Is it safe to assume that the insurance company is always going to lowball you on their initial settlement offer?
From my perspective and experience, most likely. Sometimes, the insurance company knows its driver has the minimal limits of insurance in Nevada, $15,000, and if the injuries and damages are extensive, the insurance company will offer the injured party the full $15,000. That is all they are going to offer you. That’s all they have to offer, so it might be low for the amount of injury you have, but it’s not low for the insurance company’s perspective because they are offering the entirety of their limits.
If I were to take the policy limits, there would likely be a waiver of any opportunity to sue for more?
Yes, the insurance company would require you to sign a release, releasing that individual from liability. In such cases, consulting a Reno bad faith insurance lawyer can be crucial to understand your rights and options. You have to be aware if there are extensive damages and access to that, do you want to sign a complete waiver of your rights to go after the individual?