If you have been injured and received a settlement offer, you may be unsure as to whether or not the amount of money offered is fair and reasonable. Take your time in reviewing the offer and discuss it with your attorney. Read the information below to help you understand the steps you may need to take after you have been presented with a settlement offer.
Sending Your Demands
In many personal injury cases, a letter of demand is sent by the injured party to the person or entity responsible for causing the injury. In some cases, this letter could be delivered to the responsible person’s insurance company. It is normally smart to wait until the full extent of the issues caused by the accident become known.
Unreasonable first settlement offers are commonplace, and you do not need to accept them. If you have an attorney, ask him or her to evaluate the offer. Think rationally because your response could go a long way toward determining whether or not you end up with a fair outcome.
Reviewing the Offer
Although you may be in need of cash, you should maintain a calm demeanor and a professional relationship with the other party. Remember, this initial offer is normally a starting point and the other side is most likely willing to negotiate.
Developing a Response
Before submitting a written response, you or your attorney may speak with the other party to gain an understanding of how they came to the figure they sent you. This conversation could assist you in developing an appropriate response to the offer you received. Specifically, the low figure could be due to inadequate information provided to the responsible party. You or your attorney can provide them with further documentation if it would help you come to an agreement more quickly.
Alternatively, you can always appeal to their more emotional side and describe the toll the injury has taken on you and your loved ones.
Responding in Writing
Provide the at-fault party with a written response to their offer. It may be unwise to respond with a counteroffer that could be considered unreasonably high. Factors to consider include insurance coverage limits, the other party’s assets and the amount you believe to be fair.
It is possible for there to be several rounds of offers and counteroffers. This may seem cumbersome, but it is fairly standard in personal injury cases.