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Negotiating Compensation Claim with Insurance Company

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  • 29-04-2009 2:00pm
    #1
    Dubh Geannain
    Registered Users Posts: 3,430 ✭✭✭


    Just a quick question on how this works. I'm in the middle of a claim for injuries sustained when I was knocked down over the Christmas.

    Now I've opened a file with the Injuries Board who'll get round to assessing it at some stage. In the meantime, I've been talking to the insurance company in question and it's getting near the stage of them making an offer. (No solicitors involved and there's no dispute over liability)

    A couple of numbers have been mentioned off the record in general conversation with the insurance company, which tbh fall a little below the minimum settlement typical for my injuries. (Using the Book of Quantum as a reference)

    Anyway, can I negotiate with the insurance company, if I'm not happy with the offer or would this be normal practice? I do know I can walk away and wait to see what assessment the Injuries Board make but I'd just rather have this thing sorted out sooner rather than later. A Bird in the hand and all that.

    Cheers


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    #2
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    Just remember, their job is to pay out as little as they can. They will play hardball, its up to you if you want to play hardball too. Can't really advise you, I guess it depends on how messy you think it might get and how the possible stress might impact on you.

    Is it legal for them to be mentioning numbers?? Would that not be seen as putting OP under pressure?


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    #3
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    It is all about Insurers wanting to pay what they think the claim is genuinely worth, without the involvement of solicitors. That is where they want to make the saving, not in the award but in the associated costs which can be staggering. They will want to offer a figure that you can expect as reasonable and close it off quickly. They want to achieve an end result where everyone is satisfied, except the legal profession


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    #4
    Dubh Geannain
    Registered Users Posts: 3,430 ✭✭✭Dubh Geannain


    IsThatSo? wrote: »
    Just remember, their job is to pay out as little as they can.

    Yea, well aware of that. What I'm really wondering is when they make an offer is that generally it from their point of view and i can take it or leave it?

    I don't want a situation where I say, "I want X amount", they just walk away and then it's just put on the shelf for PIAB to sort out.
    IsThatSo? wrote: »
    Is it legal for them to be mentioning numbers?? Would that not be seen as putting OP under pressure?

    I don't know about about that tbh. But I can say that I wasn't feeling pressurised. I think they were prepared to make an offer on the day, but I had a few more details for them (including a diary) that I don't think they had factored in and so the guys advice to me was to wait for another month or so to be sure.


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    #5
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    If you want a certain amount I'd just say to them what you're expecting. You'll probably be able to meet somewhere in the middle then. Be realistic.

    Personally I'd be happier to get the cash now then wait a couple of months or a year for the PIAB route but it really depends on the nature of your injury and the compensation being offered.

    Remember if you get a solicitor some of your settlement may go toward him as well.

    * This is personal opinion and not qualified advice, much like the other posts I'd imagine.


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    #6
    Meself
    Registered Users Posts: 227 ✭✭Meself


    You have the PIAB book of quantum for referance. Speak to the insurer and negotiate with them. If you think the offer is too low put forward what you think its worth. you will probably meet somewhere in the middle provided your demand is realistic. Insurers are goverened by the Financial regulators consumer protection code therefore they would have the book thrown at them, so to speak, if they were seen to be taking advantage of the consumer's lack of knowledge. If you want to wait for PIAB award you will be waiting up to 9 mths from the date assessment was consented to.


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    #7
    Keith186
    Registered Users Posts: 3,206 ✭✭✭Keith186


    Some good advice above there.

    You should try to get the same the amount that PIAB would award less a couple thousand if you want to settle early.
    I know you'd rather have the money now but if you feel that it's not fair compensation wait for the PIAB to award damages.

    You could get a fair bit more and if you're stuck for money you might be able to discuss a small loan with the bank to keep you going if you tell them your situation and show them the current offer.


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    #8
    Dubh Geannain
    Registered Users Posts: 3,430 ✭✭✭Dubh Geannain


    Thanks for all the advice :)

    I got my question answered anyway. I'll tell them straight what I'm looking for and hopefully, at worst, they'll meet me half way. It's quite distracting having this sort of thing hanging over you and I'll be glad when it's done and dusted.


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