Auto Insurance Claims: Settlement Agreement, settlement agreement

Question
Hi, I jumped the gun and verbally agreed to a settlement with the adjuster.  I have yet to sign the release form and I want to renegotiate based on my research and discussion with an attorney.   Do I have the grounds to renegotiate a new settlement since I have yet to sign the release form ?   

Thanks,
Eric

Answer
Hi Eric,

Ethically, you should stay with what you agreed to. However, if what you agreed to was based on a lack of information, then you can re-negotiate. If nothing was signed then it is not binding. Simply tell the adjuster that after thinking about it and speaking with an attorney, you have come to realize that the offer they made is not sufficient. Now the adjuster can call your bluff and refuse to negotiate any further. They may say if you want any more you will have to go to court. But you never know until you ask and the original offer will still be there.

I hope this helps
Richard Hixenbaugh