If you were injured in an accident, the insurance company might come knocking with a settlement offer. While it can be tempting to accept it and move on, it’s important to understand what it means for you.
Settlements are final. Once you accept it, you can’t go back and ask for more, even if unexpected complications surface or your expenses grow. Here’s what you need to consider before signing anything.
Know the full value of your claim
To decide if a settlement offer is fair, you need to know what your case is worth. In other words, you should have a complete picture of the damages you’re entitled to. They include:
- Medical expenses (present and future)
- Lost wages and reduced earning capacity
- Pain and suffering
- Emotional distress
- Property damage, among others
Some of these damages, like medical bills, are easy to quantify. Others, like pain and suffering, are more subjective but very real. Don’t let an insurance adjuster convince you they’re worth less than they are.
Beware the red flags or a lowball offer
Be cautious if the insurance company pressures you to accept a settlement offer quickly. Initial settlement offers are often far below what your claim is really worth. Additionally, if they dismiss your long-term medical needs or downplay the seriousness of your injuries, it’s a sign the offer may fall short of your expenses.
You should also be wary if they try to shift blame onto you without solid proof or refuse to explain how they calculated the settlement amount. These are common tactics used to minimize their payout.
You have the right to negotiate
You don’t have to accept the first offer from the insurance company. You have the right to negotiate for a fair settlement that fully reflects your damages and future needs. Seeking legal guidance can help protect your rights and interests as you navigate the settlement process, which can be complex and overwhelming.