How Much Time is There to Accept or Reject a Settlement Offer?
When a car insurance company makes a settlement offer, they may set a deadline for accepting it before it gets taken off the table. If they do not set a deadline, they may just expect a response in a reasonable amount of time.
However, you do not need to feel rushed into deciding whether to accept or reject a settlement offer. Despite what the insurance company says, the first offer is often not the only offer they make. In fact, the first offer is often far below the full value of your claim and any claimed deadlines to accept are arbitrary and not accurate.
It is also important to emphasize you should strongly consider meeting with a qualified lawyer to review any settlement offers you receive. An attorney from our firm is prepared to help you determine if a settlement offer provides the compensation you need to move forward with your life.
It often takes time to get the insurance company to make an offer that provides fair compensation. A Bloomington vehicle crash attorney can counter, and it often takes multiple counteroffers to reach a fair settlement agreement
Why Insurance Companies Pressure Victims to Settle
The insurance company’s primary concern is their bottom line. They are trying to make a profit and that is done by paying out as little as possible to injured victims.
While insurance companies sometimes delay the process of negotiations in hopes of getting an injury victim to accept a low offer, they can also try to speed it up. They know victims need compensation to pay their medical bills, replace lost wages or just get back on their feet. That is why they may set a deadline for accepting a settlement offer and lead victims to believe that is the only offer the insurance company is going to make. They are counting on victims feeling desperate and deciding to accept what the insurance company is offering because it is “at least something.“ There is also the fear that if the offer is not accepted immediately, it may go away and no new offer will ever be presented.
Insurers may try to dissuade you from working with an attorney, claiming an attorney will just make things complicated and they will take a huge chunk of your settlement to cover their costs. Victims may feel pressured to decide and think they just do not have time to talk to an attorney. This is a false narrative. People with attorneys average three times the settlement. Even after paying attorney fees, the case is still worth more to the client. In addition, consultations are free, so why not be educated on your options before accepting a settlement. TSR Injury Law can also review the facts of the case and determine if there is missing information the insurance company needs to make a fair offer.
Another factor to consider is insurance companies may be pushing you to settle because you have a strong case. They are trying to save themselves money and they do not want you to challenge them by hiring an attorney. They may think they will have to offer more compensation if you get an attorney because of the strength of your case.
Dangers of Accepting a Settlement Offer Too Quickly
One of the biggest problems with accepting a settlement offer too quickly is you may leave compensation on the table. You may not be able to recover full compensation for medical bills, particularly ongoing medical expenses.
There is basically no way to know the full cost of your damages early in the process. Doctors need to wait until you reach maximum medical improvement to determine how long your injuries may affect you. They need time to assess if you will have a permanent or long-term disability.
It may also take time to determine how your injuries affect your ability to work. Maybe you will be able to return to the same type of job at some point in the future. But you may need to work fewer hours or work a different kind of job. Doctors may not know what your physical abilities may be until you reach maximum medical improvement.
Advantages of Discussing Settlement Offers With an Attorney
The licensed attorneys at TSR Injury Law manage crash claims every day. We have a proven track record of success representing Minnesota crash victims.
We have the resources and legal knowledge to manage every aspect of a claim as we pursue full compensation for damages. We consider the various factors that affect the value of a case and the unique details of each client’s case, including:
- Strength of evidence
- Severity of damage to your vehicle
- Your job, education and employment history
- Seriousness of your injuries
- Other damages you suffered
- Insurance policy limits
- Whether the crash aggravated an existing injury
Visit our testimonials page to learn what our clients have to say about their experience working with our firm and the benefits of working with a qualified attorney.
Contact TSR to Discuss Filing a Claim
Crash victims often do not realize how challenging it can be to seek compensation on their own. They may not understand how insurance companies operate and how they are working against the interests of victims.
The good news is you can work with an attorney, and there are no upfront costs. TSR has been securing millions for crash victims for decades.
Contact us today to set up your free legal consultation: (612) TSR-TIME.