When it’s time to settle your claim, know when to do it
If you're tempted to utilize the typical bargaining strategy of rejecting the initial offer, countering with a higher offer, and hoping for a compromise, you're not alone. However, this isn't always the wisest course of action. Legal settlement guidelines in some states may even require that you pay.
You may have to pay the defendant's legal fees and court costs if you reject a settlement offer, go to trial, and are awarded less than the settlement sum. Avoid rejecting a decent first settlement offer out of hand.
Consider the Settlement Offer's Timing
Another important consideration is the timing of the initial offer. If you accept a settlement offer before consulting with an attorney and building your case, you're likely to receive a lowball offer from the insurer. You may get a ...