Often, the insurance adjuster will claim that the settlement offer they are making is biggest they can possibly make shortly before a claimant and his First Coast personal injury attorney negotiate a bigger one.
This may lead one to wonder, are they lying? Is there a real upper limit to what the insurance company can pay out?
Despite what the insurance adjuster tells you, the actual maximum amount that the insurance company can pay has been put in reserve before negotiations even began. The reserve amount is based on an estimate the insurance adjuster’s manager makes about the maximum amount they could potentially have to pay.
This estimate is based on a combination of factors. The claims manager will try to estimate the total medical expenses you will incur based on the type of injury you have, and he will estimate how long recovering from such an injury can last, and estimate lost wages.
The manager will also try to estimate how strong your case is legally, and how likely you are to win a lawsuit if you choose to sue. He will evaluate the persuasiveness of your evidence and testimony against the insured.
You will never know what the manager estimated; in order to let the adjuster negotiate effectively, the reserve is kept secret. Purposefully complicated and opaque practices like this are part of what make dealing with insurance companies so frustrating. It’s why you need an experienced and knowledgeable advocate on your side. Call today for a free consultation with First Coast personal injury attorney John Fagan.