Hurt in an accident? You may be entitled to financial compensation through a personal injury claim. Along with other damages, you may be able to recover for medical bills, wage loss, pain and suffering, and other types of damages. Most personal injury cases are defended by insurers—but unfortunately, these companies are not on your side.
Insurance companies want to settle cases for less. For that reason, you should be skeptical of the terms of the initial settlement. Most insurers lead with lowball first settlement offers—especially after a serious accident. Here, our Chicago personal injury lawyers explain why it is generally not in your best interests to accept the first settlement offer from the insurance company.
Insurers Want to Resolve Personal Injury Cases for Less
Knowledge is power in personal injury claims. It is crucial that you understand the role of the insurance company in the process—including their interests. A key point is that insurance companies are for-profit entities. Their primary goal is to resolve claims quickly and for the lowest amount possible. While they may seem cooperative at first—insurance adjusters are trained to come across as friendly and disarming—the unfortunate truth is that these companies are not working for what is best for victims and their families. Quite the contrary, they aim to limit financial exposure, even when the injured victim has a strong claim. Accepting the first settlement offer—without careful review—can result in compensation that falls far short of your actual damages. That would be falling for one of the insurance company’s tricks.
Common Insurance Tactic: Lead With Low Initial Settlement Offer
One of the most common strategies used by insurers is to open negotiations with a lowball settlement offer. This offer is often made shortly after the accident—before the full extent of your injuries is known or documented. Most people have a desire to get through the personal injury process as quickly and painlessly as possible. Insurance companies not only know this, they will try to take advantage of this common impulse.
The goal is simple: Insurers try to catch injured victims off guard and convince them to accept a quick payout in exchange for signing away their right to pursue further compensation. In some cases, insurers may pressure claimants by suggesting that the initial offer is only available for a limited time. That is generally a negotiation tactic—it is certainly not a legal reality.
Know the Law: Once you accept a settlement, your case is closed. You cannot go back and ask for more money, even if your injuries worsen.
You Have the Right to Negotiate for Additional Compensation
A settlement offer from an insurance company is a proposal. You are not required to take it and you have the right to take your time to review it. You should consider every option for negotiating for additional financial support. A top-tier Chicago personal injury lawyer can help you build a strong case and negotiate from a position of strength. Along with other types of damages, you may be entitled to recover financial compensation for:
- Property loss;
- Emergency room care;
- Hospital bills;
- Other medical expenses;
- Physical therapy;
- Loss of wages;
- Loss of earning power;
- Pain and suffering;
- Mental distress;
- Loss of life enjoyment;
- Long-term disability; and
- Wrongful death of a family member.
Four Tips for Negotiating in Your Personal Injury Settlement
Personal injury settlement negotiations can raise a lot of questions. It is imperative that injured victims are properly prepared for the process. Here are four tips that you can use to negotiate for a more favorable settlement offer in a personal injury case in Chicago:
- Understand the Full Value of Your Case: How much is your case actually worth? If you do not know yet, you are not in position to settle. Before you respond to any offer, get a clear estimate of your total damages. You should include all medical costs (past and future), lost income, pain and suffering, and any permanent disability. Our Chicago personal injury attorney can help accurately value your case.
- Do Not Rush Into Settlement Negotiations: Patience is essential in personal injury claims in Chicago. It can take weeks or months to fully understand how serious your injuries are and what recovery will look like. Settling too quickly may leave you without compensation for long-term care or complications that arise later. Remember, one of the top tactics used by insurance companies is to lead with a quick, lowball settlement offer.
- Work Through a Chicago Personal Injury Lawyer: You do not have to take on settlement negotiations on your own. Get that first settlement offer? An experienced Chicago personal injury attorney knows the tactics insurance companies use and how to counter them. They can communicate with insurers on your behalf, push back against low offers, and present evidence that best supports your case for more money in settlement.
- Know Your Right to Walk Away (You Can Sue): You are not obligated to accept any offer that does not meet your needs. While most personal injury cases in Chicago eventually settle, there are some exceptions to the rule. If negotiations stall or the insurer refuses to offer fair compensation, you have the right to escalate the case. The willingness to litigate can itself create leverage during settlement talks.
Why Injured Victims in Chicago Trust Kennedy Watkins
Insurance settlement negotiations are complicated. It is crucial that injured victims are able to negotiate for the maximum compensation, including for economic losses and non-economic damages. At Kennedy Watkins LLC, our Chicago attorneys have extensive experience handling insurance settlement negotiations. With a proven history of verdicts and settlements, we have recovered millions of dollars compensation for victims and families in Chicago.
Contact Our Chicago, IL Personal Injury Lawyer Today
At Kennedy Watkins LLC, our Chicago personal injury attorney puts justice first. If you have any specific questions or concerns about settlement negotiations, we are here to help. Call us now or get in touch with us online for a free case review. With an office in Chicago, we fight for justice for injured victims throughout the entire region.