The days after an injury can have you feeling lost on what to do. One moment, you have everything going according to plan; the next, your life is in disarray.
You may find your financial reserves draining fast while medical and household bills keep increasing. Even worse, your ability to earn a living is gone.
When in such a situation, any help is welcome, and the at-fault insurer knows it and may even contact you with an offer to settle. If this feels like your situation, but you wonder if accepting a settlement is a good idea, this guide is for you.
Should I Accept the Faults the Insurer Offer?
The other party’s insurer only has their interests at heart. The lower the settlement they offer, the higher their profit margins. Even when they call with seemingly genuine concern, it is almost always a trap, and their offer is rarely enough to cover damages suffered.
So the answer to whether you can take the at-fault insurer offer is no, but it may depend on the prevailing circumstances. For example, if a doctor rules out the possibility of a severe injury, it may not be worth putting up a fight, so you can take whatever offer is on the table if you feel it is fair.
However, an offer for injuries that are more than a few scrapes and bruises will require more interrogation, for example, by talking to a skilled personal injury attorney.
A Reliable Personal Injury Lawyer Can Help You Recover Fair Compensation
It is best to involve a lawyer after suffering injuries in an accident. Statistics show that having a lawyer working on your injury claim case improves the chances of a fair outcome by a significant margin.
So if an insurer calls you with an offer to settle, it is a good idea to consult a lawyer before making a hasty decision that could turn out costly.
When choosing a lawyer, there are a few things you want to consider; their experience in winning fair compensation for victims in similar circumstances and their success at trial.
You also need to look at the credibility of their law firm. If you do not know where to start, Jacoby & Meyers’ legal team can be a safe option for you.
Why You Should Not Take an Early Offer from an Insurer after an Injury
It would be best if you did not take an early offer after an injury for several reasons, including:
- The insurer’s goal is to settle the claim quickly and for as little money as possible, so they may not give you all the information you need to decide.
- You may not be aware of all your legal rights and options if you accept an early offer.
- The offer will likely be much lower than what you could get if you consulted a lawyer.
- You cannot know the extent of your injuries at the early stages
- Settling without a lawyer puts you at a disadvantage because the other side may have one
- Settling means signing a release form which means giving up your right to sue if damages exceed the settlement
How Much is Enough Settlement?
There is no one answer for how much money you should accept in a personal injury settlement. The settlement you are entitled to receive will depend on several factors, including the severity of your injuries which determines the extent of the economic and non-economic damages.
In addition, your state’s laws may cap the amount of money you can receive in a personal injury settlement. Consulting with a personal injury lawyer can help you to understand your rights and options and to get the best outcome for your case.