Settling a claim with an insurance company is a complicated process with multiple steps. You will likely have to present evidence and documentation before the insurer even makes a settlement offer you will consider. Then, you should carefully weigh your options before accepting anything. Accepting a settlement offer too hastily can result in financial losses you cannot overcome in the future, so you should never rush.
But how long do you have to accept an offer?
There is no standard timeline for you to accept or decline an offer of compensation from an insurance claim, but there are stipulations you should know about before you wait too long. Ultimately, your goal should be to obtain the highest settlement possible in your situation, and you would wait out the process until you receive the proper offer. If you are not confident that you are receiving a sufficient amount, you should not accept an offer. Instead, seek help from a trusted Indiana, PA personal injury lawyer.
Insurance companies may include an expiration date when they provide a settlement offer. You must decide whether to take the settlement within this time frame if the offer can expire. That does not mean you cannot obtain a settlement, but it does mean that the insurance company may not honor the original value. If the offer expires before you provide a formal acceptance, the insurance company (or other party) may revoke it.
A personal injury lawyer can review a settlement offer and its terms and advise whether you have limited time to accept or not.
There are numerous factors to consider before deciding whether to accept a settlement from an insurance company. Accepting it makes sense if you believe the settlement is fair and meets all your financial needs. However, there are a few key factors to keep in mind:
Because your settlement is a significant factor in your future, discussing your case with a trusted personal injury attorney is always advisable before agreeing to the settlement. Your attorney can provide you with information about whether you qualify for a higher settlement and then work with the insurance company to ensure you get fair compensation.
Insurance companies will often provide a very low settlement offer, which may not be close to enough to meet your financial obligations after the accident. When this happens, it can be disheartening and frustrating. A personal injury attorney will navigate this situation and give you insight into your legal options and best avenues for adequate compensation. There are a few key things to take into consideration.
You can make a counteroffer if you show that you suffered losses above the compensation the insurance company offered. It is up to you and your attorney to demonstrate that you should receive more compensation.
Seeking a lawsuit against an at-fault party is not always quick and easy, but it can provide a better outcome in some situations. Your lawyer will consider if the insurance company is unwilling to work with you on a fair settlement and whether litigation will help encourage the insurer to provide proper compensation.
Before settling your claim, it helps to understand what tactics and strategies insurance companies may use to reduce how much they pay you. Some insurance companies are fair and will work with you, but some may not. They are for-profit companies, which means they might do everything possible to reduce the compensation they pay you.
Some of the ways insurance companies may try to lower your compensation include the following:
You have time after receiving a settlement offer to act. Suppose you feel pressured to act immediately, especially if the insurance adjuster is rushing you. In that case, this indicates that the insurance company may not be treating you fairly. Working with a personal injury attorney is always beneficial to ensure you do not agree to an unfair settlement.
Never feel like you must accept a settlement offer immediately. You have time to consider its implications on your future and consult with a lawyer before making this important decision.
Working with a personal injury attorney will give you insight into what your settlement should be worth. In most situations, it should include:
With the help of a personal injury attorney, you will know if settling your claim and accepting the insurance company’s offer is the best decision for you. You will also learn your legal options if you do not have a fair offer.
Settling your claim too soon can hurt you long-term, limiting your ability to recover from your accident and injuries. Do not feel pressured to act. Instead, inform the insurance company that you have retained legal counsel and call an experienced legal team for valuable assistance.
Marcus & Mack
