It is important to be careful about accepting an insurance company’s settlement offer, especially one made shortly after your accident. Whether you should accept a settlement offer depends on a broad array of factors that you should discuss with your personal injury lawyer.
There are a few things you should consider when the insurance company offers to settle your personal injury claim. Be sure to contact a lawyer to discuss your best available options.
Careful Analysis of Early Settlement Offers
An insurance company may offer to settle an individual’s claim shortly following their accident. It is critical to carefully analyze such early settlement offers, to ensure that they adequately account for all damages.
Accident victims face mounting medical bills, may not be able to work, and may experience considerable pain and suffering. It can be tempting to accept the insurance company’s settlement offer when experiencing these economic and noneconomic damages.
However, before accepting any offer, claimants should consult a lawyer to make sure the offer is fair.
Considering Long-Term Costs
An individual should not settle their personal injury claim without a full understanding of their medical prognosis. An individual should have a good idea of what treatment they will require in the future, any long-term nursing care they will need, and any necessary assistive devices.
An individual should also be aware of how their injuries may prevent them from working or may reduce their earning capacity. An individual might face other expenses and losses associated with the injuries too. These are also important factors that affect the value of the claim.
Accounting for Pain and Suffering
A fair settlement offer should account for an individual’s short and long-term economic damages, as well as any noneconomic damages, like the physical and emotional pain and suffering. Many accident victims experience depression and anxiety after their accident, and a settlement should account for these psychological damages. Claimants should be sure to consider how their injuries affect their quality of life.
An individual should talk to their lawyer about their pain and suffering damages and what might be a fair value for their claim.
Contacting a Lawyer
The best way to know whether a settlement offer is fair is to speak with a lawyer. A lawyer will evaluate your claim and the insurance company’s settlement offer. A lawyer can also go over your case, negotiate with the insurance company, and help you decide whether to accept a settlement offer.