Should I accept a settlement offer from the insurance company?
August 22, 2017
When you have bills to pay from an injury, a personal injury settlement from the insurance company might seem like the solution to all of your problems. But, what if the settlement isn’t the right decision? Unfortunately, far too many injured persons accept a “quick and easy” settlement from an insurance company that does not fairly compensate them for their injuries. Here’s how to determine “Should I accept a settlement offer from the insurance company?”
1. Take your time.
With medical bills to pay, you might be tempted to take the settlement without first examining your options. It may not be a good idea to rush to a decision. Instead, you may want to take your time and make an informed decision after you’ve carefully reviewed the entire settlement.
2. Carefully review the details of the personal injury settlement.
When you look at your settlement offer, your eye is naturally going to be drawn to the dollar sign. Though the settlement amount is absolutely one of the most important parts of the settlement, it’s not the only part you need to review. Settlements often include stipulations that could affect your options moving forward. For example, if you accept the settlement amount, you may forfeit the right to seek further compensation from the individual who caused your injury. Be sure to carefully examine the entire settlement. If something isn’t clear, contact an attorney.
3. Talk to someone who’s been in a similar situation.
In such a trying time, you can receive some great advice from someone who has been in a similar situation. If no one comes to mind, ask your friends and relatives. Chances are, if you ask enough people, you’ll find someone who went through something similar. Ask that person, “Were you happy with the outcome?” “Would you have done something differently?” If you can find someone to talk to, it can help you arrive at a more confident decision. Your attorney is also a resource of experience you can use to your advantage.
4. Consult an attorney.
Since it’s important to thoroughly review a settlement offer before making a decision, this is a task you might consider delegating to a personal injury attorney. Personal injury attorneys routinely deal with insurance companies and are, therefore, aware of the language and tactics they use in settlement offers.
Not all insurance companies are trying to take advantage of injury victims, but there are settlement offers that are disadvantageous to the victim. These settlements are occasionally accepted because the personal injury victim didn’t properly examine the offer. They simply don’t know that a settlement is too low and won’t cover expenses, damages, or suffering.
With an insurance company pushing you to respond to a personal injury settlement, it’s understandable if you’re not sure what to do. One thing about your case is certain: the settlement will give you a deadline to accept. What will you do with your time? The key is not to make an uninformed decision. Be sure to thoroughly consider all of your options and contact an experienced attorney if you need help deciding.
Ball Eggleston — a Lafayette, Indiana law firm — is located at 201 Main Street, Suite 810 P.O. Box 1535 Lafayette, IN 47902. Contact Ball Eggleston by phone at (765) 742‑9046, by fax at (765) 742‑1966, or by email at email@example.com. For additional information, find Ball Eggleston online at ballegg.local.
Disclaimer: The content of this blog is intended to be general and informational in nature. It is advertising material and is not intended to be, nor is it, legal advice to or for any particular person, case, or circumstance. Each situation is different, and you should consult an attorney if you have any questions about your situation.