When is the Right Time to Accept a Settlement Offer from the Insurance Company?

Usually, insurance providers make settlement offers for a personal injury claim. This is the case if you are represented by a grothlaw.com attorney. Once you start to get calls from the insurance company of the party responsible for your accident and injury, you may wonder when to accept the offer.

Because you probably still do not know the extent of your injury and losses, you may find the settlement offers enough for your needs. However, at this point, you may haven’t considered other factors that can affect your financial well-being after your claim is settled. This is the reason you should speak with an injury lawyer before you agree to anything with the insurer.

When to Settle Your Injury Claim

In general, you must wait until all of your damages, including medical bills, lost wages, pain and suffering, and property damage have been assessed to figure out the worth of your claim. You must n to accept the insurance company’s first offer since it may not cover your damages’ full cost. Once you accept a settlement offer, you won’t be able to pursue further compensation later. Acceptance in this context means releasing the insurer from all inability.

You must wait until you have consulted with an attorney. Also, ensure you don’t disclose to the insurer your desire to resolve your case outside of court over going to trial. Otherwise, the insurance provider may not make a reasonable offer.

How Long Will You Have to Negotiate

After you file a claim with the at-fault party’s insurer, they may make a settlement offer to resolve your claim quickly. Sometimes, the company may wait for you to send a demand letter that states the amount you believe you deserve to receive. Once you get an offer from the company, you can send a counteroffer to start negotiations. In general, it is best to let a lawyer negotiate for you. If you handle negotiations by yourself, the insurer may take advantage of you. Negotiations take time; however, you must know when it’s time to stop. A skilled lawyer can evaluate this for you.

If the insurance provider makes a reasonable offer, you may want to accept it sooner instead of later, so you don’t go through a trial. But you still have to review some details with your lawyer before you accept the settlement offer.  Sometimes, there is a time limit to when you can accept or deny an offer from the insurance company.

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