Pawn Stars uses a negotiating style called
a unilateral or confrontational negotiating style. This is a type of negotiating
style you want to use when you are faced with an adversary or an opponent,
so to speak, who you’re trying to negotiate one transaction with.
You wouldn’t want to use this in a business setting, where you have an ongoing
relationship with another person, for example a vendor, who’s going
to be selling you things, but in a situation where you’re just trying to make
one transaction and then you’ll be finished, this is a great negotiating
style. Now in a personal injury, or an automobile
accident lawsuit or claim, that’s exactly you have. Generally speaking,
you only have one claim against one insurance company. If you’re unlucky
enough and you get in another automobile accident when you might
have two or even more claims, but generally not against the same insurance
company. This is the type of negotiating style that will get you the best
results. Let me bring reemphasize what they said in that video.
Number 1, never take the first offer. I’ve seen numerous cases where insurance
cases offer a low-ball settlement first time around. Never take that.
Insurance companies are always willing to negotiate. I’ve never had
a case yet where they give their best offer the first time
out. Second, be willing to walk away. Now this
may not make a lot of sense if you think about it in a context of a personal
injury or an automobile accident case. How do you walk away from that?
You have no choice, you must deal with that insurance company. The only
way to get a settlement is with that insurance company. Let me tell you, the
walk away is probably most powerful negotiating strategy that can be
used. If you’ve ever been down on a beach in Mexico or a South American country,
and you’re trying to negotiate the purchase of something from a
vendor on a beach, the walk away is the way to get the best price, same thing
with car dealerships. There’s a ton of examples I can give you where
the walk away is powerful, and so how do you apply that in automobile
accident case when you’re dealing with an insurance company? Obviously,
you can’t completely walk away from the transaction, but let me tell
you the walk away that does work, and that is you say, “I’m sorry, I appreciate
your efforts in negotiating this, but I’m not happy with the
offer that you’ve made, and therefore, I’m taking this to the next level.”
So you walk away. Now, what’s the next level? Generally speaking,
that’s filing a claim. Once the claim is filed, you have to negotiate
again, if you’re still not happy with the offer, you walk away once more. We’re
going to take this through the discovery phase. After the discovery phase
is finished, you try to negotiate it again. If you’re happy with the
settlement, great, take it. If you’re not happy with the settlement, walk
away one more time. We’re taking this to trial. It’s interesting to me, in my experience as
an attorney, it’s been interesting to watch and see how powerful
this negotiating strategy is with insurance companies. Insurance companies will
increase their offer significantly, to clients who are willing
to walk away. In other words, they’re willing to take it to the next step,
whether it’s filing a lawsuit, going to the discovery phase, or even going
to trial. If you’re willing to do that, you’ll get significantly more for
your money and significantly more money in your settlement offer because
you are willing to walk away. Now, if you’re not willing to walk away, you
will get a settlement, but the settlement will be much smaller. It’s sometimes
easier opposing forces that clients have to deal with, and that is, well,
if I walk away, it will take more time to settle my case, and that is true. Some attorneys compete by saying, we can get
a settlement extremely quickly, and that is true. Any attorney can
get a quick settlement on a case. In fact, you don’t need an attorney
to get a quick settlement. You can get a quick settlement on your own. An
attorney can give you some benefit in that situation, because the attorney
may be able to speak the insurance adjustor’s language, but the attorney
will not get a great settlement, because a fast settlement is completely
inconsistent with the walk away, and so if you really want to get
a good settlement for your case, you need an attorney to willing to do
walk away, that’s willing to take it to the next step. One thing to ask your attorney, when you’re
hiring an attorney in an automobile accident case, is have you taken
an automobile accident case to a jury trial? Not to an arbitration. Insurance
companies, I don’t think, really respect arbitration. They’re not afraid
of arbitration. They will not make great offers for arbitration. The
question is, have you taken it to a jury trial. That, a jury trial is the
walk away the insurance companies respect. If you’re willing to take
it to trial in front of a jury, the insurance company will make a much
better offer than under any other circumstances. Good luck with that,
and I’ll try to follow up and answer some other questions in the future.
Thanks for your time.