Insurance Settlements...when should I settle?

Question

I was injured in an accident. One of the lingering issues is a shoulder issue which will probably need surgery. I have begun discussions on a settlement. I was always told never to take the first couple. The first one was refused and the second one came in $3000 more. Now I had a figure in mind which is about $4000 more. Should I reply back with MY offer or just wait and see if they offer a third? At what point do they usually stop at offering an amount? I mean, the second offer came within a week of the first one....I think I can still get more. Help?

Answer 1

You need to counter offer.

A smart adjuster will not just continue to throw money at you until they hit a number you like.

The adjuster may not pay your counter offer -- but the negotiation process is a back and forth process.

It only works when both people participate in it.

Answer 2

OK, take their offer, and add $8000 to it.  Then when they counter, you'll get your $4K more.

Keep in mind, though, that the cost for this future surgery needs to be included in the offer.  

They will stop offering, when they hit the policy limit.