Law

Reasons Why You Should Never Rush To Accept Your Settlement

You should file a personal injury claim to cover your damages and injuries following your personal injury accident. When you file a claim, getting fair compensation can sometimes be complex. Soon after the insurance company investigates your case, they will give you a settlement offer. 

Most Louisville personal injury attorney believe that the insurance company does not offer a fair settlement initially. The insurance company believes that you will accept the first settlement believing that this is the maximum they can get from the insurance company. However, you should be extra careful before accepting your settlement offer from the insurance company. 

The initial offer is not always fair. 

The insurance company has been in the business for a long. They handle hundreds of claims similar to yours, due to which they know how to handle people who file personal injury claims. Therefore, the company will try to offer as low compensation as possible. If you accept the low settlement thinking that this is the maximum you will get, it is a winning situation for the insurance company. 

Furthermore, the last thing the insurance company wants to do is pay a higher amount. So, they will try to offer you minimum compensation in the initial settlement. Therefore, you should take some time to review the offer. 

Is the offer sufficient to cover all your injuries and damages?

After receiving your settlement offer, you and your attorney should review it thoroughly. For instance, you should consider all the expenses and damages. Is the settlement offer sufficient for the following: 

  • Your past and future medical expenses. 
  • Your traveling costs.
  • Property damage. 
  • Mental pain and suffering. 
  • Loss of income due to the accident. 
  • Any other damages and losses you have incurred due to your accident. 

Your attorney can help review your settlement offer by tallying with your future and present losses and damages due to your personal injury accident. If your settlement amount is insufficient to meet your losses and injuries, your attorney can negotiate with the insurance company. 

Once you accept the settlement offer, you will no longer be able to file a claim again. 

If you settle your claim by accepting the insurance company’s offer, you will have to sign a written agreement with the company. The settlement takes place in a written form where all the terms and conditions will be specified. Furthermore, once you sign the papers and settle the offer, it will restrict you from filing a lawsuit or a claim again. So, if in a case in the future your medical expenses rise due to your injuries, you would not be able to demand more compensation. 

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