Does “Full and Final Settlement” Indicate No Negotiation Possible?
I recently submitted a demand letter to the at-fault driver’s insurance company (Farmers), and they replied with a settlement offer for my bodily injury claim. They made it clear that the $x,xxx offer is a “full and final settlement.”
Does this truly suggest that they won’t entertain further negotiations, or is it just typical phrasing they use to discourage counteroffers? Has anyone out there successfully negotiated after receiving such a “full and final” offer?
The term “full and final settlement” typically indicates that the insurance company intends for the offer to cover all damages related to your claim, effectively closing the case if you accept. However, it doesn’t necessarily mean there is no room for negotiation.
Insurance companies often use this language as a way to limit their liability and encourage quick settlements. Despite this, many individuals have successfully negotiated higher offers after receiving a “full and final” settlement offer. If you feel that the initial offer does not adequately cover your injuries and damages, it’s worth making a counteroffer and presenting any additional evidence or documentation that supports your case.
When negotiating, it can be helpful to remain professional and persistent. Emphasize the details of your claim, including medical expenses, lost wages, and any long-term effects of the injury. If the insurer remains firm, you may want to consider consulting with an attorney who can provide guidance and possibly help you negotiate more effectively.