Were you involved in a car accident with a careless driver in North Carolina? Once you’ve presented all the information available to the at-fault driver’s insurance company, you may face a delay while the insurance adjuster evaluates the claim and considers whether to offer a settlement. An insurance settlement offer is an insurance company’s proposed payment to an individual to cover their injury-related expenses and financial losses.
Accepting an insurance settlement offer means you agree to resolve your claim. The settlement process includes signing a liability waiver that protects the insurance company from future litigation should you decide later the settlement doesn’t adequately cover your losses.
Do you have to accept an insurance company’s first offer? No, you do not. What happens if you reject a settlement offer? At Hardison & Cochran, our experienced personal injury attorneys are ready to help you evaluate a claim and determine whether an insurance settlement offer will cover your accident-related losses and whether to reject a settlement offer or accept it.
Reasons to Reject an Insurance Settlement Offer
Most people believe that the at-fault driver’s insurance company is supposed to cover their injuries and expenses when accidents occur. In theory, that is true.
However, insurance companies are for-profit businesses. It is in their financial interests to offer injured victims the lowest amount of money possible to settle claims and protect the insurer’s profit margins.
Insurance companies often use tactics designed to diminish the value of a person’s claim. People involved in serious motor vehicle accidents may feel financially vulnerable as medical expenses mount. You may feel financial pressure to accept a lowball settlement offer even though it won’t cover all of your medical expenses and other losses.
Why do some people consider rejecting an initial insurance settlement offer? Several factors can affect the decision to reject a settlement offer, including:
- The offer is too low.
- The offer does not cover all of a person’s financial losses.
- The offer may not cover anticipated future medical expenses related to an accident.
- You have not reached maximum medical improvement.
- You are unsure of the full extent of your losses.
- You disagree with the insurance company’s liability assessment.
- You have concerns about the value of your future lost wages.
- You believe the facts of your personal injury claim merit a higher settlement amount.
Rejecting an offer can be intimidating. However, if you have an experienced attorney advocating on your behalf after a personal injury accident, the attorney may decline the insurer’s initial offer as part of the back-and-forth process of settlement negotiations and seeking the fair compensation you deserve.
What Happens If You Reject an Insurance Settlement Offer?
The goal of a settlement negotiation is to see if the parties can reach an agreement on the value of the settlement. An insurer may offer a quick settlement to limit its liability. You may reject the initial settlement offer and seek to negotiate for a higher settlement. A seasoned injury attorney can present evidence supporting your claim and work to convince the insurer that if you don’t receive a fair offer, then you are prepared to take legal action and present a solid case in court.
The insurance company may tender a settlement offer and then refuse further negotiation. This “take it or leave it” tactic can intimidate an accident victim into accepting an offer that does not cover their financial losses. When an accident victim believes an initial offer is all they can hope to receive, the individual may feel pressured into accepting a poor offer.
Insurance company negotiation strategies can leave accident victims feeling intimidated and bullied. If the insurance company refuses to offer a reasonable settlement, you should consult with a knowledgeable North Carolina personal injury lawyer.
An experienced attorney can file a personal injury lawsuit on your behalf, forcing the insurance company to continue negotiating a settlement that reflects the full extent of your losses or go to court to defend itself. Sometimes, a personal injury lawsuit is the best way to seek the compensation you deserve for your financial losses.
What To Do If You Reject an Insurance Settlement Offer
Are you considering rejecting an insurance company’s initial lowball offer? There are a few things you need to keep in mind when you are preparing to reject an insurance offer:
- Document your losses – You should keep documentation related to the accident, including the costs of your medical care, lost wages from missed work, vehicle repair receipts, and out-of-pocket expenses related to your injuries.
- Send a written counteroffer to the insurance company – Many insurance companies require that an individual write a letter officially rejecting a settlement offer. An experienced personal injury lawyer handling your claim can include information in a demand letter expressing why you are rejecting the insurance company’s offer and presenting a counter-demand to the insurer.
- Prepare yourself for negotiations – It can be challenging to advocate for yourself and stand up for what you believe is right, especially if you are struggling to recover from serious injuries an accident caused. It’s advantageous to seek legal advice and have a seasoned attorney negotiate with the claims adjuster on your behalf.
At Hardison & Cochran, our personal injury lawyers have the time and resources to go head-to-head with aggressive insurance companies. We are ready to negotiate on your behalf for full value for your personal injury claim. Accident victims dealing directly with insurance adjusters tend to recover far less compensation from insurance companies than individuals represented by knowledgeable personal injury attorneys.
At Hardison & Cochran, we have a track record of recovering fair compensation for our clients through settlements and verdicts. Whether at the negotiating table or in the courtroom, our Raleigh personal injury lawyers are prepared to do what it takes to help you pursue the financial recovery you deserve.
Injured in North Carolina? Let a Fighter Get You Justice!
Do not let insurance adjusters intimidate you into accepting a settlement that is less than what your personal injury claim is worth. Before you accept any offer from an insurance company, discuss your legal options with an experienced Raleigh personal injury lawyer. Our legal team has many years of combined legal experience with settlement negotiations and extensive knowledge of North Carolina law. Our personal injury lawyers at Hardison & Cochran want to help you make informed decisions and seek maximum compensation for your injuries and financial losses.