{"id":992,"date":"2020-07-29T03:57:16","date_gmt":"2020-07-29T10:57:16","guid":{"rendered":"https:\/\/blogs.ubc.ca\/technut\/?page_id=992"},"modified":"2020-07-29T03:57:16","modified_gmt":"2020-07-29T10:57:16","slug":"how-to-increase-your-odds-of-winning-a-car-accident-settlement","status":"publish","type":"page","link":"https:\/\/blogs.ubc.ca\/technut\/how-to-increase-your-odds-of-winning-a-car-accident-settlement\/","title":{"rendered":"How to Increase Your Odds of Winning a Car Accident Settlement"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-993 aligncenter\" src=\"https:\/\/blogs.ubc.ca\/technut\/files\/2020\/07\/car-accident-settlement.jpg\" alt=\"\" width=\"723\" height=\"482\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Getting injured in a car accident is bad enough. But getting fleeced on a settlement is enough to make you pull out your hair. However, with the right approach, you can increase your odds of obtaining the settlement you rightfully deserve.<\/span><\/p>\n<p><b>The Dark Underbelly of the Insurance Biz<\/b><\/p>\n<p><span style=\"font-weight: 400;\">When you see car insurance commercials for major names like State Farm, Allstate, and Farmers, they like to make themselves out as the friendly heroes we all need in times of crisis. But this is largely marketing, branding, and PR. The truth is much darker and more capitalistic in nature. And it usually takes a serious car accident with injuries, medical bills, and expenses for the average driver to realize that they\u2019re nothing more than a \u201cfloat\u201d for the insurance company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the insurance world, a \u201cfloat\u201d refers to the clever way in which these companies leverage premium payments to turn a profit. <\/span><span style=\"font-weight: 400;\">Here\u2019s how it works<\/span><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">An insurance company is required by law to set aside a \u201choldback\u201d or \u201creserve\u201d from any premiums they receive from policyholders.<\/span><\/li>\n<li>U.S. tax laws do not require auto insurance companies to pay taxes on money they set aside to pay your claims. They only have to pay taxes on premiums when they\u2019re paid out.<\/li>\n<li>To get around this, insurance companies invest the money they should really be paying out.<\/li>\n<\/ul>\n<p>In other words, auto insurance companies invest the money they set aside to pay out claims on a tax deferred basis. Accountants call this the \u201cfloat.\u201d<\/p>\n<p><span style=\"font-weight: 400;\">While the goal of an insurance company <\/span><i><span style=\"font-weight: 400;\">should<\/span><\/i><span style=\"font-weight: 400;\"> be to compensate legitimate injury claims, they often fall way short of this mission. Instead, they pursue fractional settlements, deny claims, and delay payments &#8211; all while turning fat profits on the money that <\/span><i><span style=\"font-weight: 400;\">should<\/span><\/i><span style=\"font-weight: 400;\"> go towards paying your medical bills, lost wages, and pain and suffering.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It really is a cruel business. Yet with all of the splashy commercials, funny ads, and handsome spokespeople, most of the marketplace never sees it for what it is.\u00a0<\/span><\/p>\n<p><b>The Factors, Tactics, and Techniques for Success<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Now that you understand what you\u2019re up against, perhaps you\u2019ll understand why insurance companies are so reticent to dish out money. If you want to increase your odds of obtaining the settlement or payout that you rightfully deserve, you\u2019ll have to be intentional, disciplined, and strategic. Here\u2019s some of the science behind winning the fight:<\/span><\/p>\n<p><b>1. Preserve Evidence<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Car insurance companies and their adjusters care about facts not feelings. It doesn\u2019t matter if you feel like you\u2019re owed something, they\u2019ll need firm facts &#8211; facts they suspect will hold up in a trial &#8211; before they\u2019ll let you use them as leverage. This is why the preservation of strong evidence is so important.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Clarity can be hard to come by in the aftermath of an accident, but make sure you document what happened as soon as possible (even when you\u2019re still at the scene, if possible). This may include taking pictures, gathering statements, recording your own statement, etc.<\/span><\/p>\n<p><b>2. Hire the Right Lawyer<\/b><\/p>\n<p><span style=\"font-weight: 400;\">When you\u2019re injured in a car accident, there are plenty of lawyers ready to pounce. The key is to choose the right one &#8211; the lawyer who will help you fight for a maximum payout, rather than chase a quick dollar and toss you aside.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to hiring a lawyer, look at experience and reputation. You should also schedule a consultation to understand their approach and process.<\/span><\/p>\n<p><b>3. Follow the Right process<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A skilled, honest <a href=\"https:\/\/cooperhurley.com\/virginia-beach-car-accident-lawyer\/\">lawyer<\/a> will follow a thorough process (rather than a hasty strategy that allows them to make fast money). This means digging in and looking at every aspect of the claim.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Any lawyer you consider hiring needs to look beyond physical injuries and evaluate the full extent of your situation. Otherwise, they aren\u2019t truly looking out for your best interests.\u00a0<\/span><\/p>\n<p><b>4. Negotiations<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Armed with the right facts and numbers, your odds of winning a robust car accident settlement ultimately come down to your lawyer\u2019s ability to negotiate with the insurance company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Settlement negotiations are tough &#8211; even downright nasty. You need a lawyer who understands the ins and outs of the industry and how to twist the adjustor\u2019s arm. They should be quick to make calculated offers, but even quicker to hang up the phone when the insurance company tries to lowball you. Otherwise, you\u2019ll end up on the wrong side of the payout.\u00a0<\/span><\/p>\n<p><b>Avoiding Trial<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Whatever you do, you want to avoid a trial.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the term insinuates, you might be forced to <\/span><i><span style=\"font-weight: 400;\">settle<\/span><\/i><span style=\"font-weight: 400;\"> for less than you think you\u2019re owed. But if you put up a good fight and employ the right tactics, you can rest easier at night knowing the insurance company paid out far more than they would have liked.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Car accident injury claims are tough. The more you know, the higher your odds for success become. <\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Getting injured in a car accident is bad enough. But getting fleeced on a settlement is enough to make you pull out your hair. However, with the right approach, you can increase your odds of obtaining the settlement you rightfully deserve. The Dark Underbelly of the Insurance Biz When you see car insurance commercials for [&hellip;]<\/p>\n","protected":false},"author":48857,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-992","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Increase Your Odds of Winning a Car Accident Settlement - TechNut<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.ubc.ca\/technut\/how-to-increase-your-odds-of-winning-a-car-accident-settlement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Increase Your Odds of Winning a Car Accident Settlement - TechNut\" \/>\n<meta property=\"og:description\" content=\"Getting injured in a car accident is bad enough. 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