When the time comes for people to seek compensation for claims ranging from personal injury or property damage, getting an insurance settlement offer is a special moment. But whether to accept or Reject an Insurance Settlement Offer requires due consideration of a number of factors. Here are some important things to bear in mind when considering the rejection of an insurance settlement offer.
- Evaluation of Offer Adequacy:
Thoroughly evaluating the adequacy of an offer on insurance settlement is step one in deciding whether to accept it. Determine whether the proffered sum is sufficient to compensate for losses incurred, such as medical costs; destruction or loss of property; delayed income and future ramifications.
- Consultation with Legal Counsel:
When faced with an insurance settlement offer, it’s imperative to seek out legal advice. A veteran lawyer can give a good assessment of the reasonableness or unreasonableness behind an offer in terms of past similar cases, legal standards and other ways one might pursue further compensation.
- Understanding the Full Extent of Damages:
It’s necessary to have a thorough knowledge of the full extent of damages before making any decisions. It also covers not only immediate costs but long-term consequences as well, including continuous medical treatment, rehabilitation and effects on possible earning capacity in the future.
- Consideration of Future Costs:
Task in evaluating a settlement offer is anticipating future costs. If the offer does not provide for reasonable compensation to make up potential future losses, perhaps refusing it is unavoidable if we do indeed want a proper sum of money for all past and present damages as well.
- Assessment of Liability:
In terms of liability, how strong is the case? Also, if liability is clear and well-documented there may be room to negotiate for a larger settlement. But if liability is uncertain or contestable, a reasonable offer might be the more practical answer.
- Impact on Creditability of the Claim:
A refused settlement offer might affect the credibility of a claim. So such a rejection may appear to insurance companies as willingness for litigation, which could affect future negotiations. The settlement offer must be weighed against the possible effect on the credibility of a claim, however.
Therefore, in summing up: the decision to reject an insurance settlement offer is not one that should be undertaken lightly. Seeking a lawyer’s advice, such as omar ochoa law firm, judging how much fair the settlement offer is and whether such actions will be beneficial or not to your own interests are all necessary steps in making an informed decision.
