The Insurance Company Offered Me a Settlement Offer —Will Declining It Affect My Claim?

After a car accident, it is vital to file a car accident claim, especially when you are the victim, and the accident occurred due to someone else being careless on the road. When you file for a claim, the insurance company thoroughly examines your case. After a careful evaluation, you will be offered a settlement offer. 

One of the common problems that victims find themselves in is understanding if they should accept the first settlement offer or decline it. Moreover, it is concerning for victims that if they decline the first settlement offer, will their claim be affected?

Simply put, declining the first settlement offer given by the insurance company will not harm your claim in any way if you believe you deserve more than offered. You can visit this page to speak to an attorney and ensure you get the maximum compensation for your injuries and damages from the accident. 

Should I decline or accept the settlement offer?

There is no right answer to whether you should totally accept or deny the claim. The answer to this question depends on multiple factors. When you receive the settlement offer, evaluate the following parameters against the compensation offered: 

  • Does it cover all your medical expenses that you incurred so far?
  • Does it cover all your medical expenses that are likely to occur in the future?
  • Does the amount cover the damages that your vehicle faced in the accident?
  • Does the amount cover the loss of wages you had to face and the loss you will be facing due to your injuries?
  • Will the amount be sufficient to cover the loss of enjoyment and additional struggles you had to incur?

Besides these primary questions, the parameters depend on the individual expenses that one incurred from the accident. Therefore, you need to ensure you speak to an attorney and let them evaluate your claim. 

Your claim will not be hurt if you decline and demand more. 

In case the offer given is not sufficient, your attorney can decline the settlement offered and demand more. Your attorney will respond to the insurance company by giving additional reasons and evidence as to why the settlement offered is less.

Following this, the insurance company will re-evaluate your claim, and they will either settle for the amount you have asked or decline it. In both cases, you would not face any harm. If the company accepts the settlement offer, you will save yourself from the court’s hassle. On the other hand, if the insurance company and you cannot come to a mutual offer, you can take your claim to court.