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Should you accept an insurance company’s settlement offer?

On Behalf of | Feb 1, 2024 | Personal Injury |

In personal injury cases, a common issue is whether to accept an insurer’s settlement offer right away. Here’s the thing: making decisions too quickly could cost you. That’s why it’s crucial to first assess your situation before saying ‘yes.’ Doing so ensures you receive fair treatment and helps avoid settling for less than your claim’s true worth.

When considering a settlement offer, here are some important factors.

Extent of injuries

One critical factor in evaluating a settlement offer is how severe your injuries are. This doesn’t just refer to the immediate physical harm but also the long-term effects of your injuries. Here are some conditions that could increase the value of your claim:

  • The need for multiple medical treatments
  • The need for long-term care
  • Injuries leading to permanent disability or other long-lasting problems
  • Injuries affecting your quality of life

The cost of your medical care, recovery time and any lasting changes to your life are all important when determining a settlement offer.

Finality of offer

Sometimes, an insurance company might present their first offer as their ‘final’ one, making it seem like there’s no room for negotiation. But don’t be misled. This tactic often aims to settle a case quickly and for less than they could potentially offer. So, when considering the settlement amount, ensure it fully covers all your losses. Because once you accept an offer, you typically can’t take any further legal action related to your injury.

If you accept their first offer, it might very well be the only settlement you receive.

Legal counsel by your side

When contemplating a settlement offer, it’s crucial to be open to negotiation. Insurers often start with a low offer, expecting you to negotiate. You shouldn’t shy away from this. If their offer doesn’t cover all your costs or seems unfair, it can be worth pushing for more. However, this requires careful consideration and a firm understanding of your rights and your claim’s value.

So, you should consult with a legal professional. They can help you understand what your claim is truly worth and deal with insurance companies on your behalf.