How Long Does It Take To Get a Second Settlement Offer in Maryland?

After an accident, you may contact your insurance company or the other party’s insurance company to report the accident. When negotiations are concluded, you may be presented with a settlement offer. Unfortunately, it’s common for insurance companies to undervalue your claim, presenting a less-than-ideal initial offer. If the settlement offer doesn’t reflect the full value of your claim, your lawyer may advise you to renegotiate for something better. At this point, you might wonder how long it will take to get a second offer. Unfortunately, there’s no universal timeline; it depends on various factors. Therefore, understanding these factors is essential to help manage your expectations and prepare for the process.

Why Are Initial Offers Often Low?

When you file a claim, the insurance company reviews the details before presenting an initial settlement offer. This offer is often lower than the actual value of your claim for the following reasons:

• Undervaluing Injuries: Insurers may downplay the severity of your injuries.
• Insufficient Documentation: Lack of critical evidence can weaken your claim, leading to a low offer.
• Disputing Liability: The insurers may argue you were partially or fully at fault to reduce compensation.
• Quick Settlement Pressure: Some insurers hope you’ll accept a low offer because you urgently need the money.
• Pre-existing Conditions: The insurance company might claim your injuries were pre-existing rather than caused by the accident.
• Standardized Calculations: Sometimes, insurers use automated systems to calculate compensation, which may fail to account for the unique circumstances of your case or non-economic damages.

Oftentimes, the initial offer serves as a starting point for negotiations, and the claim adjusters use this tactic to gauge how well you understand your injuries, damages, and the compensation you deserve.

Factors That Affect the Timeline for a Second Settlement Offer

After submitting a counteroffer, the waiting time for a response depends on several factors, such as:

Complexity of the Case

The complexity of the case plays a significant role. For instance, claims involving severe or permanent injuries require more time for evaluation. At the same time, cases with multiple liable parties or disputed liability can prolong negotiations due to the need for additional investigations and documentation. Additionally, the timeline may be extended if your case requires expert opinions.

Insurance Company Practices

Another factor that may impact the time it takes to receive a second settlement offer is the insurance company’s internal practices and caseload. Companies handling many claims may face delays, while some insurers intentionally use delay tactics to pressure claimants into settling for less.

Strength of Your Counteroffer

A well-prepared counteroffer that includes realistic and thoroughly justified demands might receive a quicker response than one lacking sufficient evidence or appearing unreasonable. Comprehensively documenting your injuries, financial losses, and other damages can influence how quickly the insurer evaluates and responds to your counteroffer.

Reaching Maximum Medical Improvement

The timeline may also be extended as the insurance company waits for you to reach maximum medical improvement. This may be in your favor because it aids in the proper calculation of your damages, ensuring fair compensation.

While you wait for the second settlement offer:

• Continue medical treatment: Attend appointments, document recovery progress, and track all out-of-pocket expenses.
• Maintain communication with your attorney: Regularly update your lawyer on your condition. Also, consider discussing the potential strategies if the second offer is insufficient or delayed.

Contact Hardball Law Today

If you have a personal injury case, let our experienced Towson personal injury lawyer at Hardball Law serving Towson, Baltimore, and throughout Maryland advocate for your rights and expedite the process.

Source:

dol.gov/agencies/owcp/energy/regs/compliance/PolicyandProcedures/proceduremanualhtml/unifiedpm/Unifiedpm_part0/Chapter0-0500Definitions#:~:text=Maximum%20Medical%20Improvement%20(MMI)%20is%20when%20the%20covered%20illness%20is%20stabilized%20and%20is%20unlikely%20to%20improve%20with%20or%20without%20additional%20medical%20treatment.