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What Should I Know About the First Settlement Offer?

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What Should I Know About the First Settlement Offer?

Being involved in a car accident can be a traumatic experience, and dealing with insurance companies afterwards can be equally challenging. Many car accident victims often wonder if they should accept their lawyer’s first settlement offer.

However, it’s important to understand that the settlement offer is not actually coming from your lawyer, but rather from the insurance company representing the at-fault driver.

We’ll explore why it’s usually not in your best interest to accept the insurance company’s first settlement offer and discuss what steps you should take instead.

The Initial Offer is Often Undervalued:

When an insurance company makes the first settlement offer, it’s typically lower than the actual value of your car accident claim. Insurance adjusters work for the company and their goal is to minimize the financial exposure of the insurance provider. This means they will often present a low settlement offer in the hopes that you’ll accept it without questioning its fairness. By rejecting the initial offer, you are showing the insurance adjuster that you understand the value of your claim and that you are willing to fight for what you deserve.

The Timing is Premature:

The insurance company’s first settlement offer usually comes early in the claim process, before you have fully recovered from your injuries and before you have a clear understanding of the fair value of your claim. Accepting the offer prematurely may lead to settling for an amount that does not adequately compensate you for your losses. It’s important to wait until you have a complete picture of your damages, including medical bills, lost income, and other negative impacts of the accident, before considering any settlement offer.

The First Offer is Rarely the Last:

It’s important to remember that the insurance company’s first settlement offer is just the beginning of the negotiation process. In most cases, the initial offer is not the final offer, and rejecting it will not result in the revocation of the offer or a lower offer in the future. Instead, it signifies that you are prepared to engage in a fair negotiation process to ensure you receive the compensation you deserve. By rejecting the offer, you open the door for further negotiations that may lead to a more favorable settlement.

Accepting the insurance company’s first settlement offer is usually not in your best interest. By rejecting the initial offer, you demonstrate that you understand the value of your claim and are prepared to fight for fair compensation. Remember to consult with us and we can guide you through the negotiation process and help you obtain the settlement you deserve.

Call us today for your free consultation 206-447-1425.

 

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