If you have suffered an injury in an accident, you will almost certainly be keen to try and get on with your life and draw a line under that chapter. That’s why it is often so tempting to take the first offer of compensation you get.
However, as a personal injury attorney such as Robert J Debry, will tell you, it’s often wise to resist the temptation to take your first offer of money, no matter how you need to get your finances back on track.
Here’s some of the reasons why it’s almost always better to hold out for a better offer.
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Does the first offer reflect the true value of what you are owed?
If you think about it, when we are buying a big ticket item, many of us start with a lower offer to see if we can get away with it and pick up a bargain. The principle is the same when negotiating a compensation settlement.
You are almost certainly going to be offered a lower figure than you could get when the settlement negotiations begin. Very often, the first offer is not a true reflection of what you are entitled to.
You could be entitled to a bigger payout
Another regular scenario that can play out when it comes to personal injury compensation, is the possibility that additional damages might be discovered at a later point.
If you have accepted the first offer, you have shut the door on further compensation that you could have been entitled to. Your attorney will guide you through the process and provide a professional opinion on whether you could be entitled to an even bigger payout.
It’s often wise not to slam the door shut on negotiations too quickly
What you need to keep in your mind at all times when negotiating a settlement, is the fact that the first offer is final and binding, once you accept it.
That could turn out to be a terrible move, for all the reasons already mentioned. The insurance company will want you to sign a legally binding document that confirms your acceptance of their offer in full and final settlement. Once signed, there’s no going back for any more money, even if it turns out that you should have been paid more.
You will often find that insurers, and their representatives, are unsurprisingly keen to get you signed up with the lowest amount of compensation they think they can get away with. It might be tempting to take the initial number they are offering, but it could prove to be a big mistake.
That’s why it is always a smart move to use a personal injury lawyer to help you with your case. They will have the knowledge to know what you are entitled to. They will also be able to guide you and directly help you to negotiate the best compensation settlement your circumstances warrant.
The bottom line is that you should rarely accept the first offer of compensation you get. Talk to your chosen personal injury attorney and they will almost always provide the smart recommendation to reject the initial number put forward.
