Should We Accept the First Auto Accident Settlement Offer?

Suppose you weren’t lucky enough to walk away from that automobile crash uninjured. In that case, you’re probably facing the scary possibility of paying for medical care, fixing your car, losing time at work, and possibly even filing for bankruptcy. Most likely, you’ve submitted an insurance claim hoping that the money you’ll get would help you get back on your feet as soon as possible. However, before going full speed ahead and accepting the initial settlement offer made by the Orlando Personal Injury Lawyer, you should first question whether or not this is an offer you should accept.

Remember that your insurance agent is working to reduce the insurance company’s financial loss from the accident as much as possible. As a result, the insurance company will likely make a low-ball offer in the hopes that you’ll take it because you don’t know any better.

How Do You Evaluate The Reasonableness Of A Proposed Settlement? 

Following are a few suggestions that could prove useful.

Look for warning signs in a settlement offer made by an insurance company.

• It doesn’t take long for an offer of settlement from the insurance company. An offer of settlement shouldn’t be made before enough time has passed to investigate your claim properly. The insurance company must carefully examine the material related to your claim before issuing a settlement offer. You should be allowed to provide supporting evidence for your claim to the insurance company. The insurance company may be trying to rush you into accepting a settlement and surrendering your right to sue if you receive a “shotgun settlement offer” before you have had a chance to do your homework or speak with an attorney.
• You are being harassed or threatened by the insurance company to coerce you into accepting their settlement offer. The insurance company should give you adequate time to examine the settlement offer and speak with an attorney after making one. Do not rush into accepting the settlement offer from the insurance company, and do not give in to any threats or intimidation from the insurance company.
• The insurance company refuses to provide details about the settlement offer or cease responding to your inquiries. The insurance company’s decision to offer you a settlement should be transparent, allowing you to ask questions and obtain explanations. You can undoubtedly assume the insurance company’s settlement offer is unfair if they refuse to or are unable to explain the rationale behind it or if they simply stop interacting with you.

How Do You Protect Yourself From An Unfairly Low Settlement Offer?

Investigate your argument thoroughly. Before seriously considering your immediate and long-term financial demands, you should probably not accept the insurance company’s first settlement offer. Remember that even a slight injury can have serious long-term consequences for your well-being and ability to earn a living. Carefully assess your case and figure out how much money you will lose due to the vehicle crash, both now and in the future.

Be familiar with your legal protections. The first step in each negotiation is an offer to settle. Your freedom to reject a settlement offer and make a counteroffer is inherent in the bargaining process. However, you should be well-versed in your claim, the facts supporting your claim, the worth of your claim, and the claims process so that you can effectively back up your counteroffer.

FINAL THOUGHTS 

Talk to a lawyer about it. An accomplished legal representative can evaluate your case and advise you on whether or not to accept, counter, or reject a settlement offer based on its merits. Before accepting the insurance company’s settlement offer for your vehicle accident claim, you may want to take advantage of free or modest-cost consultation with an attorney if doing so will mean taking a step toward future financial peace. Contact the attorney if you’d like to discuss the settlement offer you’ve received or if you have any other legal questions.