Posted on Sunday, December 1st, 2024 at 10:30 pm
One of the most essential questions that accident victims ask is whether they should accept the settlement offer presented by their Fort Smith insurance adjuster. The answer is yes— but only if you want to accept a lowball initial offer that won’t come close to covering your injuries and losses. However, if you want maximum compensation for your injuries and medical bills, it is typically best to turn down an initial offer and negotiate with the insurer.
Negotiating with an insurance company can be intimidating and challenging. That’s because these for-profit companies know what tactics to use to save themselves money, which can get you to back down from a fight for fair compensation. By first understanding your legal rights, you will know whether accepting an insurance settlement or negotiating for more is in your best interest.
Should I Accept a Fort Smith, Arkansas Insurance Settlement?
Often, insurance companies pressure you to accept the first settlement offer. There is a good reason they do this. Insurance companies understand that most accident victims are in a vulnerable physical, mental, and financial position following a traumatic accident. They hope you are desperate enough for a settlement that you will accept their initial offer, which is generally a lowball settlement. This tactic saves the company time and money, which, for a for-profit entity, is essential to maintaining profit margins.
However, there is more at stake when you accept an initial offer. In addition to settling for less than what you deserve, you must also sign away your legal rights when there is a settlement agreement. That means when you realize that the money you received doesn’t come close to covering your losses, you cannot sue the company to recover additional compensation; you have given up that legal right by accepting the terms of the insurance settlement. Essentially, the company’s high-pressure tactics have put you into a corner and significantly limited your options for pursuing additional compensation.
Can You Counter Offer an Insurance Settlement?
Yes. You can counter an insurance settlement offer in Arkansas. If you believe the initial offer to be unfair or less than the value of your losses, you can present a counteroffer. Doing so opens the negotiation process. When negotiating, it is wise to have thorough documentation of your injuries, accident-related expenses, and evidence establishing liability in front of you. Armed with this information, you are better prepared to argue your side.
Providing a counteroffer can be intimidating for a Fort Smith accident victim. Collecting and preserving the evidence to justify a higher settlement can also be challenging for injured accident victims. Insurance companies use numerous strategies to get accident victims back down and settle for pennies. Never just accept money from an insurance company. Instead, it is always in your best interest to contact an experienced Arkansas personal injury lawyer. A lawyer can review the offer and the circumstances of your situation. They can also advise you of your legal options and advocate for you, taking over negotiations and fighting for maximum compensation. Next, they can investigate the cause of the accident and gather and preserve evidence that may be vital to creating a solid compensation claim.
Working with an attorney also alleviates the stress and anxiety many experience when confronting pushy insurance adjusters. The bottom line is individuals with legal representation typically recover higher settlements than those who negotiate solo. The other benefit of working with an attorney is that your attorney can prepare a personal injury lawsuit if the insurance company refuses to negotiate in good faith or withdraws a settlement offer.
A skilled attorney can open up legal options for pursuing compensation you may not have known were available. They can also manage communication between you and the insurer, protect your legal rights, and fight to recover maximum compensation. Without a lawyer, you risk leaving money on the table.
Contact an Arkansas Personal Injury Attorney Today
After an accident, you have legal options. You do not have to accept an initial lowball settlement from an insurance company. At McCutchen Napurano - The Law Firm, our experienced legal team wants to help you pursue fair compensation for your injuries. We aren’t afraid to go head-to-head with aggressive insurance adjusters and fight for you. Check out our recent case results to know why you should trust us.
Call our Fort Smith office today at (479) 783-0036 for a free consultation. Our exceptional team can help you pursue the compensation you need and the justice you deserve.
