Is “Full and Final Settlement” a Dead End for Negotiation?
I recently submitted a demand letter to the insurance company of the driver at fault (Farmers), and they responded with a settlement proposal for my bodily injury claim. However, they indicated that their offer of $x,xxx is a “full and final settlement.”
Does this really imply that they’re unwilling to negotiate, or is it just common phrasing they use to discourage counteroffers? Has anyone successfully negotiated after receiving a “full and final” offer?
The term “Full and Final Settlement” generally indicates that the insurance company is offering a lump sum to resolve your claim entirely, meaning they don’t plan to entertain further negotiations once you accept the offer. However, it doesn’t necessarily mean that negotiation is impossible. Many people have successfully negotiated after receiving such an offer by providing additional evidence or highlighting aspects of their claim that may not have been fully considered.
If you feel that the initial offer doesn’t adequately cover your damages or suffering, it’s worth responding. You can provide documentation, such as medical bills, lost wages, or expert opinions, to support your position. Just be aware that if you reject the offer, you run the risk of the insurance company sticking to their original amount or potentially withdrawing their offer entirely.
Ultimately, it’s a strategic decision based on your specific circumstances. If you’re unsure, consulting with a personal injury attorney could provide valuable insights and improve your chances of a better settlement.