When you’ve been hurt in an accident, you’ll probably get a settlement offer from an insurance company. It might be tempting to take a quick payout to be done with the matter more quickly, but that’s what the adjuster is counting on. Before you agree to a settlement, it’s important to know more about them.
What Is a Settlement Offer?
Insurance companies send accident victims settlement offers as a way to resolve their claims without taking the matter to court. By taking a lump-sum payment, you agree to release the responsible party and their insurer from further liability. While this can save time and money, it can also leave you with less compensation than you deserve if you’re not careful.
Why Do Insurance Companies Make Quick Offers?
Insurance companies prioritize their bottom line, not your best interests. A quick settlement lets them cut down on their costs when paying out claims. The first offers are often much lower than what your case is actually worth.
What to Consider Before You Take a Settlement
Before you agree to a settlement, there are some things you need to keep in mind.
Will your treatment be short-term, or could costs related to your injuries pop up in the future? Should you take a settlement too early, it could force you to pay future medical bills out of your own pocket.
If your injuries made you miss work (or you can’t go back at all), the payment amount needs to reflect that. Fair settlements account for both your immediate income loss and any long-term job changes because of the accident.
Pain and suffering are harder to put a number to, but they’re equally important. Emotional distress, physical pain, and the overall toll the accident has taken on your life need to be factored in. They may not have a set monetary value, but they still deserve careful consideration.
Finally, think about the value of having legal counsel to guide you. A car accident attorney will make sure you don’t take an offer that undervalues your claim. With their help, you’ll have an advocate who knows how to counter the insurance company’s tactics.
The Risks of Accepting Too Soon
Accepting a settlement offer closes your claim permanently. If you realize later that the payout wasn’t enough to cover your costs, you can’t go back to the insurer for more money. This is why it’s vital to take the time to fully assess your case and figure out its true value.
How a Car Accident Lawyer Can Help
A car accident lawyer can:
- Evaluate Your Claim: They’ll go over your case to determine the full extent of your damages, including future costs
- Handle Negotiations: With a car accident attorney, you don’t have to deal directly with adjusters or pressure tactics
- Handle Litigation: If negotiations fall apart, an attorney can take your case to court to fight for the compensation you deserve
Negotiating a fair settlement requires skill and experience, so having a lawyer on your side is valuable.
When to Hire Legal Counsel
If you feel overwhelmed by the process, unsure about the value of your claim, or pressured to take an offer that doesn’t seem fair, it’s time to talk to a personal injury attorney with experience in car accidents. Professional legal guidance can make all the difference in reaching a fair and just resolution.
Call Schiff & Associates Today
Dealing with a settlement offer can be stressful, but you don’t have to face it alone. At Schiff & Associates, we have over 40 years of experience advocating for accident victims. Our team will work tirelessly to secure the compensation you deserve.
Don’t settle for less. Schedule a free consultation with a skilled car accident lawyer today.