Should I Accept the Insurance Company Settlement?

If you have suffered a personal injury and the insurance company floats out a settlement offer, it is imperative that you discuss the details of the offer with your attorney. While it is possible for an insurance company to offer a settlement to a “pro se” claimant who represents himself, it is difficult for victims to determine the merit of the offer without the input of experienced Boulder car accident attorneys.

FIRST OFFER

Once the insurance company adjuster reviews all of the information pertaining to your accident claim, you might be presented with a settlement offer that will pay for your damages and close your case. However, jumping at the first settlement offer is not always the best decision. Once that first offer is made, you should meet with your personal injury attorney to discuss whether it is worth accepting. Oftentimes, after a consultation with an attorney, one decides to lean on his legal representative’s prowess to negotiate a more lucrative settlement offer. In other instances, the first settlement offer is acceptable, damages are paid and the claim is closed.

It should be noted that initial settlement offers tend to be on the low end. Insurance adjusters are permitted to settle claims within a specific dollar range. They are trained to start at the low end in an effort to get the victim to “bite”. With the help of Boulder car accident attorneys, it is possible to negotiate a low offer up to the middle of the insurance company’s designated range. The insurance agent’s true aim is to settle the claim in this middle range, pay the damages, close the case and move on to the next one.

REVIEW CAREFULLY

No matter what, it is imperative that you take your time and review the settlement offer. Do not make a quick decision, regardless of whether the initial offer seems low or high. It should only be accepted if it actually pays the amount of money needed to cover the cost of your injuries and other damages. While you might not be able to determine the merit of a settlement offer by yourself, experienced Boulder car accident attorneys will have a history of cases to compare it to. He’ll calculate exactly how much your specific personal injury is worth and advise you about accepting the settlement offer on the table.