Say that you suffer an injury and you’re given a settlement offer by an insurance company. Perhaps you were involved in an auto accident. Not only do you have bills from the damage to the car that had to be repaired, but you need to pay medical bills and recover from income lost as you were taking time off of work to recover. The settlement offer is supposed to pay you money to cover your costs.
Understandably, many people are tempted to accept an initial settlement, as they are in need of the compensation they’re owed. The settlement offers them immediate cash if they simply take the deal, and then they can move on with their lives. Unfortunately, it isn’t always wise to accept an initial offer.
First offers are often rejected
What you will find is that many people reject the first offer that they get from the insurance company because the settlement is valued too low. Insurance companies want to reduce their own liability, so they may offer you as little as they possibly can. They may hope that you’ll accept the deal so that it closes the case and they’ll be off the hook for the full amount of compensation that you’re owed.
Another thing to keep in mind is that you may not even fully know the extent of your injuries at this point. What if your condition grows worse in the future? What if there are further complications? What happens if you suddenly need additional medical care that you didn’t realize would be connected to the accident? You don’t want to accept a settlement that satisfies the insurance company’s responsibilities until you are completely sure exactly what that financial responsibility is.
It is very important not to leave money on the table and to get the offer that you actually deserve. It can help to work with an experienced legal team as you explore the options available to you in the wake of a crash.
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