If you’ve been in a car accident and are dealing with GEICO for your insurance claim, you may feel like you’re at a disadvantage. After all, GEICO is a large, powerful insurance company with extensive resources at its disposal. However, there are steps you can take to level the playing field and ensure that you receive a fair settlement for your damages. Here are seven things GEICO doesn’t want you to know when negotiating a settlement:
You don’t have to accept the first settlement offer. GEICO’s initial offer may not adequately compensate you for your damages, such as medical expenses, lost wages, and property damage. Don’t be afraid to negotiate and counteroffer.
You can hire an attorney. An experienced car accident lawyer can help you navigate the claims process and negotiate on your behalf. While hiring an attorney may seem like an added expense, it could ultimately result in a higher settlement and save you time and stress.
GEICO’s adjuster has a financial incentive to minimize your settlement. GEICO’s adjusters are paid based on how successfully they can settle claims for as little as possible. Keep this in mind during negotiations and don’t be swayed by their tactics.
You can negotiate the value of your vehicle. If your car was totaled in the accident, GEICO will offer you a settlement based on the fair market value of your vehicle. However, you may be able to negotiate this amount if you believe it is too low.
You can challenge GEICO’s valuation of your damages. GEICO may try to lowball the cost of your damages, such as medical bills or car repairs. Don’t be afraid to challenge their estimates and provide evidence to support your claim.
You can appeal a denied claim. If GEICO denies your claim or offers a settlement that you believe is unfair, you have the right to appeal the decision. An attorney can help you gather the necessary evidence and make a strong case for an appeal.
You can file a lawsuit. If negotiations with GEICO break down, you may need to consider taking legal action. A lawsuit can be a complex and time-consuming process, but it may be necessary to obtain a fair settlement.
Dealing with a car accident and insurance claims can be overwhelming, but you don’t have to go through it alone. By understanding your rights and options, you can take control of the process and negotiate a fair settlement with GEICO.
