Receiving the first settlement offer from your insurance company may make you feel like you should accept it for fear of not getting a better offer later. However, it is important to know and understand your rights. When you receive your first settlement offer from the insurance company, you do not have to accept it right away.
Knowing whether a settlement offer is fair for your accident is important. An Okemos personal injury lawyer can evaluate the unique circumstances of your case and what damages you may be entitled to recover. By jumping into accepting the first settlement offer, you may not get the full value of your claim.
Understand Your Insurance Settlement Offer Better
Having a basic understanding of what a settlement offer is and how it affects your claim is important. These settlement offers are given to victims outlining the amount of money that the company is willing to pay for all injuries, damages, and losses following a personal injury. This number will be what the company comes up with after evaluating the claim it receives and the losses sustained.
These offers are not always final. When you receive the first one, you have the right to refuse if you believe it to be an unfair assessment of your damages. In many cases, the insurance companies will issue multiple offers throughout the claims process, especially when new evidence comes to light.
Having an experienced attorney from White Law PLLC on your side may be best to represent your rights. A lawyer can negotiate with insurance companies on your behalf. Our team works hard to represent those in need and won’t stop fighting until justice is served.
Your Fight Is Our Fight
How to Determine if the First Settlement Offer Is Fair
After getting a settlement offer, many think they should accept it quickly. Maybe the first settlement offer you received is a strong one. However, it may be best to carefully consider the specifics of your personal injury claim, financial losses, and how your injuries impact your life.
For example, take into account the following when considering any settlement offer:
- The type of accident you were in that caused your injuries
- The severity and extent of your injuries
- How these injuries affect your daily life, your future, your family, and your career
- The total value of all your damages, which includes medical bills, lost wages, ongoing treatment, and pain and suffering following your personal injury
- Other costs that were spent associated with your claim
With the help of a skilled personal injury attorney, you can accurately estimate your claim’s worth. Together, you can determine if the first settlement offer will be sufficient or if the offer underestimates certain damages you have incurred. By looking at the necessary evidence and the factors above, you will be in a better place to make a decision about accepting or not accepting a settlement offer.
What to Consider When Accepting or Declining the First Offer
As mentioned above, it is important to determine whether the offer covers all damages that were incurred during the accident. For example, if you sustained debilitating injuries in a car accident, does the settlement offer cover your present and future medical expenses? If the action that led to your accident involved gross negligence, are you entitled to punitive damages?
Speaking with an experienced attorney can help you make an informed decision. The most important thing to consider is if the settlement offer covers what you need to be covered. Medical bills, property damages, ongoing support, lost wages, and other losses from personal injuries are costly.
If the initial offer does, in fact, take all these losses into account, and you are happy with that, then accepting the offer may be a good choice. In addition, the claims process is lengthy. After an accident, this might not be something you are prepared to do. Saving the trouble of this could be done by accepting the first offer, and is something to think about.
We understand that you may be going through a difficult situation and we are ready to help however we can.
What Happens After Declining the First Settlement Offer
If you decide to turn down your first settlement offer, you still have the right to seek fair compensation. The responsible party may issue another offer. However, if they never offer a fair value for your damages, you can still fight for your rights at trial. After declining a settlement offer, you must submit an official letter that outlines your refusal and states why you’ve said no.
This letter will notify the insurance companies that you have not accepted their offer and deserve more. They look at the proof you have included and determine if the amount you are requesting is something the insurance adjuster will agree to.
You will always work directly with your attorney throughout your case.
Connect with a Michigan Attorney for Help as Soon as Possible
With more than 20 years of combined experience, the lawyers at White Law PLLC know how to successfully represent your personal injury claim. Our attorneys are not afraid to challenge the insurance companies and ask for what you deserve. Call us today to schedule your free consultation. The sooner we can speak with you about your claim, the sooner you may be able to collect the compensation you deserve.
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