Should I Accept the Insurance Company's Settlement Offer?

After a personal injury accident, you have to deal with medical bills and time off of work. It can cause great financial stress. It can be tempting to take the insurance company’s settlement offer. Before taking the first settlement offer, ensure you get enough compensation to cover your medical care and other losses.

An experienced attorney can help you understand the value of your damages. Your attorney can also handle settlement negotiations so you can focus on recovery. For more information about settlement agreements, contact a personal injury lawyer.

Should I Take the Insurance Company’s First Offer?

After an injury accident, your attorney can send the insurance company a demand letter for damages. The insurance company may make a lowball initial offer. If the insurance company can get away with paying less for your financial losses, they will. They are in the business of making money.

The insurance adjuster knows many people will take the first insurance company offer because they need the money. The longer they delay the claims process, the more likely you may take what they offer. Waiting a little longer can go a long way to getting a higher settlement amount.

The insurance company may also make it seem like you only have a limited time to accept the offer. Before you sign anything, ensure you understand what you are giving up with a quick settlement.

Accepting the Settlement Is Giving Up Your Right to Sue

Signing a settlement agreement releases your legal rights to pursue a legal or insurance claim. The settlement means you are taking the offer and giving up your right to sue. You may want to take the settlement and move on. However, ensure you understand the extent of your injuries before taking a low settlement.

How Much Is My Case Worth?

You need to understand all your damages before accepting a fair settlement in a personal injury lawsuit. Your car accident or your slip and fall accident could have long-lasting damages. These can include chronic pain, permanent impairments, and depression. If you will require medical treatment for the rest of your life, the at-fault party should be accountable.

To calculate the value of your claim, be sure to include economic and non-economic damages, including:

• Medical expenses
• Lost income
• Property damage
• Out-of-pocket expenses
• Pain and suffering
• Emotional distress

Ask Your Personal Injury Attorney About the Negotiation Process

The initial settlement offer usually is not the only offer made by the claims adjuster—it is just the starting point. If you don’t accept the first offer, your attorney can file the personal injury claim in court. After discovery, when the parties exchange information, your attorney will have a better idea of the strengths of your case. This can help them negotiate a counteroffer for a fair settlement amount.

Negotiations can go back and forth. The closer the case gets to a trial, the more likely the case will settle. Your personal injury law attorney has experience in these negotiations and can give you a good idea of what your case is worth. Ultimately, it is up to you to decide whether to settle. Your attorney can’t settle without your consent.

If you were injured in an accident and want to know more about your legal options, talk to an experienced personal injury attorney.