Factors to Consider Before Accepting a Settlement Offer

When you get injured because of another party, they may try to prevent you from filing a legal court case as much as possible. One way to do this is by offering a lump sum amount in exchange for the right to file a court case and pursue further compensation. That is why it is important to make sure the compensation amount is enough for your needs.

Unfortunately, insurance adjusters have the reputation of trying to lower the compensation amount as much as they can. They will offer you the bare minimum and act like it is the most anyone is going to offer you. Do not trust them, and be quick to accept an offer. Speak to an attorney before considering any offers.

Factors to consider before accepting a settlement offer

If the offer is reasonable.

The first offer by the insurance company is never the right one to accept. They are usually trying to trick you into accepting a low-ball offer and saving the rest of the money for themselves. They may seem nice, but their job is not to look out for you. To understand whether an offer is reasonable, list all of your damages, calculate your losses, and add them up. If the amount you are being offered does not cover all of your damages, including future medical costs, it is not worth accepting.

If the settlement offer covers your out-of-pocket expenses.

The settlement offer may cover your medical bills, lost wages, and other damages. However, there are certain out-of-pocket expenses that often go unnoticed. For example, if you travel to another city to see a doctor, you must include your travel expenses, such as train/flight tickets, in the compensation as well. The compensation should also account for psychological damages, such as depression or anxiety, that can arise from a personal injury accident.

If your attorney thinks it is a fair settlement.

One of the most important things to do while fighting a legal case is hiring an attorney. They are helpful in times like this one, where you need to determine the right costs of your damages. Allow your attorney to evaluate the settlement offer by the insurance company and listen to what they have to say. The best thing about having an attorney is that they can tell you why the amount is fair or unfair.

After an accident, it can be tempting to want to accept the first offer you get. After all, you want to go to a doctor and get treated immediately. Talk to an attorney now.