I think he should first let us know why he has though it to be worth $5-6k. I've seen quite a few soft tissue make overs during the past few years & to tell you the truth I think these are pretty much cost-effective & consumes lesser time.
Thanks,
GordonS
Posted: Wed Jun 11, 2008 10:05 am Post Subject:
Hey there..the biggest hurdle was to convince the insurance co. to accept responsibility over it & I'm happy that you are done with that already. Now, there is a challenge to get your point across to them.
I'm sure you know, that its not always easy to get the insurance co. accept your proposal the way you want it. They would definitely lay their hands on claims the way they visualize it. Wait for more negotiations with the adjusters & make it more vivid for them (preferably with data supported by a professional regarding your condition.)
Posted: Wed Jun 11, 2008 11:27 am Post Subject:
I think he should first let us know why he has though it to be worth $5-6k.
I agree GordonS...OP how did you come up with this figure?OP, what is the total amount of your medical bill? and how much of this amount is diagnositic? I know you didn't lose any actual money from work, but how long were you off? Have you completely healed?
Is the 2500.00 they are offering in ADDITION to all medical bills etc?
If this is a simple soft tissue injury that has cleared up now, frankly I think this 2500 is a pretty darn good offer! But more information from you will help us understand....
Posted: Wed Jun 11, 2008 03:54 pm Post Subject: Reply
Thank you for the comments and questions. Here are some more details of the Arizona accident:
The $2,500 is in addition to their paying off the health insurance company and the lien placed by the physical therapy group I worked with.
I figured the following in coming up with my request:
Time invested between doctors and PT visits @ $20/hour = $800
Co-Pays = $390
Diminished car value = $500
Mileage = $60
Actual pain and emotional stress = $3,250
So in my eyes, an offer of $2,500 puts a price of $750 on actually being in pain and the stress of dealing with the issues surrounding the accident itself and the effects that driving again and having to get past the tension and anxiety. That doesn't seem to make sense to me.
The insurer claims that $193 per appointment seems like it should be fair. Although that is not how they actually determined their settlement offer.
Posted: Wed Jun 11, 2008 03:58 pm Post Subject:
Oh - and I have stopped PT and am now free of pain. But had 2-3 months of time when I was hurt. I missed an average of 3 hours per week out of the office.
Posted: Thu Jun 12, 2008 04:03 am Post Subject:
First and foremost... Diminishment of value is a property damage loss, not a bodily injury loss. So it should not be considered under the injury settlement.
Your question initially was how to get them to increase their offer (I won't address if your demand or their offer is fair). Time is on your side. The adjuster wants to close this claim and the longer it stays open the more chance their is that the loss will increase. You may want to bring up possible future medical treatment. You should also be asking for more then your willing to settle for. This gives you room to negotiate which is the name of the game. Lastly, you can always end with a "final" demand, such as telling them you will settle for $xxx more then they are offering, offering to sign a release and be done for that amount.
Posted: Thu Jun 12, 2008 11:50 am Post Subject:
First and foremost... Diminishment of value is a property damage loss, not a bodily injury loss. So it should not be considered under the injury settlement.
Thanks t, that was the first place I was going...OP if you want to pursue a diminished value claim, that is TOTALLY separate...talk to the adjuster about that...So in my eyes, an offer of $2,500 puts a price of $750 on actually being in pain and the stress of dealing with the issues surrounding the accident itself and the effects that driving again and having to get past the tension and anxiety. That doesn't seem to make sense to me.
Well now it's 1250.00 since you know the diminished value is separate...if it's even owed (depends on yr/make/model/how much damage, carriers postion on it, if you want to fight for it, you have to PROVE it...by the way)....The ''time'' thing going to and fro from the doc is usually not considered unless you lost pay...the mileage however certainly is....the co-pays should be paid directly to you just like the doc bills and not included in this 2500 they've offered, you. You might want to talk to them about it....Reorganize your demand and ways of reaching this amount (take out d.v. ask if they will automatically pay you the co-pay etc)....Then go to the adjuster with this demand....calmly and try not to take it personally...their job is to pay you a fair amount, but yes, the least they can...they would've come up with an injury ''range'' and as you already see they offer the lower end first...if they came up from 2k-2500 withou out much trouble they (I'm guessing) have probably set a range of 2-3 or 2-4k....then when they tell you 'this is it, and we can't offer any more'' tell them you want to think about it awhile...then do the math...how much would an attorney have to get and you still end up with what they are offering after paying the atty...(ie if they offer 3k as a final offer...an atty would have to get you about what 4500-5000 or so? and you end up really no better (still getting about 3k after the atty fees) but the atty does...so be sure and figure that out...as t said don't ask for what you will settle for, ask for more (but within reason of course) and be prepared to settle for less than your first counter...and either come back try and get another 500 or so...and settle it.......let us know how it's going and if we can be of any further assistance to you...Posted: Thu Jun 12, 2008 03:18 pm Post Subject:
Thank you for the advice and insight. I know I have time on my side and will work the claim as best I can, no intention of getting attorney involved just to pay them a fee. Will circle back on how it all plays out.
Posted: Mon Aug 18, 2008 08:41 pm Post Subject: Update
Well, we settled for $3,060 cleared to me in additiona to all the medical claims. The original offer was $2,000. So not as well as I might have wanted to have settlement turn out, but all things considered - not a bad thing.
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