Responding To An Auto Accident Settlement Offer: 3 Tips To Consider When Coming Up With A Counteroffer
Posted on: 7 June 2017
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A small error on the road can cost you a lot, even if the error didn't come from you. The average cost for each nonfatal disabling injury is approximately $61,600, and the average cost for each property damage crash is approximately $7,500. If you've been involved in an auto accident, talking to an auto accident attorney can provide you with the insight you need to determine who to hold accountable and how much you can ask for. Once you've received a settlement offer, here are 3 tips you should keep in mind if you plan on making a counteroffer.
Figure Out How Much the Other Driver Can Afford
The amount that the other driver can pay you may depend on the amount of insurance coverage that they have. Your auto accident attorney can help you during the negotiation process uncover the specifics of what the other party can afford. To settle your case quickly and receive the compensation you deserve, you and your auto accident attorney might want to discuss the range that might be most affordable and feasible to the other driver.
Determine What Your Baseline Is
Considering how costly an auto accident can be, your auto accident attorney will want to sit down with you to discuss what your baseline is. They will tally up the cost of your medical bills, wage loss and more to determine how much money you've already paid out of your own pockets and how much money they foresee you'll be forking out in the future. At the very least, the courts will grant you the total compensation for economic losses if you are not found to be at fault for the accident.
Look at Similar Cases that Have Been Settled in Court
The worst case scenario is that you'll have to take the case to trial. If this happens, a judge might rely on past cases to determine the amount of compensation that you deserve. Comb through the case files of past cases with similar circumstances as you to determine how much you'll likely be awarded if you take the trial to court. Attach these case files to your counteroffer to show the other driver that you've done your homework and know how much your case is worth.
Conclusion
Most of the time, the other driver's attorney will quote you a lower settlement amount. It is up to you and your attorney to negotiate with the other parties involved and to come up with a counteroffer. An attorney like Loughlin Fitzgerald P C will help make sure that your counteroffer is reasonable and fair.