Accepting Insurance Settlement Offer – Beacon Law Advises
Find out how much your claim may be worth
What you should know before accepting insurance settlement offer
When are you injured or have suffered as a result of someone else’s negligence, then understandably you should want to focus on healing from your injuries and trauma. However, it is important in such cases to not jump to any third-party insurer’s first settlement offer in such a stressful time though it may be tempting to accept, as many times the first compensation offer is a lot lower than what you are actually entitled to.
Insurance companies are quick to try and settle as they will be aware that your claim for your pain and suffering will be at a higher amount, and by acting quickly in offering to settle soon after the event, they are hoping to save the time and money it would take to fully compensate you for your injuries. This is why it is so important to seek expert legal advice on the matter before you jump to accept any settlement offer presented to you.
At Beacon Law, we are experts in personal injury claims and possess significant experience in dealing with settlement negotiations on behalf of our clients. Our personal injury solicitors strive to ensure that you receive a fair and reasonable amount of compensation for what you have been through whilst trying to take away the stress of the settlement negotiation process for our clients.
The process of settling
Whether you have been injured in an accident in the workplace or a road traffic accident, insurance companies will act quickly to get the details of the case and make a decision on whether it qualifies for compensation.
In personal injury cases the insurance company’s first point of call will be gathering information from all parties involved, including testimony and statements from the insured party (for example the workplace or person who caused a road traffic accident) and then compare them to your version of events. They may also be likely to check if you have a history of making claims or have talked about the accident publicly online.
Insurers will then look more closely into the accident itself and what caused it to occur, determining the value of your claim for compensation and how much it might cost them if it gets taken to court.
The next step is in which you will receive an offer from the insurance company, who are hoping that you will accept it with no questions asked and no counteroffers. Obviously, for many people accepting a significant amount of money with no haggling involved is an ideal situation for them, as many are still struggling with stress and trauma from their injuries and simply feel they don’t have the fight to ask for anymore.
This is where it is imperative to seek advice from a personal injury lawyer to let them do the difficult task of negotiating for you, as it could make a great difference in the amount you are going to walk away with.
Getting legal advice
A personal injury specialist will possess information about the process of settling that might be pivotal to how you want to handle your claim.
An expert might inform you that it is worth getting a full medical assessment prior to accepting any offer as the full extent of your injuries and pain may be unknown, and by taking a pre-medical offer from the insurance then you are perhaps risking a significant amount of compensation that you could be entitled to.
We can also advise you on the law surrounding written settlement agreements and non-disclosure agreements that will prevent you from taking any further action for your injuries, even if they get worse or perhaps prevent you from speaking about the accident all together. When it comes to such important legal contracts, it is important to have a solicitor talk you through them before you agree to anything you may not feel comfortable with.
Overall, seeking legal advice and not jumping to accept the insurance settlement offer the third party insurer is most likely going to benefit you more in the long run. It is more common than not for any first offer to be lower than what you are actually entitled to, and personal injury solicitors will ensure you aren’t accepting anything less than what you should be receiving for your pain and injuries.
How Beacon Law can assist
Accepting that first offer from the insurance can be tempting, especially after the stress and pain you have been through to lead you up to this point in making a claim.
Our team at Beacon Law are experts in representing clients who have suffered at the fault of someone else, whether it be from an accident at work, medical negligence or road traffic accidents, we have worked on a variety of cases.
We can offer our clients agreements under ‘no win no fee’ so you have nothing to lose in securing expert help which could make the world of difference to the amount of compensation you receive.
Beacon Law are registered Solicitors in England and Wales who are authorised and regulated by the Solicitors Regulation Authority.
If you need more advice on accepting insurance settlement offer, or to find out more about our services and how we can assist you with a personal injury claim then please contact our specialists on 0330 1332 857 or write to us using the online form at the top of the page