After undergoing the trauma of an accident that’s left you injured, you’ll also be left with stacks of medical bills. How will you get them paid when you’ve been out of work because of what happened? That’s where a settlement offer comes in. While some offers are fair and will seemingly cover your bills from the accident and its consequential losses, others won’t be.

If you’ve been provided with a low settlement offer, you’re probably right: it’s less than you deserve. Unfortunately, even though settlements are meant to provide relief to the victims of accidents, more often than not, the at-fault person’s representation adds insult to injury by presenting the victim with an unfair amount. Insurance companies bank on people feeling desperate enough to accept an offer that can help in the moment but won’t in the longrun.

You shouldn’t have to settle or accept less than you deserve. Montlick attorneys believe that to our very core. Before we start the process of helping you, let’s look at what happens when you reject an insurance settlement offer.

The First Offer

We understand that, more than anything, you just want this whole ordeal to be over. You want things to return to normal so you can move on, and you deserve that. Part of what you deserve is a fair settlement. Sometimes, that doesn’t come with the first offer or even the second or third offer.

When you’re presented with an offer, always run it by an attorney even if you are not represented by one yet.. They’ll evaluate the settlement to determine how far off it is from what you’re entitled to and whether or not it would be smart for you to retain counsel to assist you in your recovery. Until they get back to you, DO NOT accept partial payments or sign any paperwork. The insurance company will attempt to get you to sign a release to close your case. They don’t tell you that doing so forfeits your right to go after additional compensation.

How Long Do I Have to Accept an Offer?

How long you have to accept the offer varies depending on the state you’re located in. Every offer will usually be accompanied by an expiration date. However, insurance companies may revoke the offer at their discretion. Be sure to respond per your state’s statute of limitations to protect your right to compensation.

What Happens If I Accept?

So, after accepting a settlement offer, how long does it take to receive the funds? Receiving your settlement is a process and can take weeks. Your personal injury lawyer will deposit the funds in a trust fund as soon as possible until the amount becomes available. What to do When You Don’t Like the Offer
By now, you’re probably asking yourself, “What happens if I reject a settlement offer?”
It’s important to note that you’re well within your rights to reject the first settlement offer the insurance company put in front of you (especially if you haven’t had the time to secure legal representation yet). When you don’t like the offer, you should:

  • Determine the amount that covers your related bills/costs
  • Consult with an attorney to verify if it’s a bad offer
  • Instruct your attorney to write a formal rejection to be submitted by your legal counsel
  • Provide factual information to support your newly requested settlement

Don’t let the other party’s attorney and insurance company push you into accepting a deal you’re unsure about. Seek the assistance of an experienced attorney from Montlick, who will review all the facts, examine the insurance policy, and compare similar cases to determine best what you’re owed. If they deduce that you’re entitled to a larger settlement, they’ll negotiate to get you one.

How a Personal Injury Attorney Can Help You

If you’ve seen it and decided you’re unhappy with the settlement offer, it’s time for your lawyer to get to work. From there, the next step involves presenting a counteroffer that covers the sum of your injuries and accident-related loss costs. At this point, your case has officially entered into negotiations.

Negotiations
The counteroffer your personal injury attorney presents the defense with will be backed by evidence such as medical bills, property damage, lost income, hospital records, and expert statements. These documents are essential to show how much you’ve lost due to the accident and why you deserve a higher settlement.

Counter Tactics
Despite advertisements claiming to have your best interests at heart, insurance companies might use tactics to confuse you, delay payment, or flat-out deny it. Never speak to them without your attorney present to avoid their coercive tactics. Keep careful notes of all communications you’ve had with them as well.

Filing a Lawsuit
If all else fails, it may be time to file a lawsuit. After you file a personal injury lawsuit, the court process will begin, including discovery – the exchange of information between parties – more negotiations and potential court proceedings. We’ll work to build a solid case showing how the insurance company will lose if it escalates to court to bring them back to the negotiation table to avoid this.

Getting Another Offer

Before asking your attorney, “How long does it take to get a second settlement offer?” consider a few factors. Number one, negotiations can take a while but not always. Every case is different from start to finish.
This process can get frustrating quickly, but it’s important to remember why you’re pursuing compensation in the first place– you deserve a sense of justice after what you’ve been through. Even though it can be challenging, stand your ground and trust in your personal injury attorney to handle the negotiations while you focus on getting your life back.

Settling In Versus Out of Court

In some instances, the other party will refuse to accept your counteroffer. That opens up your claim for escalation to settling in a courtroom instead of out. Progressing to litigation can be beneficial as it allows you to potentially receive a better offer, but it could also present challenges. Take into consideration the following possibilities:

  • Uncertain outcome
  • Lengthy process
  • Higher costs
  • Emotional stress

What’s My Claim Worth?

Knowing the financial implications of your accident is critical to understanding what your claim is worth. Your claim’s financial value is determined by factors like:

  • The type of accident
  • The extent and severity of your injuries
  • How the injuries affect your daily life, family, and career
  • The total financial value of your damages (medical bills, lost wages, ongoing treatment costs, and pain and suffering)
  • Whether there is potential for a defense based on contributory negligence
  • The evidence available to support your case

How Do I Know When It’s a Bad Offer?

Likewise, how can you know when you’ve been given an inadequate settlement offer if you don’t understand your claims’ real value? Multiple instances exist where rejecting a car insurance settlement offer is in your best interest.

Insufficient amount.
If the proposed settlement offer is nowhere near enough to cover the expenses caused by the accident, don’t accept the offer. Compensation should include medical costs and lost income, as well as your pain and suffering.

Doesn’t include future-related costs.
Depending on the severity of your injury, you may require long-term treatment. Your injuries could also affect your future earning capacity and overall quality of life. If the settlement amount doesn’t seem to have considered those factors, don’t accept it.

Undervalues your pain and suffering.
Figuring out the exact amount of money your pain and suffering equates to can be complicated.
But more often than not, insurance companies will downplay your physical pain, emotional trauma, or diminished enjoyment. Don’t accept the offer if it seems like that’s happening to you.

Poor investigation was done.
A well-outlined protocol for investigating accidents must be followed to protect victims’ rights. If the insurance company reached out to you very quickly and offered you an amount to settle before you knew the full extent of your injuries, the insurance company disregarded crucial aspects of the investigation that have led to an unfair amount being offered. If this sounds familiar, don’t accept the offer.

Why do Insurance Companies Offer Low Settlements?

Unfortunately, insurance companies aren’t on your side. First and foremost, they’re a business. That means they will prioritize minimizing their losses over doing the right thing and paying you a fair settlement, which cuts into their bottom line. Insurance companies might offer you a lowball settlement if they have underestimated your losses, believe you were at fault, or are just plain corrupt.

Determination of Fault

If the insurance company, for whatever reason, believes that you were partially, if not entirely, at fault for the accident, they may present you with a low settlement offer. In “at-fault” states, the driver who caused the accident is responsible for paying for your losses; your percentage of fault may reduce your compensation if they can prove you are also partially at-fault.. In a “no-fault state,” each party’s insurance pays for their medical bills and losses.

Underestimating Your Losses

As we already mentioned, insurance companies habitually undervalue your losses caused by the accident. This isn’t always malicious; their formulas or software might be off, which could lead to mistakes. They tend to look at numbers instead of you as a person. Having an attorney brings the human component back into your case leading to a higher offer.Bad Faith Practices
Unfortunately, there are insurance companies and individual adjusters out there that for one reason or another, did not offer you a fair amount on your case. Sometimes, companies purposefully offer low settlements, regardless of the facts, which can be bad faith practice, depending on the facts . In bad faith cases, you may also pursue a case against the insurance company for this conduct.

To Win a Settlement That Allows You to Rest Peacefully, Call Montlick.

When coming to terms with what happened to you, you deserve to be supported in many ways. One way that can help to alleviate worries is obtaining a fair settlement. To ensure your right to compensation is protected, enlist the legal assistance of a Montlick personal injury attorney.

If you’re not happy with the settlement offer, we will fight to obtain the highest possible amount possible on your case. We won’t let you get backed into a corner by an insurance company pressuring you to accept an offer that is too low.
Call today to schedule your 100% free consultation. We promise you’ll speak to an attorney who cares.