How to get more from the insurance settlement than initially offered

When navigating the aftermath of an accident, getting compensated fairly through your insurance company may be one of your first steps to recovery. However, you may be disappointed with the amount of your settlement offer. You may already know that the amount offered needs to be increased to cover your many needs following an accident.

Fortunately, there are steps you can take to change this, including reaching out to our Chicago personal injury attorneys for the aid you need. Following an injury, you may be entitled to a settlement that compensates you for every loss during your recovery. If your insurance company fails to compensate you adequately, you may have opportunities to pursue a larger settlement than they offer.

The couple is arguing with their lawyer over how to get more from insurance settlement after they were lowballed

What is the average settlement payout for an accident?

The value of your personal injury settlement will depend partly on how you were hurt. For example, if you suffered serious harm from a car accident, you need to be aware of auto insurance policy requirements. Under Illinois law 625 ILCS 5/7-601, all drivers must carry liability insurance to pay for damages and injuries they cause in a crash. Minimum coverage amounts are $25,000 and $50,000 for bodily injury and $20,000 for property damage.

However, you do not automatically receive those amounts and must work to maximize the settlement payment you get. Determining the full value of your claim can take time if your recovery is extensive. In other cases, you may have suffered significant property damage but suffered only minor injuries. That can leave you with high repair costs but lower physical recovery costs.

Overall, it’s difficult for your personal injury attorney to assess your claim’s potential worth until they begin analyzing the details. Also, you can’t base the value of your case on how other claims are resolved since every case is unique.

How do I determine how to get more from an insurance settlement and what my claim is worth?

Below are a few common damages caused by car accidents that may need to be considered as you navigate your claim:

  • Medical expenses
  • Transportation costs
  • Property damage
  • Loss of income

If your personal injury damages go significantly beyond what your insurance settlement may cover, you may need to take other steps to get compensated. Only accept an insurance settlement offer after you know what your claim is worth.

What steps do we recommend you take to get more money from an insurance settlement?

The first thing to know about how to get more money from an insurance settlement is to remember you do not have to accept a settlement offer. If you believe the offer you have received is less than what your claim is worth, you can always reach out to an experienced legal advocate for clearer answers about the value of your claim.

Your attorney can write a demand letter detailing what they believe your claim is worth. This letter may include specific details, evidence, and calculations for your supplement. Whether they accept the amount or not, you and your lawyer have a goal to work toward. Your attorney will also communicate with the insurance company and convey the evidence they have to help you prove the value of your claim.

What if the insurance company refuses to compensate me better?

Unfortunately, there are situations where the insurance company may try to avoid paying for your compensation. You may even deal with a bad faith claim in these situations, as detailed under 215 ILCS 5/154.6. Fortunately, you do not have to accept this behavior.

If the insurance company fails to settle with you or acts in bad faith, you may be able to sue for the compensation they deny you. While taking your claim to court may not be ideal in all cases, showing the insurance company you are not afraid to go to trial can prove to them that you are serious about your compensation.

Our attorneys can show you how to negotiate a higher insurance settlement.

As you navigate an insurance settlement offer, you may have been initially disappointed by their first settlement offer. That offer may not have covered your needs, but remember, you do not have to settle for less. In fact, you have opportunities to pursue the just compensation that is rightfully yours.

At Horwitz, Horwitz & Associates, we are here to help you negotiate with the insurance company to get the compensation you are due for the suffering you have experienced. We offer free consultations so you know how we can help before you begin pursuing a higher settlement offer with us. Once you are ready, call (800) 985-1819 or complete our online contact form to schedule a meeting with a capable personal injury attorney in Chicago.