Medical bills, lost wages for missed time from work, and other unplanned costs can put many accident victims in a tough financial situation. So, when the insurance company comes back with a settlement offer that they're willing to pay right away, it sounds alluring. However, it's essential that victims take a step back, understand the terms of the settlement, and think about the long term.
Unresolved Information
If an insurance company wants to offer a quick settlement, it is possible that all the facts have not been uncovered. As a result, your claim could be much more valuable than you think. Take an incident involving a slip and fall down the stairs of a mall, for instance. On the surface, it may look like the person simply lost their balance. However, upon a closer look, it's revealed that the building owner had neglected to repair the tiles on the steps for some time, which created a tripping hazard. In this instance, the level of responsibility could go from regular negligence to gross negligence, which could make the claim more valuable.
Lowest Value
Insurance companies work their way up when they negotiate. The first settlement offer they provide is generally well below the level of value they believe the case might be worth and what they can afford to pay. If the victim takes the offer, the insurance company is successful in their quest to settle as cheaply as possible.
When it comes to accident claims, it's important that victims understand that it's not about getting as much money as you can, but rather, it is about getting what you deserve for your injuries and suffering. If the insurance company is offering you lower than this amount, they aren't treating you fairly.
Ongoing Medical Treatment
An early settlement often comes amid ongoing treatment. It's critical to never accept an offer while you are still being treated for injuries. If you are still being treated, the physician cannot precisely specify how the injury will affect your life going forward, and as a result, they can find it more difficult to determine how much your treatment will cost, whether or not your earning potential will change, and what other lifestyle changes you will have to make.
There is no way to accurately determine the full economic effect of the incident just yet. If you don't have this information, there is no way you can put a value on your claim.
Do not take a settlement offer without ensuring that it is the right option for you. If you or a loved one were involved in an accident and the insurance company is contacting you for a settlement, an attorney that offers personal injury services can assist you to ensure you're protected.
Share22 July 2019
Early in my career, I experienced disappointments. After happily working five years for a company, my job responsibilities suddenly increased. Unfortunately, my salary remained the same. Longing to take control of my situation, I quit my job in order to launch a home-based business. After years of working for someone else, are you ready to become an entrepreneur? Before taking this exciting step, consider consulting with a business attorney. This individual can inform you about the types of permits and licenses you might need to obtain. A business lawyer can also help you draft contracts. On this blog, I hope you will discover the benefits of working with a business attorney before becoming an entrepreneur.
