Following an injury, insurance companies will usually offer a settlement. The sum of money may seem abundant before realizing the costs that your injury may incur. It is good to understand that insurance companies are interested in maximizing the money in their own pockets, not giving any to injury victims. Many insurance companies use the “Delay and Deny” strategy. This strategy allows companies to delay and deny payments, pushing for the injured person to accept a smaller settlement. This often leads to a trial in which the injured person fights to get the compensation they deserve.
An insurance company’s goal is to pay the lowest amount possible. Because of this, many attorneys will advise their clients to fight back. But there are times when it might not be worth it. It is important to know when to move forward with a lawsuit.
Making a Counter-Offer
After the insurance company’s initial offer, you will most likely want to make a counter-offer. To make an educated counter-offer, you should understand why you are asking for these amounts. Some questions that you may want to go over with your attorney are:
- Is the counter-offer high enough?
- Does the insurance company know about all of your medical bills?
- Does the insurance company understand the extent of your injuries?
- Are the injuries negatively impacting both you and your family?
- Have these injuries affected your ability to work?
- Will these injuries impact your future ability to work?
- How much have you lost in wages because of the injury?
- Does the settlement offered cover the entire amount of your claim?
If you are replying “no” or “I don’t know” to any of these questions, an attorney might tell you to reconsider accepting the offer. You can calculate the amount of physical, emotional, and financial stress that the settlement process will take if you do decide to reject their offer. This decision is complicated and can be eased with advice from a qualified attorney.
Expenses Incurred
The first thing you can do when reviewing the insurance company’s settlement offer is comparing its value to the expenses you have incurred so far. You should ask the claims adjuster exactly what they used to factor into these decisions and see if there were any expenses or other information they forgot to include.
When you want to respond to the offer, you will need to send in a written request outlining the circumstances surrounding either your acceptance or refusal of the offer. Doing so will start a back-and-forth process as both parties will gather information and evidence supporting their compensation requests. This tends to be especially true when injuries are severe, as they can be more complex.
Hiring an Attorney
If you refuse the offer, negotiation will commence between the parties involved. In instances like these, the support of a qualified attorney is very important in ensuring the process gets you the results you deserve while minimizing your stress. At Berry Law Firm, we take winning seriously. Contact us today for a free consultation.
