KY Farm Bureau, Grange Mutual, and Electric Insurance are some of the insurance companies which offer auto insurance coverage to drivers in Louisville. Drivers in Kentucky have to buy personal injury protection (PIP) coverage as well as bodily injury liability and property damage liability. The insurance you are required to buy before you can own a car is designed to protect you in case you got hurt and to make sure you can provide appropriate compensation if you hurt someone else.
Because drivers have to buy insurance, you may assume you'll be fully compensated for all losses if you get into an auto accident. Unfortunately, this is not necessarily the case.
While insurance is supposed to cover you, some insurance providers fail to live up to their obligations. Insurers can deny claims they should cover, or could try to use tricks and underhanded tactics to convince you to accept a lower amount of compensation than you actually should receive based on your injuries.
You need an effective accident attorney that knows how to effectively negotiate with insurance companies so you can recover the compensation you deserve from auto accidents. Negotiating with an insurance company can be challenging, your attorney may need to do the following:
- Know who is responsible for paying you. Your own PIP coverage pays for injuries no matter who is at fault, but only up to policy limits. If you're badly hurt and another driver was responsible for hurting you, you will make a claim against the other driver and his liability insurance should pay.
- Value your claim. To negotiate effectively, your attorney needs to know how much money you actually should receive based on accident losses. You need to take into account both economic and non-financial loss if you're making an injury claim against another driver.
- Send a demand letter. Let the insurance company know how much compensation you want. Sending a demand letter gives you the opportunity to start off negotiations with the amount of compensation you believe is appropriate.
- Be careful when talking with an insurer. As your attorney negotiates a settlement, the insurer may try to get you to change your story or say things which could hurt your case.
- Be ready to counteroffer. The insurer is probably not going to just pay what you demand, but will instead make you a settlement offer. Be ready to counter their offering to you to try to get more compensation.
- Watch what you sign. If you agree to settle a case against you, you have to sign a liability release. When you sign, you cannot pursue additional claims against the insured driver who hurt you in the collision. Even if it later turns out you're more badly hurt than you thought, it is too late to change your mind.
An experienced injury attorney is best equipped to provide you with advice on how to negotiate, what your claim is worth, and whether or not to accept a settlement.