Being involved in an accident can cause you to incur substantial medical bills. You might not be able to go to work like you used to because of the trauma of the incident. The best way to avoid financial strain is to reach out to the insurance company for compensation. However, all might not go well, leaving you still in need of compensation. Many people wonder how they should respond to a low settlement offer from the insurance.
This article will examine the best ways to respond to a low settlement offer from an insurance company.
Why Did I Receive a Low Settlement Offer?
It is essential to understand why you got a low ball settlement. It could be because the adjuster doesn’t have all the necessary information.
Another reason for receiving a low settlement is that maybe there wasn’t a lot of damage. It could be your car had minor damages, and your injuries were also not very severe. All in all, if you need worthy compensation after an accident, it is better to work with a lawyer who will help you take the proper steps to increase the settlement offer.
Steps to Respond to a Low Settlement Offer
1. Remain Calm and Analyze Your Offer
Receiving a low settlement offer can be insulting, especially after experiencing a severe accident. It is best not to respond emotionally after what happened. Remain professional and let your lawyer do the negotiations for the best results.
2. Ask Questions
Once your emotions are in check, you can determine why the adjuster made the offer they did. Go ahead and inquire as to how they got to the figures they offered and their reasons. If the insurance offer obviously omits some vital information, offer that data before moving to the next step.
3. Develop a Counteroffer
Your attorney should create a counteroffer based on the amount you deserve for the suffering and harms you have gone through. You will also need to consider the limits of the insurance policy and the defendant’s assets if the insurance limit is enough to pay for the value of your damages. With your attorney, determine the minimum amount you are willing to accept for your claim. If you cannot reach a fair settlement during the negotiations, you might have to proceed to court.
4. Respond in Writing
Your attorney should draft a formal response to notify the insurer that you are rejecting the offer. Be sure to point out the faulty assumptions made by the insurance company and add additional details like proof of your lost income, medical bills, and police reports to explain how the damage and pain have affected your life.
5. Don’t Settle Until You’ve Healed
Do not accept an offer until you have made a complete recovery from your injuries. You will not know how much your medical bills, lost income, and non-economic damages will amount to. It is better when you understand the full extent of your injuries so that the settlement covers future medical expenses. Once you’ve accepted and signed off on the settlement offer, you cannot renegotiate the offer or file another personal injury lawsuit.
You Will Need a Lawyer to Help You
An experienced lawyer will help you obtain the compensation you deserve. The process of claiming a reasonable settlement is not easy. You will need a lawyer to hold your hand and help you follow the proper steps in order to win the claim.