You may be entitled to compensation if you’ve been injured in an accident that was not your fault. However, it is necessary to ensure whatever you get covers the harm and losses you suffered due to the accident.
Insurance companies often try to settle personal injury claims quickly and for the lowest possible amount. They may use tactics such as offering an initial low settlement offer or pressuring you to settle soon after your accident.
Accepting a low settlement offer can have life-long consequences and affect your quality of life in the future. But, what exactly is a low settlement offer? Here is what you should know.
Understand what you are entitled to as compensation
Before accepting a settlement offer, it is prudent to assess your damages from the accident. These include present and future medical expenses, lost wages, emotional anguish and even pain and suffering. There is a whole lot of other damages you can claim, depending on the impact of the accident on your life.
Once you have a complete picture of what you are entitled to, it will help you ascertain the value of your claim which is an estimate of the total amount of compensation to expect. You should reject any offer that does not measure up to your damages. Remember, refusing a settlement offer is not waiving or giving up your compensation.
Negotiating a personal injury settlement
The claims process involves negotiating with the insurer to arrive at a settlement. For instance, you may present a counteroffer after rejecting the insurer’s offer. Finding a middle ground sometimes gets complicated, especially when everyone takes a hard-line stance.
It is best to have proper legal representation during these negotiations to ensure you do not lose out. In addition, you will also be aware of the other legal options available to help protect your interests.