If you’re negotiating a personal injury settlement claim with an insurance company and you’ve been offered a low initial settlement, you need to follow proper procedures to make a counteroffer. There’s usually no specific time limit while receiving the settlement offer. Some claimants receive offers early, whereas others need to wait for several weeks. As a claimant, you cannot reject an offer unless one is made. Thus, the timing of your rejection and counteroffer completely depends on how long the insurance company takes to evaluate your claim.
In a personal injury case, if the initial settlement offer is low, do not get disheartened. There could be multiple reasons why you receive a lowball offer. The claims adjuster may have concluded that your injuries were not as serious as stated by you. It’s also important to remember that insurance companies are in the business to make profits. When an insurance company makes a low settlement offer, they have nothing to lose. But if you think that the initial offer is not fair, it’s best to reject it.
The insurance claims adjuster does not always expect you to accept the initial settlement but hopes that you will. Naive personal injury claimants often end up accepting a lowball offer.
Before you accept your initial settlement, it’s important to consider three important factors:
It’s always wise to expect your first settlement offer to be unreasonably low. Here are a few tips to tackle a lowball settlement:
If you are injured due to someone else’s negligence and unhappy with the initial settlement offer, you need to take your case directly to a personal injury attorney. Such solicitors routinely handle lowball settlement claims and also have experience negotiating with insurance companies.
A proficient personal injury lawyer will launch an independent investigation into the accident, determine who was at fault, and find out how you were injured. They will also scrutinize the evidence and witnesses on your behalf. Seek the assistance of personal injury attorneys who are skilled negotiators and have a comprehensive understanding of what it takes to get the compensation you need.
Call our office today for a FREE review of your personal injury case. We typically work on a contingent agreement basis, which means our fees are contingent upon the outcome of your case.
Don’t Delay! You may have a valid claim! Let us help you get your compensation before the statute of limitations expires!
Parties Represented by Personal Injury Lawyer Receive Nearly 3.5 Times More Money in a Settlement Than Those Without an Attorney.
– Insurance Research Council Study 2004