Getting into a car accident due to someone else’s negligence can create tremendous stress for victims. When you file a claim with the insurance company to get financial compensation for your injuries and damages, getting the most from the company is a tricky task. The insurance company will examine and conduct its investigation to determine the liable party for the accident.
After the investigation, the insurance company will release the initial settlement offer. It is advisable not to take any action without consulting a car accident attorney.
Often victims get tempted to accept the insurance company’s settlement offer, believing this is the most they will get. Additionally, victims may also think that the settlement offer is the maximum they will ever get, so they end up accepting it.
Should you accept the settlement offer?
Accepting the settlement offer depends on various factors. In most cases, the initial offer is usually minimal as the company wants to spend as minimum amount as possible.
While it can be challenging to get the exact amount you are expecting, it is vital to see that the settlement amount you have received compensates for all your damages and injuries. Note that you should also count all the expenses and not just for medical treatment costs. Everything should be included, such as transportation costs, loss of income, emotional pain and suffering, future medical costs, and more.
Your attorney can review the settlement offer and assist you in whether it is appropriate to accept the offer or you should demand more.
Can you apply for the claim again once you settle the offer?
Once the insurance company gives you the settlement offer and you accept it, you will be signing a legal agreement where the terms and conditions will be specified. Once you sign the agreement, you will NOT be eligible to file a claim again. This means that if the claim is settled, you do not get a chance to negotiate, demand more compensation, or apply for a claim again.
This is why you should never rush to settle your claim. Allow your attorney to go through the settlement offer and see if it fulfills all your injuries and damages, including future medical costs. Remember, you cannot negotiate or demand more money if you recognize you need additional medical there. Therefore, make sure you speak to your doctor about the future medical care you will need to help understand if the amount is covered in the settlement amount.