Being involved in a car accident is a serious, stressful experience, regardless of how minor the accident was. After a car accident, there is a good chance you will be offered a settlement by the other driver’s car insurance company. While there are certain scenarios where it is in your best interest to take their first offer and settle out of court, more often than not people are taken advantage of in these situations and not compensated as they should be. Before we go any further, it is important to keep in mind that the at-fault driver’s insurance company most definitely does not have your best interest in mind. Even if you sustained very serious, life-threatening injuries, the insurance company is probably more worried about offering you a settlement as soon as possible.
The first thing you should do when the insurance company offers you an initial settlement amount is contact an experienced personal injury lawyer. While you may not think you need a lawyer for your particular case, an attorney will be able to determine whether the offer is fair or too low. The decision to accept or decline the offer is of course, yours to make, but it is in your best interest to make sure you are not being taken advantage of. There are numerous factors you should consider before deciding whether to accept a car accident settlement or not, including:
- Is it to your advantage? It is of course tempting to accept the first settlement offer that comes your way, but take a moment to decide if the settlement is to your advantage or not. Consider the fact that your medical bills may be higher than you originally anticipated (maybe you require physical therapy or rehabilitative treatment) and this first offer may not be enough to cover what’s to come.
- Consider the insurance company’s motive – Please remember that the only reason the insurance company is offering you a settlement right now is because they don’t want to get stuck paying you more later. According to the law, you should be compensated for all of your losses related to the accident, including past, present, and future medical expenses, loss of income, and pain and suffering.
- Should I negotiate? You have the right to negotiate a settlement offer, but it is important you understand what this entails, first. Make sure you have a full understanding of your damages and talk to an attorney.
People often make the mistake of accepting the first settlement offer following a car accident claim. We can’t tell you what to do here, as every case is different, but it is important to consider the above and take a long, hard look at the offer. While it may seem like a good number, if you expect future costs related to your rehabilitation and care, it may be a good idea to reconsider. The McKinney personal injury lawyers at Wormington & Bollinger understand how stressful this can be and are happy to discuss your case with you. We understand that accepting a car accident settlement may seem like the easy way out, but is it the best? Unlike the at-fault driver’s insurance company, our lawyers have your best interests in mind and want to make sure you receive the compensation you deserve. Before you settle, give us a call!