The Cassidy Law Firm Blog

Saturday, October 31, 2020

Should I Accept the Settlement Offered by the Insurance Company?

If you have been injured in an auto accident, it can feel like your to-do list is piling up as you try to recover from your injuries and get back to some semblance of a daily routine. As you check things off your list, the insurance company is working to resolve your case. You likely will be contacted by an insurance representative from the at-fault driver’s insurance company in order for them to take a statement and discuss the details of the accident. Not too far after, the insurance company may contact you regarding an offer to settle your claim. How do you know whether to accept this settlement offer?

Should I Accept the Settlement Offered by the Insurance Company?

First, it should be made clear that considering the acceptance of any settlement offer made by an insurance company is a serious matter and you may want to retain legal counsel prior to accepting any such offer. This is because you often only get one chance to get the compensation you deserve for the damages you have suffered as a result of an auto accident. Once you accept a settlement offer, you will need to agree that you will not pursue further compensation under that claim. This is compensation intended to compensate you for things like medical bills, loss of income, cost of future medical treatment, and pain and suffering. It has an important purpose and will help set your life back in order. Do not rush to accept a settlement offer no matter how tempting it may be, especially as you watch your medical bills pile up.

In fact, insurance companies will often look to take advantage of the desperation some people may feel after an accident. They know that you are watching substantial medical bills piling up. They know that you may have been out of work due to your injuries. They know that you are probably looking to quickly resolve things and get some money. That is why the insurance companies will often make quick settlement offers that re far below the amount of compensation you deserve.

Look at your outstanding expenses caused by the accident. Think about the follow up medical care and physical therapy you may need and the expenses that will result from that. Does the settlement offer cover all of that and more? Does it come close to covering all of that? If not, then it is probably not an offer you should accept.

In fact, rarely should you accept a settlement offer before you have reached maximum medical improvement (MMI). This is because you really do not know the full extent of your injuries and the amount of medical care you will need on an ongoing basis until you have reached MMI. One of the most common mistakes accident injury victims will make is to settle a claim too quickly.

New Jersey Personal Injury Attorneys

Accepting a settlement offer on your car accident or personal injury claim is a big deal. This is compensation intended to make you whole again after an accident. Do not accept such an offer until you consult with trusted legal counsel. The Cassidy Law Firm’s team of experienced personal injury attorneys is here to help see to it that you get the compensation you deserve for the harm you have suffered in an accident. Contact us today.


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