Accepting insurance companies immediate settlement offers
- July 26, 2016
When people are injured in vehicle accidents and the other party is clearly to blame, it is common for the at-fault party’s insurance company to call and offer a settlement. To some people, the settlement amount may sound like a decent amount of money as a lump sum. However, it is always the minimum amount that an insurance company could offer. Do not take any settlements from insurance companies without consulting an attorney first. There are several reasons to avoid taking an insurance company’s settlement.
Future Medical Bills
While some people have apparent injuries immediately after an accident, there are often long-term repercussions that do not fully appear until several years later. These are due to damages from the accident. Injuries that develop and worsen over time usually have painful and permanent consequences. Attorneys who specialize in car accidents work with experienced doctors who can predict what types of future problems may arise from car accident injuries. The costs of treatments, medications and specialist visits for these issues may not be covered completely by health insurance. When they have the potential to be very costly, it is important to factor in those costs for a settlement.
Loss Of Income
Most people lose income after an accident. They may take time off from work. In some cases, people who are injured so badly that they cannot continue in their line of work are left to find another job or accept disability income. A settlement should cover training for another career and replace income while the injured party develops a new career. If this is not possible, the settlement should cover a considerable enough portion of lost income that it will compensate for the fractional nature of disability payments. Disability benefits from the government are never enough to completely replace previous income. In some cases, people receive about 60 percent of their previous income. Only an experienced attorney who is familiar with the process of car accident injury claims can recover a sufficient settlement.
Never accept an insurance company’s settlement offer. Insurers may claim that it is impossible to receive a larger settlement or that the offer is their final offer. Do not let them instill fear or anxiety. Call an experienced personal injury attorney. The consultation is free, and the attorney only collects payment if a settlement or judgment is awarded from the lawsuit.