If you have been injured in some type of accident or are otherwise waiting on an insurance settlement offer, you may be wondering how to approach things if the offer is lower than you expected or lower than your total has been to cover all related expenses.
If you do find yourself in the situation of receiving a lowball insurance settlement offer there are several things you can do as you prepare to counter the offer. Here is what you can do to counter a low insurance settlement offer:
Contact a Personal Injury Lawyer
If your insurance settlement is related to an accident or some other injury, you may want to contact a professional to guide you through the process of countering the low offer. A personal injury lawyer will assist you in examining the initial offer, and guide you through the process of countering their offer.
Since these types of lawyers go through this process frequently in their line of work, they will know all of the required steps and will know the best way to get you to a settlement that meets your needs in the current situation.
Keep Track of Expenses Related to the Settlement
As you go through the process of making the insurance claim and possibly countering a low offer, make sure that you document any expenses related to your accident and recovery. Keep receipts and any other documentation of expenses on your part.
Some expenses related to your claim may involve medical expenses, repairs to damaged property, lost wages from not being able to work, and other out-of-pocket expenses like prescriptions and travel to medical appointments. Other damages that you may ask a personal injury lawyer about include any damages for pain and suffering or emotional distress.
Keep track of all your expenses so you can document them in a dispute if needed.
Reject and Counter the Low Insurance Settlement Offer
Once you receive formal notification of your insurance settlement offer, and you have found the offer to be low, you can now reject the offer and provide a counter offer to the insurance company. In a formal business letter, you should respond to the offer and include several things.
First, state that the initial offer is not acceptable. If there are any points in the offer letter that are incorrect, be sure to mention what is incorrect, especially if it affects your claim. Then, provide a counter offer and why it is appropriate. Finally, include any of the documentation of expenses that you gathered to support your argument.
After you counter the claim, the insurance company may accept your offer or provide a counter offer of their own. You may accept one of the offers, or you may find yourself at a stalemate. If you do reach a standstill, you can get in touch with your personal injury lawyer to see if a personal injury lawsuit is appropriate for your situation and is within the statute of limitations in your state.