If you have been injured and are pursuing a personal injury claim, you hope that the other party’s insurance provider acts in good faith and comes to the table with a fair settlement offer. However, insurance companies are looking out for their best interests, and oftentimes they hope to minimize their liability and capitalize on your inexperience by sending out a low settlement offer.
If you receive a low settlement offer, you may have a number of different thoughts and emotions running through your head, but it’s important not to act impulsively. In today’s blog, we explain what you should do after receiving a low personal injury settlement offer in Minnesota.
Steps To Take After A Low Settlement Offer
If you receive what you believe to be a low and inaccurate settlement offer, here’s what you’re going to want to do:
1. Take A Breath – Your first instinct may be to fire off an email or call the insurance company and let them know what you think of this offer, but that’s not a wise move. Nothing you say at this moment is going to get the insurance company to change their mind, and in fact it may only make them want to dig their heels in more. Instead, take a few minutes to collect yourself and relax a bit before jumping into the next step.
2. Carefully Read The Offer – The settlement letter may offer some insight as to why the insurance company offered the amount they did. Take some time to carefully read over the settlement offer and figure out which parts in particular you disagree with, or see if any aspects of compensation have been overlooked. In order to send back a counteroffer, you need to understand where your major differences lie.
3. Reach Out To Your Lawyer – Next, you’ll want to reach out to your lawyer and let them know that you received a settlement offer. If your lawyer was the one to inform you about the insurance company’s offer, then they are already aware of the situation and can advise you on the next steps. Your lawyer will want to review the offer and draft a counteroffer based on the figures and aspects the insurance company used to create their initial offer.
4. Make Sure All Aspects Accounted For – During the course of drafting your counteroffer, you’ll want to ensure that all relevant factors are accounted for. You can be compensated for your medical expenses, lost wages, property damage, other related damages and even for travel to and from medical appointments. It pays to keep tabs on all the expenses you’ve incurred as a direct or indirect result of your injuries so that it can be included in any counteroffer that your side makes.
Acting calmly and with purpose is your best bet if you feel like you have been given an unfair settlement offer. We know that it can be frustrating, but let us sort through the offer and hit back with a much more complete counteroffer that gets you the compensation you deserve. For more information on how to handle a settlement offer, or if you just want help filing a personal injury claim against another party, reach out to Dean and the team at Margolis Law Firm today at (952) 230-2700.
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