Not every personal injury accident requires you to go to court for compensation. There are circumstances in which the party allegedly liable for your losses may instead reach out to you. In these cases, you may receive a settlement offer meant to address the economic value of your accident-related expenses.
You do not have to accept the first settlement offer that comes your way, though. In many cases, it’s even in your best interest to turn down that first settlement offer. Why? Because the more you exercise your right to negotiate for post-accident care, the better your recovery package may be.
Insurance Companies Prioritize Themselves
Insurance companies’ rhetoric is designed to make you think that they have your best interests at heart. In reality, insurance companies operate as businesses. They prioritize their bottom lines, even in the face of your accident. A liable party’s insurance company may take every possible out to try and avoid paying you the compensation you’re owed after an accident.
The settlement offer you receive straight out of the gate may thus undersell the value of your accident case. You need to reject this first settlement offer if you ever want to secure more substantial support.
There’s also a legal risk to agreeing to an insurance company’s first settlement offer. Most providers require you to sign a document stating that you won’t take legal action against them or their client after you’ve accepted a settlement offer. If you discover too late that your case is more valuable than you thought it was, you will be out of luck.
You Have the Right to Negotiate for Support
No matter what it feels like when contending with an insurance company, you have the right to negotiate for support after an accident. Specifically, you can elaborate on the losses you endured due to someone else’s negligence. When you bring forward claims regarding your losses, you can convince an insurance company of your need for more support. This way, you can secure a more substantial settlement that better addresses the full breadth of your losses.
If you do want to negotiate for financial support with an insurance company, make sure you have evidence of your losses on hand. Photos, video, and expert testimony can all help you emphasize the economic value of your accident. It’s difficult for an insurance company to contest the value of your case when you have hard data to back up your request, too.
A Personal Injury Attorney Can Calculate the Value of Your Case
It is always in your best interest to get a second opinion on the value of your accident case. With that in mind, don’t accept any insurance provider’s settlement offer before you’ve calculated your accident’s value. Personal injury lawyers can specifically assess the nature of your losses and apply all of the appropriate multipliers to your case before tallying a final sum.
Our attorneys at Feller & Wendt value your case’s economic and non-economic multipliers when assigning your lawsuit a value. Your economic losses can range from essential medical care to lost opportunities for work. Your non-economic losses can include pain and suffering as well as stress and/or PTSD.
When you have your own estimate of your case’s value on hand, it becomes much harder for an insurance provider to undervalue your case. As such, it’s all the more important to turn down an insurance company’s first settlement offer—especially if you haven’t had time to calculate your own estimate.
Let Our Attorneys Represent You Throughout Settlement Negotiations
Insurance companies want to protect their bottom lines from the cost of your accident. You don’t have to let them get away with an attempt to undervalue your case. Call on a personal injury lawyer, and you can negotiate for a settlement that addresses the full economic breadth of your losses.
At Feller & Wendt, we have your best interests in mind and want to do what we can to ensure you get the settlement you deserve. You can schedule a consultation with our representatives by calling our office at (801) 499-5060. We are also available to compare schedules via our contact form.
