Geico Arbitration Process
If you were in an auto accident and have auto insurance with Geico, you should understand what the arbitration process sis like. This option is available to you if you find the settlement negotiations are not progressing. Rather than filing a lawsuit, which is time consuming and expensive, a neutral arbitrator agreed to by you and Geico can weigh the evidence and issue a legally-binding decision.
Below is more information about the arbitration process with Geico.
Overview of Geico Arbitration Process
The arbitration process with Geico begins with you stating in writing that you plan to use arbitration to resolve a personal injury claim. One of the first things that needs to be determined is who is going to be the arbitrator on the case. You and Geico will need to agree to who will be the arbitrator, who is normally an attorney or a retired judge. Agreeing on this point may require some negotiation. Organizations such as AAA can provide a list of neutral arbitrators in your area.
Arbitrator Is Chosen
After you agree upon the arbitrator with Geico, a date will be set the for the arbitration hearing. This also serves as the deadline for both sides of the case submit documents in support of their argument. The documents that Geico submits will be helpful to see the strength of their arguments.
Usually, approximately 2/3 of all cases that have been set to go to arbitration are settled or withdrawn before the hearing. The reason is simple: Once both sides see the argument being made by the other, it encourages a resolution. The process of arbitration purposely has this built into it so that an agreement can be reached prior to a hearing. If Geico shows they have evidence showing you were partially responsible for the accident, you might decide to settle for a lower amount now than risk winning nothing.
Offer from Arbitrator
After the hearing is complete, the arbitrator will issue an awards statement within a few weeks. The statement is brief and does not usually include the reasoning that was used to make the decision. The statement just notes how much is being awarded to you, if anything, and who is responsible for paying which fees. This decision is binding and is not usually appealable.
Obtain Legal Assistance
The legal process with arbitration is different from a court case, but it still is complex. To enhance your odds of coming out on top in arbitration with Geico, it is recommended to bring in an experienced arbitration attorney to at least review your case.