Maryland Auto Accidents: Do I Have to Accept The Insurance Company’s Settlement Offer?
No. In fact, it is often a good idea to reject the first settlement offer that is issued by an insurance company after a Waldorf, Maryland auto accident claim. Remember that if you take the insurance company’s settlement offer, you will never receive any more compensation than that amount. This is because the insurance company will require that you sign what is called a “Release.” This is a legal document — enforceable — saying that, in exchange for the settlement money, you release any and all other claims for compensation from that time forward. Once you sign a Release and accept the settlement money, you cannot “go back for more” even if you find out later that your injuries were a lot more severe than originally thought.
Remember also that, under Maryland law, you are entitled to FULL compensation for your injuries and damage to your vehicle. The settlement offer should be fully adequate to cover all of your medical bills — past and future — and all other consequences of your injuries like pain and suffering — past and future. You have a right to reject a settlement offer that does not fully compensate you. This is one reason that it is important to have a lawyer by your side conducting the negotiations. If you have suffered injuries in a Waldorf, Maryland car accident, contact us here at the Law Office of Robert Castro. Our number is (301) 870-1200. We are experienced and highly rated Maryland auto accident attorneys
Most often, the first settlement offer made by an insurance company is a “lowball” offer. Insurance companies are in the business of making money; not paying out money. If an injured victim takes a “lowball” offer, well, that is “good” for the insurance company but probably not for the victim.
Why would victims accept a “low-ball” offer? Without legal advice and guidance, some victims believe that they cannot reject a settlement offer or do not understand that a settlement is a process of negotiation. Other victims may “jump” at a low-ball offer for other reasons such as an urgent need for money for bills and expenses.
What Happens if I Refuse the Settlement Offer?
As noted, insurance settlements are a process of negotiation. So, most likely, if you refuse the first settlement offer, the insurance company will make another offer — a higher offer. Keep in mind that negotiations take time. So, the second — higher — offer might only come a few weeks later after additional evidence or facts are uncovered. For example, maybe the insurance company is not convinced that the medical bills are really $50,000 or that the accident caused all of the claimed injuries. One solution is to obtain more medical records, reports, lab results, test results, and opinions from the treating doctors. This might convince the insurance company that the injuries are “real” and that they were directly caused by the accident. As such, this new and more complete set of medical records and opinions should prompt a new — higher — settlement offer.
In the final analysis, if the insurance company will not make an adequate settlement offer, then the final option is to file a personal injury lawsuit in the Maryland State or federal courts and bring the case to a judge and/or jury.
Contact Waldorf, MD Personal Injury Attorney Robert Castro Today
This article has been provided by the Law Office of Robert Castro. For more information or questions contact our office to speak to an experienced Maryland personal injury lawyer at (301) 870-1200. We are Waldorf, MD Personal Injury lawyers. Our address is 2670 Crain Highway, Waldorf, MD 20601.
