If you have an open insurance claim or personal injury lawsuit in Nevada, you are likely ready to accept the first settlement and end your claim as quickly as possible. However, it is critical to only accept a settlement offer when you know for sure it is a fair and reasonable amount. In most cases, a settlement agreement is final and binding, meaning you cannot renegotiate once you have accepted.
The Goal of the Insurance Company
It is important to recognize that the main goal of the insurance company is to protect its profits by minimizing your payout. The insurance company does not want you to maximize your financial recovery; it wants to save its investors’ money first and foremost. Do not fall for common tactics used to take advantage of clients during the claims process, such as asking you to give a recorded statement, rushing you to accept the first settlement offer or undervaluing your losses. Resist the urge to jump into a settlement. Instead, take your time with negotiations to achieve your case goals.
The Extent of Your Injuries and Losses
It is vital not to underestimate how much your claim is worth. Many claimants make the mistake of accepting a settlement before they fully understand the extent of their injuries and losses. Some injuries worsen over time or require extended medical treatments. Many injuries are more serious than they first appear. Undervaluing your claim could lead to accepting less than you deserve and struggling to pay for necessary care in the future. Work closely with your doctor, medical team and medical experts to come up with an accurate estimate of your future required medical expenses and lost wages before accepting a settlement.
Your Pain and Suffering
Pain and suffering is a key part of many personal injury settlements. Don’t overlook this damage category when determining the value of your claim. Make sure an insurance company has offered a suitable amount for your physical pain, emotional distress, mental anguish and any lasting harm caused by the accident, including depression, anxiety or post-traumatic stress disorder.
Your Ability to Negotiate
Many claimants do not realize that they have the option of negotiating with an insurance provider regarding a settlement that has been offered. You or your Las Vegas personal injury attorney can submit a counteroffer that is higher than the initial settlement and negotiate back and forth until a fair amount can be agreed upon – or the case proceeds to court. Rejecting a settlement will not end the personal injury claim or lead to you forfeiting the right to collect compensation. Even if the insurance company states that it is the “best” or “final” offer, this is not true. You have the right to negotiate or take the case to trial, if necessary, to fight for justice for a preventable injury.
Contact a Personal Injury Attorney Before You Accept a Settlement
Do not risk settling for less than you deserve, as you generally will not be able to reopen your case once it is closed. Work with an experienced personal injury lawyer for assistance with the settlement process to ensure that you are treated fairly. Your lawyer will work hard to recover maximum compensation for your past and future losses. Contact Koch & Brim, LLP for a free consultation about your case to learn more.