You do not have to accept the settlement offer that the insurance company makes. Accepting an offer right away could be detrimental in some cases, as it may not be enough to cover the cost of your injuries and other losses. Remember, insurers rarely open with their best offer, as they operate as for-profit organizations, so you should never feel pressured to make a decision quickly.
Ourpersonal injury attorneyswill always act in your best interests. As such, we will carefully review your case’s facts to help you determine whether a settlement offer is appropriate for your circ*mstances. Meanwhile, this guide aims to answer common questions many clients ask about their settlement offers.
Why do Insurance Companies Offer to Settle Early?
While receiving a settlement offer right away may seem like a good thing, it is not beneficial in many personal injury cases. Offering an early settlement is a strategy an insurance company may use to minimize their company’s financial liability and capitalize on an injured person’s vulnerable position before they have clarity about the scope of their injuries.
It is a good idea to avoid accepting a settlement offer until you fully recover from your injuries or have a firm medical prognosis about them from your doctor.
For a free legal consultation, call (614) 538-1116
Can I Change My Mind After Accepting an Early Offer to Settle My Claim?
Once you have accepted an offer from the liable party’s insurance company, your case is closed. This means you cannot pursue any additional compensation, even if you discover you need extra medical care or treatment later.
Typically, you need to sign something to accept an offer, but sometimes, even a verbal agreement can be binding. If you ever feel stuck about answering or, worse, pressured into making a decision, you can always politely inform the insurance adjuster:
- You do not have all of the information necessary to decide at this time.
- You or your lawyer will be in touch when you fully know the extent of your injuries.
If you are unsure about your legal position, reaching out for a free case review with a personal injury law firm can be beneficial.
Related: Should I Tell My Insurance Company About a Minor Accident?
How do I Know If a Personal Injury Settlement Offer Is Fair?
Knowing the financial extent of your injuries and other losses can be difficult. Your claim’s value is determined by several factors such as:
- The type of accident that caused your injuries
- The extent and severity of your injuries and how they affect your daily life, family, and career
- The total financial value of your damages, like medical bills, lost wages, ongoing treatment costs, and pain and suffering
- Other costs associated with the claim
- Whether there is potential for a defense based on contributory negligence, which means you are accused of sharing fault for the accident (Ohio Revised Code Section 2315.33)
- The evidence available to support your case
An accurate estimate of your losses provides a benchmark for an appropriate settlement, so proving the financial extent of your injuries is critical to your case. You or your lawyer will need to gather evidence to demonstrate the present and future losses you have experienced due to your accident.
Evidence can come from medical records, diagnostic reports, wage stubs, and expert testimony. Once you have this information, it is easier to decide if you should accept the insurance company’s settlement offer.
Click to contact our personal injury lawyers today
Related: How Should I Talk to My Insurance Company after a Car Accident?
What Happens After I Reject an Insurer’s Injury Settlement Offer?
You do not lose your right to claim compensation by rejecting an offer. You should first submit a letter that outlines your refusal. This letter’s purpose is to formally notify the insurer that you do not accept their initial offer, why you feel you deserve a higher settlement amount, and what that amount is. One of our personal injury lawyers can help you draft this letter.
Presenting a counteroffer paves the way for settlement negotiations. Unsurprisingly, this can be stressful if you are unfamiliar with the process, and the insurance company can use this to its advantage. As such, it can be beneficial to have a lawyer take care of negotiations and case administration for you to even the playing field.
Complete a Free Case Evaluation form now
Related: What Should I Say if the Trucking Company Calls me Before I've Picked a Truck Accident Lawyer?
Where Can I Learn More About If I Should Accept an Insurer’s Settlement Offer?
If you have received a low settlement offer from an insurance company or feel an insurance adjuster is not treating you fairly, the injury attorneys at Bressman Law can help.
We have been helping injured people with their accident claims for over 30 years, so we know what a fair settlement looks like. If you have questions or want to learn more about your legal options,contact usfor a free case review.
Call or text (614) 538-1116 or complete a Free Case Evaluation form
Personal Injury Blog Posts:
5 Tips to Prepare for Your Personal Injury Court Case
Remember these five tips to prepare for a personal injury court case. Learning how the procedures will be handled and going over your testimony can be enormously helpful for plaintiffs who are unsure
2 Important Reasons to Seek Medical Attention Immediately after an Accident
No matter what type of accident you’ve been in, whether a car crash, a work accident, or a slip and fall, make sure you seek medical attention immediately. Even if you don’t think your injuries
Writing a Letter of Spoliation to Prevent Evidence Destruction
If you or a loved one was recently involved in a truck accident and you have decided to file a claim or lawsuit against the trucking company, one of your first objectives will be to send the company a
Did you know about these safety innovations coming to the “smarter” Columbus?
Columbus recently received the first installment of a $50 million grant through the Smart City Challenge. This challenge centers around improving pedestrian and traffic safety using the latest
