Why You Probably Shouldn't Accept The First Settlement Offer
Posted on: 25 June 2021
If you have been involved in a car accident but if you were not the driver who was considered to be at fault, there is a good chance that the other driver's insurance company has gotten in contact with you. They might have even offered you a settlement, and you could be thinking about accepting it. Even if they haven't offered you a settlement yet, there is a good chance that an offer will be coming soon. However, it usually is not a good idea to accept the first settlement that you are offered. If you're wondering why this is such common advice, consider the reasons below.
It Might Be Offered Before You Hire an Attorney
Ideally, you should hire an attorney as soon as possible after being involved in a car accident, since they can help you with many matters related to your accident and can help you avoid making any mistakes along the way. However, there is a chance that the insurance company will try to offer you a settlement before you hire an attorney, so the settlement offer might come before you expect it to. Additionally, you might have been busy with things like doctor's appointments because of your car accident-related injuries, or you might have spent a lot of time in bed recovering, so you might not have gotten in contact with a lawyer yet. However, you probably will not want to accept a settlement offer without having it looked over by a car accident attorney first, so you may want to get in contact with one of these professionals as soon as you can.
It Might Not Cover All of Your Past and Current Expenses
In many cases, insurance companies don't actually offer settlements that are large enough to cover the expenses that a driver has experienced related to their accident. If you tally up the amount of money that you have lost from missing work, the amount you have spent on medical care related to your accident, and other expenses, you may find that you weren't offered a big enough settlement the first time around to cover everything.
It Might Not Account for Your Long-Term Needs
Right now, you might be thinking about accepting the settlement that you have been offered because you might feel as if it's fair. However, you have to think about future expenses, such as if your injury has left you permanently disabled and unable to work. There is a good chance that your settlement offer does not offer enough to cover these long-term, accident-related needs.
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