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    6 Points to Consider Before Accepting an Insurance Company's Offer

    Personal injury cases like car accidents typically mean the victim is able to receive compensation for their injuries. Obtaining that compensation, however, isn’t always easy. It’s likely the insurance company will offer a very low settlement to the victim, which could mean they pay some of their medical and other bills out of pocket if they accept that first offer. Instead, there are a few things they should consider before accepting anything. This will enable the victim to make sure they get a higher settlement for the accident so they won’t be out of pocket for injuries and damages that were caused by someone else.

    6 Points to Consider Before Accepting an Insurance Company's Offer


    First Settlement Won’t be Acceptable:

    The victim will need to consider whether the settlement offer is going to be enough to cover all the expenses from the personal injury. In a car accident, for instance, the victim may need to cover medical bills, car repair bills, lost wages, and a lot of other expenses. If the settlement isn’t large enough, they will end up paying a lot of these costs on their own, which could lead to financial problems down the line. Instead, they might want to consider having an attorney review the settlement offer before they agree to anything. They can Discover Frekhtman & Associates online to learn more about why they should consult with an attorney, then seek help to understand whether they should accept the initial settlement offer from the insurance company.

    Know the Values of Medical Bills and Property Damage:

    Victims of a personal injury should consider all the expenses they have as a result of the accident. There is a lot that can be included in the final total, which can be compared to the settlement offer from the insurance company. The victim should gather all paperwork showing their current medical bills from the accident, the expected cost to replace their vehicle if it’s totaled, the amount of time they could not work because of the accident, and any other expenses from the accident that should be included in the settlement. Once they have all of this, they can compare it to the settlement offer from the insurance company.

    Be Careful About What You Say:

    Anything the victim says to the insurance company or their representatives can be used against them if the case goes to court. The insurance company will try to get the victim to admit that they were at least partially at fault for the accident even if the victim had no part in what occurred. They may also try to get the victim to agree to a reduced settlement or to other things that would only benefit the insurance company. It’s better for the victim to avoid talking to the insurance company as much as possible so they don’t inadvertently say something that can be used against them.

    Anything Signed is Binding:

    Anything the victim signs for the insurance company will be binding in court. If the victim receives a copy of the settlement offer, they should not sign and return it. There may be wording that makes it seem to like signing would be a good idea, but it may not be because it is actually written to confuse the victim and encourage them to sign for a settlement. Instead, the victim should have an attorney review the documents they receive from the insurance company so they can make sure all the documents are okay to sign and that they won’t be agreeing to anything.

    There is a Time Limit for Settlements:

    There is a deadline for filing a lawsuit to obtain compensation after a personal injury, called the statute of limitations. This can vary by location and even by the type of case, but once this date has passed, it is not possible for the victim to sue the insurance company to obtain a settlement. Because of this, insurance companies might try ignoring the victim or refusing to settle, thereby encouraging the victim to give up. If this goes on long enough, the statute of limitations will pass, and the victim will not be able to get compensation for their injuries from the insurance company. This lets the insurance company avoid paying a large settlement even when one is warranted. Victims should be aware of the statute of limitations for their case and contact a lawyer if they need help before this day.

    Think About a Counteroffer for a Higher Amount:

    Insurance companies will offer a very low settlement, to begin with, but that doesn’t mean the victim has to accept it. Instead, the victim may want to put in a counter offer and try to get the insurance company to pay more out because of the accident. This may or may not be successful, but it is something the victim has the right to do. When creating a counteroffer, it’s a good idea for the victim to create a detailed letter with all the points of their counteroffer included so they can try to get the insurance company to accept it. Depending on what the counteroffer entails, what the original settlement offer was, and other details, the insurance company may be willing to accept the counteroffer and pay out that amount.

    When someone is injured due to the actions of another person, they might be entitled to compensation for their injuries. However, it’s usually not easy for the victim to get a fair settlement for the accident. Instead, they’ll need to make sure they do as much as possible to get the money they need from the insurance company. If the victim cannot get the insurance company to provide a higher settlement or they are not sure they can handle this on their own, it’s a good idea for them to speak with a lawyer about the case. The lawyer can make sure everything is done before the statute of limitations and handle all negotiations with the insurance company to avoid issues and maximize the settlement. 


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