How To Avoid Losing Money While Negotiating a Car Accident Settlement

Car Accident Settlement

If you’re involved in a car accident, the last thing you want to worry about is getting an unfair deal during the settlement process. However, if you’re not careful, it’s easy to end up short-changed. Here are some tips on how to avoid losing money while negotiating your car accident settlement.

Hire Legal Support

Negotiations as tough and intimidating experiences, but hiring legal support can give you a valuable advantage in the process. People from all around New York are getting help from their personal injury lawyer in Brooklyn in this situation making sure they come out on top once the deal is made. With an attorney at your side, you have a professional who knows the law and can help you work out a settlement that doesn’t cost you any more money than necessary. 

car accident

Your lawyer will also know how to present information and argue for what’s best for you, which is important considering that car dealerships often like to use their considerable experience in negotiations to squeeze every last drop from customers. By getting the support of a legal professional, you’ll be able to confidently make sure that any settlement negotiated is fair, reasonable, and beneficial to all parties.

Document The Accident

Documenting the accident is an essential part of the negotiation process when it comes to finalizing a car settlement. Accurate information about the facts of the case, including dates and times, can be invaluable in ensuring a successful outcome. For example, having video or photographic evidence from the scene of the accident can provide proof that either party was not behaving appropriately at the time, thus protecting themself from being liable for certain losses or damages. 

Additionally, police reports and eyewitness statements can provide further insight into what must be taken into account as part of any negotiation. By documenting all relevant details ahead of time, you’ll be much better prepared to get a positive result out of car settlement negotiations.

Get An Independent Estimate

This is one of the essential steps for keeping money in your pocket during a car settlement. An independent estimate is especially useful if you don’t have a lot of knowledge about car repair costs, as an independent estimate can provide you with information on what options are available to get your car back on the road. 

Additionally, including this information in negotiations will help ensure that any costs you and the other side agree upon are fair and reasonable. By gathering an outside opinion, you can be sure that negotiations will start off on the right foot and result in a better overall deal for all parties involved.

Know Your Policy 

Before you even consider approaching a car settlement negotiation, it’s vitally important to know your policy. Make sure to look over the following elements: 

  • The type of coverage
  • Liability 
  • Collision coverage
  • Comprehensive coverage
  • Personal injury protection
  • Deductibles
  • Premiums
  • Policy limits
  • Exclusions

Take the time to research the market thoroughly, finding out how much similar cars are usually valued at and what kind of features and extras can impact that valuation. These days, technology makes this process incredibly easy, so take advantage of it! Knowing your policy will give you an accurate benchmark as well as a powerful bargaining tool in order to make sure you don’t end up losing money when negotiating.

Keep Records

When it comes to making a car settlement, keeping track of information is key because you should ensure that both the seller and buyer are on the same page. Make sure to document all agreements in writing, whether in a contract of sale, a bill of sale, or simply an agreement that outlines what is being negotiated. 

It’s also important to store any records related to the car purchase (including before and after photos), as these may help serve as evidence if needed during the negotiation process. This can be done electronically by taking screenshots or photos on your phone; it’s always a smart move to have additional visual proof available when discussing price points or other issues during the negotiation process. 

Be Patient 

Patience is paramount whenever you’re dealing with an insurance company. This means allowing ample time for the other party to talk and an opportunity for each side to pause and reflect on the feedback received. If time is running short, don’t be afraid to take a moment to consider the offer without forcing yourself into making quick decisions. 

Additionally, don’t rush the other party or become pushy or aggressive; doing so can give the impression that you are desperate and make them not as willing to meet your demands. A successful negotiation requires a certain level of patience in order to get the best possible outcome.

toy car

With proper preparation, you can have a successful negotiation process and end up with results that work in your favor. Hiring legal support, documenting the accident, getting an independent estimate, knowing your policy, keeping records, and being patient are all the things you need to do in order to avoid losing money when negotiating a car settlement. Remember to correspond with insurance companies in written documentation and hang on to receipts if you plan to use them as evidence!

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.