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Should I accept an insurance company’s first settlement offer?

On Behalf of | Jul 30, 2021 | Injuries |

Imagine getting into a serious collision or suffering from injuries on another person’s premises. You may be able to hold the responsible party liable, so that they will cover your financial losses.

As a victim, you can ask them to cover a few kinds of losses, such as your actual losses, like the cost of surgery or travel to and from the hospital, as well as costs associated with other aspects of your life, such as losing the ability to participate in a hobby you love or being unable to return to work.

The other party’s insurance company may reach out to you quickly following an injury, but it is smart not to be too quick to accept the initial settlement offer. It may seem that the insurance company is trying to do you a favor and make sure your case is settled quickly, but that isn’t necessarily in your best interests.

Why shouldn’t you settle right away?

After getting into a crash or other kind of accident, you may have many injuries that need medical attention. This care will take time, so getting an insurance settlement offer right away simply does not make sense.

After your injury, you need to collect receipts from travel to and from the hospital or other medical appointments. You’ll need to figure out how much you’ve lost in wages and if you’ll be able to return to work. It may take many months to determine how severe your injuries are going to remain in the long term.

Settling early makes it more likely that you’ll make a mistake and underestimate the amount of compensation you need. If you do settle too soon on an insurance settlement offer that’s too low, know that it is unlikely that you’ll be able to seek more compensation for your injuries in the future.

Don’t talk to insurance agents just yet

If you do receive a phone call or visit from an insurance agent who wants to talk to you about accepting a settlement, it’s important not to discuss what you want with them yet. You need to be sure that you understand your legal rights and have all the medical and financial information you need to make a well-informed decision about the offer they’re making.