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What Makes a Good Settlement Offer?

If you’ve ever had to submit a claim to the insurance company to recover damages after an accident, you know what a frustrating process this can be.

Not only are you dealing with the physical recovery of the accident, you must also worry about recovering the compensation you deserve. Here’s what you should know about insurance company settlement offers:

Initial Low-Ball Offers are Common

If the insurance company attempts to provide a settlement offer that falls short of the compensation amount you believe you deserve, don’t be alarmed. This is a common practice in the insurance industry.

The reason this is done is to try and get claimants to settle for less money than they are rightfully owed after an accident. You see, insurance companies are in business to make money above all else. They stand to lose a lot of money if they pay out the full value of every viable claim they receive.

Keep in mind that you are not required to accept an initial settlement offer that is less than what you are owed.

A Good Settlement Offer

A good settlement offer addresses all of the losses related to your accident, including (but not limited to):

  • Special Damages:
    • Medical costs
    • Lost income
    • Lost earning capacity
    • Vehicle repairs/replacement
    • Travel expenses
  • General Damages:
    • Pain and suffering

One of the best ways to make sure you are paid what you are owed is by having a skilled personal injury attorney on your side. Insurance companies are much more likely to take advantage of claimants who don’t work with attorneys.

Be sure not to sign a settlement agreement until your attorney has had a chance to look it over. The last thing you want to do is sign off on a settlement offer that falls short of the compensation you deserve.

If you’ve been hurt in an accident through no fault of your own, you may be owed compensation. Our team wants to see that you receive the full amount that you are owed.

For a free consultation, call our firm at (801) 349-1009 today.

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