What Happens if I Deny a Settlement Offer?
If you are in the middle of a legal case and you find that an insurance company offers you a settlement for your injuries, how you reply has massive legal and financial consequences. Do not rush your counter, acceptance, or rejection of this offer. If you think it may require a second analysis, attorneys can help you understand several factors and clear up any questions you may have. Initial settlements offered rarely compensate you fully. It is extremely unwise to accept a settlement offer without the representation of an attorney. If you do accept your first settlement offer, you may be missing out on additional compensation that is deserved. However, this does not mean that you should decline every first offer. You need to consult an attorney.
Declining your Settlement Offer without Legal Representation
Unless you are refusing a settlement offer while being represented by an attorney, it is also an unwise legal choice.
Attorneys Should Always Review Offers
If at any time you decline an offer, then the initial settlement offer will no longer be valid. You will find, that you cannot accept an offer after you have refused it. Also, you will not be able to accept if the other party ends up withdrawing from the offer. Any experienced personal injury attorney should determine the value of the offer before you reply. Hiring an attorney after you have rejected an offer, maybe too late.
Don’t Fear Counteroffers
If you have taken the necessary steps and hired a lawyer, they can counteroffer and negotiate your settlement offer on your behalf. Your lawyer can make sure to request the correct reimbursement for your medical bills, lost wages, pain and suffering, and any other relevant expenses that the original settlement did not include. It is your personal injury lawyer’s goal to obtain a settlement that is in your best interest. Also, they can prepare your case for trial if they cannot reach an acceptable settlement agreement with the insurance company.
Whether to reject or accept a settlement offer, is an important decision. Settlement letters can be technical and highly complex legal documents. You definitely need an experienced personal injury lawyer to help you better understand the details of your settlement offer and make sure you are receiving the compensation that you legally deserve for your sustained injuries.