Disclaimer: This article is for informational purposes only and does not constitute legal advice.
Detailed Answer
When an insurance adjuster issues an initial settlement offer, they often start low to leave room for negotiation. Under Wyoming law, you have every right to prepare and present a well-documented counteroffer. A strategic counteroffer can help you secure fair compensation for your covered losses.
Step 1: Review Your Policy and Losses
Read your insurance policy thoroughly. Note coverage limits, deductibles and any exclusions. Then, list every loss—medical bills, vehicle repairs, rental expenses and lost wages.
Step 2: Gather Supporting Documentation
Compile evidence that supports your claim amount. Include medical records, repair estimates, receipts, pay stubs and photos of damage. Organize these documents so you can clearly demonstrate why your counteroffer is justified.
Step 3: Calculate a Reasonable Value
Use your documentation to calculate a fair settlement demand. Consider replacement costs, market value and depreciation. You may consult a professional appraiser or medical expert for precise figures.
Step 4: Draft Your Counteroffer
Prepare a formal demand letter. Introduce yourself, describe the accident or loss briefly and attach your documentation. State your counteroffer clearly, showing a total dollar amount and a line-item breakdown.
Step 5: Submit and Follow Up
Send your counteroffer to the adjuster in writing—preferably via certified mail or email with delivery confirmation. Ask for a response by a specific date. Under Wyoming’s Unfair Claim Settlement Practices Act (Wyo. Stat. § 26-9-109), insurers must handle claims in good faith and respond promptly.
Step 6: Negotiate or Escalate
Be prepared for multiple rounds of negotiation. If the adjuster refuses to negotiate or ignores your counteroffer, you can file a complaint with the Wyoming Department of Insurance or consult a licensed attorney for further guidance.
Helpful Hints
- Keep detailed notes of all communications with your adjuster, including dates, times and key points.
- Give the insurer a reasonable deadline—typically 14 days—to respond to your counteroffer.
- Maintain a professional tone and avoid emotional language in your demand letter.
- Research similar claims in Wyoming to gauge common settlement ranges.
- Use a clear, concise line-item breakdown to justify every dollar in your demand.
- Consider mediation or appraisal clauses if settlement talks stall.
- Explore the Wyoming Department of Insurance website for consumer resources and complaint procedures.