If you have filed a personal injury claim, the insurance company of the opposite party is who you are going to be dealing with. You will fill out forms to properly file your claim and the insurance company will contact you for further information. This is the best way for the insurance company to determine what they believe is a fair amount to compensate you for. However, before you accept a settlement offer, especially the first one that is offered to you, here are three tips you need to consider:
Hire a Personal Injury Attorney:
If you are completely unaware of how much your case is worth, you need a personal injury attorney. You also need a personal injury attorney if you feel that your case will need to go to court. This is the case if you know that you are being offered much too little for compensation, but the insurance company will not work with you on a compromise. Either way, you need a personal injury attorney who can help you determine the worth of your case, deal with the insurance company, and be by your side if your case does go to court to ensure that you are not taken advantage of. This last part is especially important if you are up against a big insurance company.
Be Realistic:
When a settlement offer is given to you, you need to be realistic. Is the offer reasonable and within your range? If so, then it's probably best to accept it instead of attempting to fight for more money. If you aren't realistic, it can land your case in court, which isn't ideal, especially if the insurance company has already been willing to work with you and offered a reasonable amount of money. This is because, once your case is taken to court, you have no control over the settlement amount given to you. This amount is instead determined by a judge with no negotiations.
Weigh the Risks of Rejecting an Offer:
If the insurance company has offered you a value lower than what you and your attorney have ranged your case is worth, then you can reject it and provide thorough reasoning for why you deserve more. If they come back with an offer that is still lower than your range, you need to weigh the risks that come with rejecting that second offer. If you reject the second offer, your case may be taken to court. Be sure to talk to your attorney about whether or not you should accept. Your attorney may suggest that you do accept it despite it being low because, once your case is taken to court, there is a high risk that you will actually be given a lower amount in compensation still.
When you consider these three tips for knowing when to settle your personal injury claim, you can be sure that you are not settling too soon, but also taking enough time to consider each offer that comes through.
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