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How To Negotiate An Injury Claim With GEICO

GEICO is an acronym for “Government Employees Insurance Company.” GEICO insures many people in the Denver area because it is a popular company. The chances are that you will encounter someone insured by GEICO.

If you are injured in an accident caused by a driver insured by GEICO, there are a few items of which you should be aware. You must remember that GEICO makes a profit, just like all other insurance companies, by taking more money in premium payments than their claims adjusters payout in claims settlements. From that perspective, the insurance business is an incredibly simple business model.

Secondly, you must be aware that GEICO’s claims adjusters must follow company guidelines for settling claims. GEICO, like other insurance companies, assigns values for claims made against their customers. The settlement values, however, may not account for all of the variables in your claim. You may value your claim at one amount, for example, three times your medical expenses, and GEICO may come in at a much lower number because of the database value of your claim. The trick in negotiating with GEICO, therefore, is to convince the claims adjuster to move away from the database value towards the value you for which you want to settle.

There are negotiating methods you can use to try to persuade the GEICO claims adjuster to see things your way. Every case is different, and no result can ever be guaranteed. Notwithstanding, you can implement a few techniques when negotiating with a GEICO claims adjuster.

  1. Make the first offer. This piece of advice tends to contradict the belief that the party who makes the first offer frequently loses. However, making the first offer will focus the negotiations around your number and not theirs. The focus around your offer is called the “anchoring effect.”
  2. Make an aggressive but not outrageous first offer. Do not demand $5 million if your claim is only worth $5,000. However, demanding the limits of an insurance policy is not a bad start if you have some facts to back it up. Making too high of a demand could make you come off as greedy, and despite your best efforts to “anchor” the negotiations around your number, you will end up making concessions.
  3. Before starting your negotiations, you must know the lowest number you will accept. Be firm with that figure and walk away if GEICO refuses to meet your standards. You might have other legal options you have not explored.
  4. Try to mimic or mirror the claims adjuster’s behavior. Mimicking someone on the phone might be difficult, but you can adopt a similar tone and inflection in your voice. The claims adjuster might have an easier time identifying with you, leading to a more fruitful and pleasant discussion.
  5. Demanding a range of numbers rather than a single number may be beneficial. Giving a range at the outset immediately helps the other person understand that you are reasonable. Being reasonable goes a long way.

Not every tactic is going to work. You must bear in mind that claims adjusters are skilled at negotiating. Their job is to keep money in the pockets of GEICO. On the other hand, the claims that should be settled probably will be settled. Each side might need to give a little to reach an agreement, but that is the nature of negotiating. It will be a give and take to achieve a mutually agreeable outcome.

Get Help from an Injury Law Firm Experienced Negotiating with GEICO.

Negotiating on your own behalf can be very emotional. You are asking for damages for your injuries and it can be very hard. Sometimes, the best course of action may be to seek help from attorneys who have years of experience representing accident victims. Our Denver injury attorneys have experience representing accident victims and their families.

Our Denver injury attorneys will provide you legal advice while working diligently to reach a fair and just resolution of your claim. Contact us at 303-800-1501 today to schedule a free consultation and learn how we can potentially help you with your claim.



 

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