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When do you know it’s time to accept a settlement offer?

On Behalf of | Jan 11, 2021 | Injuries

If you have been involved in a traffic collision and have had an insurance company come to you with a settlement offer, don’t accept it just yet. It is important that you have the opportunity to review that settlement offer and to decide if it’s enough to cover your financial losses now and in the future.

If you accept a settlement offer from a car insurance company too soon, you could be costing yourself thousands of dollars and limiting your ability to get fair compensation. In some cases, you may find you don’t actually have enough to cover your losses after accepting a low settlement. That’s why you should always review your settlement offer with your attorney before agreeing to it.

How can you be sure that a settlement offer is good enough?

It isn’t always easy to know that a settlement offer is high enough, but there are a few tips that may help.

First, ask yourself if the settlement is enough to cover your lost wages, damaged vehicle, medical care and other expenses. If it does and you see no further expenses coming from the incident, then it may be a good settlement offer.

Next, ask if you’ve negotiated at all. The insurance company’s offer should be thought of as a starting point, not the only offer you’ll get. If you think you will need more financial support than the settlement offers, reject the offer and send a counteroffer, if you have one.

Finally, see if you’re at the maximum of what the insurance company allows. If you are being offered the maximum payout, then this may be your only option for a settlement offer. You can, however, continue to pursue a personal injury claim if the settlement won’t cover all of your losses.

Your attorney can help you negotiate with the insurance company if you are not sure about the settlement offer or want to get more than what they’re offering. It’s common to need to negotiate, so don’t be concerned if the first settlement seems low. You still have the chance to ask for more and can refuse unfair offers.

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