Many people prefer getting a settlement because that means they would receive a lump sum. It also means that you will receive the money sooner than going to court. Moreover, going to trial does not guarantee anything and can have unpredictable outcomes. Still, there are a few strong reasons why many people reject a settlement offer until it is very high.
When you reject an offer, it is terminated, and you cannot change your mind later. From here, you can only negotiate or make a counteroffer. A Las Vegas car accident lawyer recommends not accepting an offer before considering all the damages. When you give the insurance company an estimate of your damages, it is up to them to reject or accept.
What are your options after rejecting a settlement offer?
If you do not accept the settlement offer from the insurance company, you can expect these scenarios:
- Continuation of negotiations: Rejecting the offer does not mean the end of the negotiation process. Even if the insurance company does not offer you the right compensation, you have the right to negotiate till you both agree on a mutual resolution.
- Possible counteroffers: The insurance company may come back with a counteroffer after you have declined their first one. This process will continue till a mutual agreement is settled.
- New insurance adjuster: If the insurance company is not offering you a good settlement offer, you have the right to request a new adjuster. Asking to replace the current adjuster may bring some momentum in the process.
- Litigation: If the insurance company does not meet your requirements, you can take the matter to court and file a lawsuit against the insurer. This is the last option to go with and the start of the formal legal procedure.
How can you determine the actual value of your case?
Before calculating the worth of your case, you can determine if the settlement offer is fair or not. There are a few factors on which the value of your case may depend:
- Lost wages
- Property damage
- Pain and suffering
- Medical expenses
- The severity of your injuries
- Future medical treatment required
- Whether you share any responsibility for the accident
- The strength of the evidence in favor of your claim
An experienced attorney can help you determine your case worth and tell whether the settlement offer is fair or not.
Can you sue the insurance company after accepting their offer?
When you accept an insurance company’s settlement offer, you are bound to sign a liability waiver. Signing this document means you can not seek further compensation from the insurance company or file a lawsuit against the at-fault party.
