Is “Full and Final Settlement” Truly Non-Negotiable?
I recently submitted a demand letter to the insurance company of the driver at fault (Farmers), and they have provided a settlement proposal for my bodily injury claim. However, they’ve labeled the offer of $x,xxx as a “full and final settlement.”
Does this imply that they’re unwilling to negotiate further, or is it simply a common phrasing meant to discourage counteroffers? Has anyone successfully negotiated after receiving a “full and final” offer?
It’s great that you’re taking the time to understand what a “full and final settlement” means in the context of your claim. While this term does suggest that the insurance company intends to close the case with the offered amount, it doesn’t necessarily mean there’s no room for negotiation. Many insurance companies use this language as a standard practice to encourage claimants to accept the offer without pushing further.
In terms of negotiating after receiving such an offer, it is definitely possible. Many have had success countering these offers, especially if you can provide additional evidence or justification for a higher amount (like additional medical expenses, lost wages, or pain and suffering). Make sure to do your research, know the value of your claim, and clearly articulate your reasons for seeking a higher settlement.
It’s also worth considering consulting with a personal injury attorney, as they can help you navigate the negotiation process and advocate on your behalf. Good luck!