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Should you accept the insurance company’s first settlement offer?

On Behalf of | Dec 20, 2023 | Car Accidents

In the aftermath of a car crash, it is natural to feel overwhelmed and eager to put the incident behind you. The insurance company might seem like a ray of salvation, offering a quick settlement and respite. Before accepting that initial offer, consider the long-term impact on your well-being and financial stability.

There are several reasons to reconsider that initial insurance settlement offer after your collision.

Lowball settlement offers

Insurance companies often make initial settlement offers that fall far below the actual cost of the injuries you sustained. The initial offer might represent only a fraction of what you should receive. Remember that insurance companies prioritize profits, which means settling cases for as little as possible. Accepting such an offer without proper evaluation can leave you grappling with unforeseen medical expenses, lost wages and ongoing financial burdens.

Valuable legal support

Before making any settlement decisions, you should consult with an experienced personal injury attorney. These professionals specialize in assessing the full scope of your injuries, including both immediate and potential long-term consequences. By seeking legal guidance, you can better protect your rights and receive fair compensation for your suffering.

Future considerations

Assess your situation, including the long-term prognosis and expected treatments for your injuries. Consider the costs associated with that care, your lost work hours and the financial effect on your family. This helps you develop a counteroffer that supports your needs.

You might think that accepting the initial settlement offer allows you to leave the trauma behind you. The average settlement following a car crash is between $20,000 and $25,000 in 2020. Advocate for fair compensation based on the severity of your case to protect yourself financially after the collision.