What If the Insurance Company Offers a Settlement?

Not every person relishes the idea of a jury trial, so when the insurance company comes around with a settlement offer, it can be tempting to take it. After all, if you were hurt in a crash, you likely have mounting medical bills, and you could be out of work: accepting the offer now might seem like a good idea.

To that we say, proceed with caution. Settlement negotiations can take time, and accepting the very first offer the at-fault driver’s insurance company sends could be a mistake for a few reasons:

• Limited information: Early on, the full picture of your injuries and future needs may be unclear. The insurance company might capitalize on this uncertainty by offering a lowball figure that fails to account for the long-term effects of your accident.
• Reduced legal fees: By settling the claim outside of court, the company saves money on lawyer fees and court costs associated with a protracted legal battle.
• Avoiding bad publicity: Taking a case to court can expose the negative aspects of the accident or the at-fault driver’s actions. Settlements, on the other hand, keep things quiet and protect the company’s image.
• Forfeiting your right to sue: Accepting means giving up the right to sue for future claims related to the accident.

As personal injury lawyers in Charlotte, we have handled countless settlement negotiations on behalf of our clients. As your attorneys, part of our job is to review any offers the insurance company makes, and to discuss them with you. If we think it’s a fair and just offer, we will tell you so. If we think it’s a poor or unfair offer, we’ll tell you that, too. Either way, the decision to accept, renegotiate, or go to trial is always yours to make.

What should I consider before accepting a settlement offer?

Before even entertaining the idea of a settlement, take the time to think about these important factors:

• The severity of your injuries: Were your injuries minor and resolved quickly, or are you facing extensive medical treatment, surgery, and long-term rehabilitation?
• Medical expenses: Gather all documentation of your medical expenses incurred so far, including doctor’s visits, diagnostic tests, medications, and any necessary medical equipment. Don’t forget to seek estimates for future treatment needs.
• Lost wages: Calculate all lost wages due to the accident and potential future income loss if your injuries limit your ability to work full-time or return to your previous occupation altogether.
• Pain and suffering: Consider the physical and emotional pain you’ve endured, as well as any psychological trauma caused by the accident. This can be difficult to quantify, but your lawyer can help you understand its value in your case.

What steps should I take before considering a settlement offer?

Before discussing a settlement with the insurance company, take these proactive steps:

• Seek medical attention: Prioritize your health and well-being. Get a comprehensive evaluation from a doctor to understand the full extent of your injuries and potential future needs.
• Gather documentation: Collect all relevant documents, including medical records, police reports, photographs of the accident scene, proof of lost wages, and car repair estimates. Good documentation strengthens your case.
• Consult with a Charlotte car accident lawyer: Our car accident attorneys bring a wealth of skills to the table. At Price, Petho & Associates, we can advise you of your rights, assess the true value of your claim, and work to negotiate a fair settlement that reflects all the effects of the accident on your life.

Remember insurance companies prioritize profit. Consult with our experienced lawyers to ensure fair compensation and avoid long-term financial setbacks.

What if I’ve already accepted a settlement?

In some limited cases, depending on the specific circumstances and timing, you might be able to get out of a settlement. However, this is a complex legal matter with strict time limitations. Consulting a lawyer immediately is essential in this situation. We can assess your options and advise you on the best course of action.

Following a car accident, the insurance company’s primary goal is to close your case quickly and cheaply. Don’t be pressured into accepting a lowball settlement without understanding the true value of your claim and the potential long-term consequences of such a decision.

An experienced car accident lawyer can be a valuable asset in this process. At Price, Petho & Associates, we can provide the legal guidance and support you need to ensure you receive fair compensation for your injuries and losses. We can help you navigate the complexities of the insurance claim process, fight for the settlement you deserve, and ultimately, allow you to focus on healing and rebuilding your life after a traumatic experience. Please call our office or complete our contact form to schedule a free consultation to discuss your claim today. We look forward to meeting you at one of our office locations in Charlotte, Rockingham, or Rutherfordton.