Insurance Claim Personal Injury Settlement - The "Multiplier Method" (Part One)
Your response should be something like, "Ok, you tell me what it's worth. I'd really like to settle it." This answer is truthful. What you've said doesn't scare the adjuster away and you've not given up anything. You've left the door open for the counter-offer you want him to make.
When he states emphatically, something like, "The most I can offer you is $2,000.00, plus your property damage", this implies he's got more. Rest assured that an adjuster's offer, especially his first one, is negotiable. How can you be sure? There's only one way to find out. Your response should be, "is that figure your maximum authority?"
Now you're asking him to bid against himself. You're not committing yourself to a lower figure than your initial demand. What you're doing is obtaining valuable information.
Typically the adjuster will predictably say something like, "No, that's not my maximum authority. But you'll have to get into my ballpark if we're gonna settle this claim".
He's telling you he has more money but he wants you to come down before he offers it. You should, at this point, come down, about twenty percent. In this particular example (20% of $7,200.00 is $1,440.00). And so, that $1,440.00 (deducted from $7,200.00.00) would bring you down to $5,660.00. Armed with that figure you should proceed to try it on for size by telling him, "I still believe my case is worth more than what you're offering but I'm willing to come down a little". You might pause thoughtfully and then add, "I'd like to get it over with so I'll settle for $5,660.00".
No matter which way you slice the cake the adjuster is a professional and he knows your case is worth about $3,600.00. To get it over with, and in an effort to swindle you, he'll come back with an offer of $2,900.00. In the overall scheme of things that's not bad because you're getting close to the $3,600.00 you had determined the value of your claim to be.
At that point drop your demand another 20% (20% of $5,660.00 $1,132.00) to $4,528.00. In mock frustration you tell the adjuster you've just about had it. Stay cool and say, "Alright, I'll settle at $4,528.00 but that's it". The music continues and the dance goes on.
Be sure to catch Part Two of Insurance Claim Personal Injury Settlement - The "Multiplier Method" here next month.
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Dan Baldyga's fourth and latest book Auto Accident Personal Injury Insurance Claim: (How To Evaluate And Settle Your Loss) can be found on the Internet at http://www.autoaccidentclaims or http://www.caraccidentclaims.com. This book reveals "How To" successfully handle your motor vehicle accident claim, so you won't be taken advantage of. It also goes into detail regarding the revolutionary BASE (The Baldyga Auto Accident Settlement Evaluation Formula). BASE explains how to determine the value of the "Pain and Suffering" you endured - - because of your personal injury.
Copyright © 2003 by Daniel G. Baldyga All Rights Reserved
DISCLAIMER: The only purpose of this claim tip is to help ople understand the motor vehicle accident claim process. Neither Dan Baldyga, Vince Ciulla nor About.com make any guarantee of any kind whatsoever; NOR do they purport to engage in rendering any professional or legal service; NOR to substitute for a lawyer, an insurance adjuster, or claims consultant, or the like. Where such professional help is desired it is the INDIVIDUAL'S RESPONSIBILITY to obtain said services.
