Should you accept an early offer?
Oftentimes, insurance companies will attempt to settle matters quickly by submitting early offers of settlement, so as to pay out as little as possible to their claimants. The question that a claimant must ask themselves is whether they should accept these early offers, just so their claims can be put to rest.
The answer to this question is “NO”.
Generally, it is not a good idea to accept the initial offer presented by an insurer, as the insurer is not looking at the best interests of you, the injured claimant, but at its own bottom line. A fast resolution of a claim at minimal cost to the insurer, early in the claim process, means that they can finalise their file and spend less money on the claim.
You should in all instances consult a solicitor first for legal advice. The earlier you do this during the claim process the better. That solicitor will be able to provide you with advice as to whether you can do better.
Your solicitor can advise you of what damages can be claimed, and whether it is appropriate to start negotiating in the early stages post claim, rather than wait until your injuries and their impact have become clearer.
Many a time I have come across an initial offer made by an Insurer and have been successful in obtaining a significantly higher amount for an injured claimant, who was fearful that legal costs would impinge upon their settlement. In these cases, the amount the claimants end up receiving is considerably higher, and their legal costs well and truly absorbed.
Our expert team of lawyers can provide advice on the value of your claim, and the best approach to take. They can guide you through the legal process with ease and knowledge to help you achieve the best result possible.
If you or someone you care about has been involved in an accident, you may be entitled to compensation. To arrange a free, no-obligation assessment of your claim, please call Stacks Goudkamp on 1800 25 1800 or alternatively make an online enquiry.
Written by Anna Tavianatos.
Anna Tavianatos is a Group Practice Leader at Stacks Goudkamp. Anna works on a variety of compensation claims including accidents on the road and public liability claims, Workers Compensation and Work Injury Damages.