Responding to a Low Settlement Offer
Oftentimes, when there has been a personal injury, companies and their insurance carriers wish to settle a claim quickly and for the lowest amount of money possible. It is not uncommon for an insurance company to make contact with the victim of a personal injury soon after an incident, and offer to settle a claim for a small amount of money. However, personal injury victims should refuse to accept quick settlement offers, and there are a few things you should keep in mind when responding to a low settlement offer.
Hire an Attorney
One of the most important things you can do when responding to a low settlement offer is to hire an attorney. Insurance carriers and other parties usually wish to use a personal injury victim’s lack of experience with the dispute-resolution process against them when settling a claim. They usually think that if they contact a personal injury victim quickly, and offer a small sum of money, they can settle a claim without spending a larger sum typically needed to resolve a given dispute.
However, a personal injury law firm, such as The Rothman Law Firm, understands the true value of cases. We can evaluate a matter based on the facts involved, and can determine if an insurance carrier is offering a good-faith settlement. In addition, once you hire an attorney, ethics regulations and other rules typically require that an insurance carrier or their lawyer only talk to an attorney rather than the clients themselves. This can prevent insurance carriers or their attorneys from pressuring personal injury victims into resolving claims. In any case, attorneys can help ensure that you receive the most amount of money for your personal injury claim, and hiring a lawyer is an important step when responding to a low settlement offer.
Do Your Research
There are many factors involved in valuing a case, and a number of different factors can influence whether or not a settlement offer is reasonable. For instance, the location where a lawsuit will be filed, the facts of the case, and other considerations will help determine how much money a party can reasonably expect to recover from a given personal injury. Of course, it is always best to consult with an experienced personal injury attorney as soon as possible after suffering a personal injury in order to get the most accurate information possible and to protect your rights.
However, there are also online resources that can help individuals determine the general value of their case. The most important consideration to determining how much money a personal injury is worth is the injuries suffered and what types of treatment may be involved in healing from those injuries. As a result, parties can search online how much money parties may hope to recover for given injuries in a particular location. Again, such information will be less accurate than the details provided by an experienced attorney, but individuals can conduct quick research to determine whether a settlement offer seems reasonable or not.
Gather Evidence
Oftentimes, insurance carriers make low settlement offers before personal injury victims know all of the facts surrounding their claim. For instance, an insurance carrier and their lawyers likely have accident reports, surveillance footage, and other evidence at their disposal when making low settlement offers. Personal injury victims usually do not see this kind of evidence until well after a lawsuit has been filed. Until evidence has been exchanged, insurance carriers and their lawyers have leverage when making settlement offers.
For this reason, it is important for personal injury victims and their attorneys to uncover all evidence related to a personal injury claim as soon as possible. This includes obtaining medical records, photographs of injuries, recordings, emails, and any other information that may be relevant to resolving a claim. Responding to a low settlement offer is easier once all of this information is revealed, since attorneys can then make arguments about the case that should help increase the amount of money that is offered to resolve a matter.
Prepare to Go the Distance
When responding to a low settlement offer, it is important to be prepared to go the distance. Attorneys and insurance companies who provide low settlement offers often hope that an injured party needs settlement money and will accept a lower amount sooner than waiting to receive a larger payout. Of course, it is usually acceptable to receive less settlement money in exchange for obtaining a settlement sooner, but insurance companies and attorneys typically hope that parties will need money and will agree to accept less cash in exchange for a quick payout.
One of the best ways to force insurance companies and attorneys to increase their settlement offer is to wait before accepting any settlement. As time goes on, and a trial in a matter seems more likely, parties will offer more money to settle a case. It is important to set oneself up financially and mentally to go the distance during settlement discussions, since the highest settlements are typically achieved later in a given case.
The Rothman Law Firm has a substantial amount of experience negotiating settlements in personal injury matters. We are familiar with the settlement values that are involved in all types of personal injury matters. If you are looking for an experienced New York and New Jersey personal injury attorney to handle your case, please feel free to contact The Rothman Law Firm to request a free legal consultation.