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Should I take a settlement offer from an insurance company?

by | May 31, 2022 | Personal Injury

After you’re seriously hurt, one of the main questions you’ll probably have is how to get the compensation you need to focus on your health and not on the money you’re losing being out of work. It’s reasonable for you to have concerns about compensation and to want to know who is going to pay for your medical expenses or other financial losses.

It’s possible that the insurance company could call you and ask if you’d be willing to accept a settlement offer. The offer may or may not be significant enough for you to accept it, so before you do anything, it’s valuable to learn more about your legal rights and the value of your claim.

Don’t take a settlement right away

In most cases, it’s not a good idea to take a settlement right away. Some insurance companies will attempt to call you and offer a settlement shortly after an injury, because there is a hope that you will accept a lower amount of compensation right away. By doing that, you relieve the insurance company of any additional liability and hinder your ability to seek further compensation.

It’s better for you not to take a settlement offer until you’ve had the time to see how your injury is going to affect you and the compensation you may need as you live with the results of your injuries.

How do you know how much your case is worth?

It isn’t always simple to know how much your case is worth right away. You need to look at the expenses related to your case as well as lost wages in the past and future. You can look at other damages, too.

That’s why most people should not take a settlement offer right away. A settlement offer might look like a good deal, but until you know how much you’ve lost or stand to lose, you can’t be sure it’s enough.

If you receive a settlement offer, it’s appropriate to tell the insurance company that you need more time to think about it and to refer them to your attorney’s office, so you can consider negotiating for a better result.