Should I Accept the Insurance Settlement?

If you were recently injured in an accident that was caused by someone else’s negligent or careless actions, one of the first calls you might receive is from his or her insurance company. During this call, or a subsequent call, you might receive a settlement offer to compensate you for your injuries. This might sound nice, especially since you are likely facing some medical expenses as a result of the accident, but this initial offer is almost always much too low and will not even begin to cover the expenses associated with your injuries or the pain and suffering you endured.

Here are some of the reasons why accepting an insurance company’s initial offer is almost never the best course of action:

  1. You do not know the extent of your damages: One of the reasons why insurance companies are quick to make an initial offer is because it would be impossible for you to know the value of your claim so early on. It takes time to understand the extent of one’s injuries, how long the recovery process is expected to take, and if lifelong care will be necessary. If you accept a settlement offer early, thinking your injuries are minor, you will not be able to reopen your case if it turns out your injuries are much worse than you originally thought.
  2. You need time to consider an acceptable settlement amount: Before you decide on what you think is a reasonable settlement offer, you need to have your case valued based on your economic and non-economic damages, which will include loss of wages, lost earning capacity, medical bills, and pain and suffering. Your attorney will be able to properly estimate how much your case is worth and this figure will be helpful for negotiations.
  3. The first offer is much too low: Even without know what your case is worth, the fact is that an initial offer is almost always going to be too low. If your attorney informs you that the offer is a bit reasonable though a little low, this might be a sign that the adjuster might truly have an interest in settling the case and, as such, your attorney can begin engaging in fair negotiations.

Ultimately, it would be unwise to be tempted by an offer, even if you are eager for it to be over. You will likely end up regretting it in the future.

Lexington Personal Injury Attorneys

If you or a loved one was injured in an accident caused by someone else’s negligent or careless actions, you have a right to pursue fair and just compensation. At Goeing Goeing & McQuinn PLLC, our Lexington team of personal injury attorneys will assist you in navigating the legal circumstances of your case, so you can focus on your recovery. You should never have to pay for someone else’s mistakes.

Contact us today at (859) 534-9327 to schedule a free consultation.

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