It’s the vital moment everyone anxiously anticipates after filing an insurance claim for an Outer Banks car accident: The insurance adjuster extending a fair settlement offer. Unfortunately, this landmark is loaded with important, potentially life-altering decisions. Should you accept their offer, thereby closing your claim? Or should you turn it down and begin a new branch to pursue financial compensation?
The legal team at Shapiro, Washburn & Sharp feels that it is important for Outer Banks accident victims to understand what happens should they opt to refuse an insurance adjuster’s first offer. By drawing on our 70 years of combined legal experience, we can shed some light on what you should expect if you decide to do so and guide you through the possible steps, intricacies, and outcomes to help you successfully navigate this crucial choice.
The Outer Banks car accident attorneys at Shapiro, Washburn & Sharp can help you ensure that the insurance adjuster does not strongarm you into making an uninformed and rash decision. Our skilled Outer Banks car accident attorneys will review the facts of your accident, accurately evaluate your total damages, and help you determine if the insurer made you a suitable offer. Call us today to schedule a free consultation.
Am I Obligated to Accept the Insurance Adjuster’s First Offer?
Once your claim is filed, you are under no legal obligation to accept the insurer’s first offer. It is an insurance adjuster’s job to calculate losses and propose settlements, but the reality of the situation is that their initial offer is unlikely to reflect the true extent of your damages and align with your future needs.
You have every right to thoroughly review and consider the settlement offer and, should it be found wanting, simply reject it. Despite what many people think, turning down a settlement offer does not signal the end of negotiations. Rather, it is the usual first step in a much longer legal process.
What Happens When I Reject a Settlement Offer?
First settlement offers are commonly rejected. Severe cases, such as wrongful death claims and car accident cases, require intense negotiations to ensure both parties arrive at an outcome they feel is equitable. The other party might contest your claims that they were to blame for your injury or the damages you seek. As normal as it is for initial settlement offers to be rejected, the insurance company is equally unlikely to agree to your initial terms. When you partner with an Outer Banks car accident lawyer from Shapiro, Washburn & Sharp, you are working with someone already familiar with the insurer’s negotiating style and whether they open with low offers as a matter of practice or if their opening offer reflects what they are truly willing to pay.
Once you reject the insurance company’s offer, you can expect:
- Negotiations continue: As mentioned earlier, rejecting a settlement offer does not intrinsically herald the end of negotiations. Even if the insurer falls far short of your needs and expectations with its primary offer, negotiations can persist between both parties, striving to reach a mutually agreeable solution.
- Counteroffers: Once you decline the first offer, the insurance company will likely respond with a counteroffer. This type of back-and-forth can go on until a satisfactory agreement is attained.
- New adjuster: Should you find that your insurance adjuster is unreasonable or discover that your negotiations have reached an impasse, you can ask for a new adjuster to be assigned to your case. Occasionally, insurance adjusters can take a combative approach and bully Outer Banks car accident victims into accepting their offer. Requesting a new insurance adjuster can give your case a different trajectory by introducing a fresh set of eyes.
- Litigation: If settlement negotiations reach a stalemate, you can escalate the issue by bringing a lawsuit against the insurance company. This option is usually a victim’s last resort, but it does get the ball rolling on a formal legal process. Negotiations may or may not continue, but the lawsuit will eventually end in court.
It is vital to understand that refusal to accept a settlement offer is often accompanied by delays and risks. It also tends to be accompanied by a more favorable outcome since you may obtain a larger settlement or reach a solution that better aligns with the extent of your injuries. The effects of declining a settlement offer vary widely for each individual case. This is just one of the reasons it is vital to thoroughly weigh all of your options and seek qualified legal advice as it is needed.
The Importance of Working with a Skilled Attorney
If and when you discover yourself in the difficult position of deciding whether to accept or decline an insurance company’s settlement offer, partnering with a skilled Outer Banks car accident attorney can make a world of difference. Their job is to utilize their skills, considerable resources, and knowledge to represent you in negotiations and look out for your best interests during the personal injury process.
Reasons to work with an experienced lawyer include:
- Thorough knowledge: Personal injury attorneys are familiar with the underhanded tactics often employed by insurance companies, their policies, and the complexities of insurance law.
- Legal advice: Attorneys can offer skilled legal counsel that can help you make an educated decision about whether or not to accept a settlement offer.
- Negotiation skills: Personal injury attorneys are also trained negotiators who can counter lowball settlement offers and advocate effectively for maximum financial compensation.
- Claims estimate: An experienced attorney can estimate your claim’s value and consider all of your potential damages so that you do not accept a settlement that is less than you deserve.
- Bad faith tactics: If the insurance carrier refuses to act in good faith, a good personal injury attorney can easily identify and handle these unscrupulous practices.
- Representation in court: Should settlement negotiations fail, an attorney can represent you in court and pursue the financial compensation to which you are entitled.
When it comes to insurance claims and settlement offers, a skilled attorney can be a strong advocate, working diligently to negotiate a fair settlement or, if necessary, fighting for your rights in court.
Do You Have Questions About a Settlement Offer You Received?
If you received a settlement offer that is less than you need and deserve, or if your insurance adjuster refuses to treat your case fairly, discuss your case with a knowledgeable Outer Banks car accident attorney from Shapiro, Washburn & Sharp. During your free consultation, we will review your case, tell you whether or not the offer is fair, and, if not, what amount would be an accurate representation of your total losses. Using these tactics, our firm was able to obtain a $150,000 verdict for a client when the insurer kept reducing to compensate him fairly for a pre-existing medical condition that was worsened when he was struck by a hit-and-run driver.
To schedule a free case review with one of our Outer Banks car accident attorneys, fill out the contact form on our website or call us at (833) 997-1774. We have Nags Head, Kill Devil Hills, and Kitty Hawk offices.