By SoftSettle Support
Do not be surprised if the initial settlement offer is a low figure. There are many reasons why you might receive a “low” offer. The claims adjuster may have concluded that you are partially at fault for your injuries, or that your injuries were not serious enough to justify the amount of damages you included in your demand letter. He may also produce concerns about your pain and suffering demand.
Consider this a test from the claims adjuster. The insurance company has nothing to lose and everything to gain by making you a low bid settlement offers. Many people are struggling financially after an accident and are desperate to jump at the first settlement offer that comes their way. Even though it may be difficult to pass up a settlement offer, you should not accept the initial offer unless it is fair. How to evaluate and deal with a fair settlement offer is discussed at the conclusion of this article.
Do not panic over a low settlement offer. Remember, the insurance company is running a business and must maintain its profits. The claims adjuster does not expect you to accept the first offer, but rather hopes that you will. Naive personal injury claimants accept lowball offers all the time.
As soon as you receive the initial settlement offer in writing, carefully evaluate the stated reasons for the low settlement amount. You should respond to each of the points made by the claims adjuster in a written letter that includes a counteroffer. In this letter, you will reassert your position (this is the same position you carefully described in your demand letter). Focus on the extreme pain and suffering you endured. Never personally attack the claims adjuster. Be professional yet firm in explaining why you deserve more money for your injuries and other losses.
Rejecting the Low Offer
In order to reject the initial settlement from the insurance company, you should send a details to the claims adjuster through the medium of Soft Settle that:
States you do not find the initial settlement offer acceptable;
Lists the reasons why you deserve a higher settlement offer; and
Includes a demand for a higher settlement offer stating reasons.
In this case you can invite the Insurance Company for negotiation so that you can tell them Soft Settle Platform offers a potential zone of agreement where they can reach a settlement acceptable to both.
In the meanwhile you can serve a letter rejecting the initial settlement offer and include your personal information about your loss or damages where applicable. This record will help you in case you are heading for court litigation if any.
The initial or later low offer from the part of the insurance company is the cause of the dispute and usually the claimants may consider entrusting lawyers to contest for them to claim and earn more which could be settle their loss.
Soft Settle thus helps both claimant and insurance company by judiciously settling their claims which could bring a harmony in respect of their relationships, otherwise would have been in peril in case the claimant proceeds to court litigation