- When is the best point to accept a compensation offer?
When is the best point to accept a compensation offer?Go back to all FAQs
Most insurance companies tend to make a low initial offer of compensation in the hope that you will accept. However, some insurance companies will make a high initial offer and then reduce this as your case progresses. So how exactly will you know when to accept an offer or is this just poker?
Making a personal injury claim is thankfully a once in a lifetime event for most people, but not having experience of the legal system may raise questions for a person starting out. In a recent survey of Quittance's panel solicitors, the most common questions asked at the start of a claim were reported as "how much will I get?" and "how long will it take?"
How early can I settle my claim?
The simple answer is that as soon as you have an offer, you can choose to accept it. Some insurers make offers immediately without seeing any medical evidence. But why would they do this?
A recent article in the Law Society Gazette highlights the real reason. Insurance companies want to buy off victims of injury and illness to save themselves money.
Insurance company tricks to be wary of
Being contacted by someone offering money when you have just been injured or made ill can seem too good to be true, and it is. Insurance companies try to offer what they think is enough to tempt you to settle your claim, not what it is really worth.
Offers often are of a small amount of money and some treatment to help the injuries recover. This is entirely inappropriate, as you cannot know when your injuries will heal.
Accepting an offer like this is as much of a gamble as placing a bet on an outsider in the Grand National. There is a chance you may recover quickly and the money awarded would be good, but far more chance that you will lose out to the more likely option
Insurance companies' misleading advice
Quittance's panel of solicitors have many years of experience in this field, reporting the most common trick being to tell people not to instruct a solicitor. The insurance companies claim this means they will be able to pay more. This is simply not true.
The benefits of instructing an experienced solicitor
The Financial Conduct Authority the government regulator for insurance companies, proved the facts. Their research recently found that people who do not accept a first offer from an insurance company and instead instruct a solicitor receive on average 2-3 times more compensation.
This startling statistic shows just how much the insurance industry stand to gain by denying you your right to independent expert advice.
So when should I settle my claim?
The expert advice from Quittance's panel of solicitors means you will be presented with the facts. How much your claim is worth, what risks are involved and what you would need to do to get the maximum compensation.
But the most important fact is that this is advice. You should settle your claim when you want to, not when someone forces you to. Independent legal advice from Quittance's solicitors helps you to be in control, not the insurance companies.
All Quittance's panel of solicitors are regulated by the Solicitors Regulatory Authority. This guarantees you receive independent advice that focuses on what is right for you, not how much profit an insurance company can make.
If you have been approached by an insurance company already, you can get immediate help and support by speaking with an expert. A free, no-obligation consultation can give you peace of mind with honest advice. Call us now for advice.
Read more about this in the Law Society "Don't Get Mugged by an Insurer" campaign here. http://www.lawsociety.org.uk/dontgetmugged/