If an insurance settlement offer is not accepted, this will enter the claim into settlement negotiation. Because this can be complicated, it might be in the person’s best interest to secure legal representation with a Colorado personal injury attorney.
How does the settlement negotiation process work?
In many cases, it is to be expected that an initial insurance settlement offer will be rejected. What the insurance company is offering may be less than what the person is entitled to receive. Before accepting any offer, claimants should consult with a Colorado personal injury attorney. If the offer is not acceptable, a counteroffer may be made by the claimant and his/her legal counsel.
It helps to know ahead of time the range to target. Work with your Colorado personal injury attorney to develop a range consisting of a minimum settlement and a maximum settlement that is desired and work from there to arrive at a fair insurance settlement offer.
It’s easy for a claimant to accept much less than what is owed because he/she may not take into consideration things such as future medical bills or missed time from work. It’s also important that noneconomic damages—such as pain and suffering or mental anguish—are fairly valued.
Settlement negotiations can go back and forth for some time. It depends on how willing (or unwilling) each side is to bend. Sometimes the process is done through personal discussions and other times through written communication. A lawyer can help handle any discussions or communication with the insurance company during the settlement negotiation phase of the process.
At some point the insurance company may make its final offer. They are no longer willing to budge; it’s a matter of take it or leave it. A decision needs to be made. If the offer is for an amount less than what was hoped for, is it worth possibly going to trial?
Claimants can work with their Colorado personal injury attorney to evaluate any offer and determine if it may be worth the time, money and effort to go to court to try to recover fair compensation.
If an offer is accepted, it is critical to get it in writing. But it’s usually not a good idea to sign any paperwork without having an attorney look it over.
Talking to a Colorado Personal Injury Attorney When Filing a Personal Injury Claim
It may be advantageous from the start to seek legal advice. But at any point during the settlement negotiation process, if there is a dispute, an attorney can be contacted. By talking to a Colorado personal injury attorney, an individual can gain a better understanding of what he/she is entitled to recover and whether an insurance settlement offer is fair.
D.J. Banovitz can assist claimants who are pursuing a personal injury claim. Call 303-300-5060 to set up a consultation to discuss an insurance settlement offer or for help pursuing the claims process.