How To Formulate Response To Low Settlement Offer?

Legally, an insurance company must not follow any sort of rule, when selecting the monetary value for the bid that is meant to open negotiations. For that reason, some adjusters like to make an exceedingly low offer. Here is how the recipient should respond to such a bid.

Study the offer

What does it suggest? Is the adjuster’s small figure supposed to test your patience? Adjusters know that a claimant with little patience might agree to settle, when the insurer has put forward just a small amount of money.

How does the adjuster’s figure compare with the one that is in your, the claimant’s head? If they are almost the same, then you ought to change your lowest acceptable figure. In other words, you should aim for receiving a much more generous offer.

Contact adjuster

Seek an explanation for the low initial offer. Find out if the insurance company needs more information on some aspect of the accident, or the resulting injury.

Prepare a response

This should be a letter written by a personal injury lawyer in Sherwood Park that addresses any of the adjuster’s concerns. If the insurer would like more information, include that desired piece of information in your letter. Include, as well, any constructive thoughts that you might have on the adjuster’s opinion of your case.

Somewhere in this response, state your counteroffer. Be sure not to make your counteroffer’s size one that does not contrast too sharply with the adjuster’s offer. True, it should be above that presented figure, but not by too much.

Send the right message

You need to make it obvious that you stand ready to continue negotiating with the representative for the opposing party. The insurance company would love to have you accept the low number that it has just presented to you. Do not let the insurer get want that company wants.

Admittedly, it may take time for the 2 of you to agree on one specific amount of money. Yet smart claimants do not refuse to take part in what could be a drawn-out process. Smart claimants are both patient and persistent. Make an effort to demonstrate a readiness on your part to model both of those fine qualities.

Do not confuse the adjuster by insisting on quick issuance of a new bid/offer. That would not qualify as a demonstration of patience. On the other hand, do not allow creation of what could become a long delay.

If you were to remain silent, after waiting more than 2 weeks for the adjuster’s new offer, then you would have failed to showcase your ability to maintain an acceptable level of persistence. Do not fall into that trap. Utilize the power that the existing system has given you.