Things To Understand About Settlement Offer After A Personal Injury Case

Personal Injury Case

If you have been injured because of the mistake of someone else, you have every right to file for compensation. Your medical bills and doctor’s fees will be paid, as it was not your fault. However, the claim process goes through several phases before the actual compensation is awarded. To have more information on compensation, you need to hire an attorney right after the accident.  He can use his skills and knowledge to help you obtain what you deserve. Let’s discuss what happens after you file a claim with the insurance company.

Accepting the first settlement offer 

Many people jump quickly into the decision to accept the first offer made by the insurance company. They end up receiving less compensation mostly. They do so because they believe that they will get nothing at all if they respond quickly. On the contrary, if you accept it, it may have long-term consequences. Moreover, every offer comes with a certain deadline and you need to make an informed decision within that time period.  A good personal injury lawyer will help you make the right decision about accepting the offer. In most cases, a lawyer declines this offer because they are generally quite low. 

Legal aspects of a settlement offer

It is important to learn what value this offer holds. A settlement offer is a proposal to end the legal dispute between parties by compensating for injuries and damages. It may seem a lucrative offer but it is not. There are a lot of negotiations, arguments and conflicts between parties, insurance companies and attorneys.  In many cases, reaching a fair settlement takes a lot of time and effort because no one wants to settle for any less. It also involves plenty of paperwork and offers.

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Handling the settlement offer 

Don’t accept it right away. Your lawyer will tell you this. It is a good idea to wait for some time because this offer is just the starting point of negotiations. Your lawyer will write a formal letter to the insurance company demanding more compensation for the injuries and damages. He will also add to the letter that the amount will not cover these losses. Hence, the victim should receive a fair amount.

This stage may take several months as well until the parties reach a settlement. Hiring a lawyer can reduce the amount of work and effort for you because he will handle it on your behalf.