Insurance companies know just the right time to present a settlement offer to injury victims – that moment when you’re so desperate for some cash, with bills to pay. It is always tempting to take on the offer, but it is usually far less than the full value of your claim.
To ensure you’re on the right track, you must work with one of our attorneys to discuss the facts in your case. It will help you negotiate better and get compensated for what your claim is really worth.
Here are some of the factors you need to consider before you accept an offer from the insurance company.
- Are future expenses covered?
The first offer is often used to test if you know your worth. You’re not in any way mandated to accept, especially if it’s a low-ball offer that doesn’t cover future damages. While they may cover some economic expenses, they often forgo future expenses that might arise such as medical.
Before you accept, you need to make sure that the settlement covers both past and future economic expenses, including non-economic damages like pain and suffering. Discuss this with one of our attorneys and you’ll be properly guided on how to proceed.
- Does it cover non-economic damages?
Most injury victims don’t know that they have the right to seek compensation for their pain and suffering. Since insurance companies are not ready to cover such intangible factors, they proposed an inadequate offer with the hope you will walk away silently.
Take note that the insurance company is only looking out for itself, and will always shy away from paying full compensation if possible. Many injury victims are often ignorant of their rights, hence insurance companies get away with this.
- Will rejecting the offer affect my settlement?
The insurance company might claim that rejecting the offer means no compensation at all. That is not true, and you shouldn’t fall for this cheap tactic. The first offer is only the starting point of the negotiation.
You have the right to reject the first offer and propose even a better one. Typically, when you file an offer, you describe the nature of the situation, while making a demand for compensation. The insurance company can accept and reject the offer while making a counteroffer. You also have the same right, either to accept the offer or reject it.
This process will keep going on until both parties have agreed. That is why it is important to work with an experienced and qualified attorney during this negotiation process. They will help ensure you’re not intimidated into accepting a low-ball offer that does nothing to help your situation.
You deserve to be fully compensated for what your case is, so you can move on with your life as quickly as possible. Feel free to give us a call, or perhaps fill our contact form to begin.