Suffering a personal injury is a challenging experience, and the first settlement offer may seem like a lifeline.
However, before accepting it, it is important to carefully reconsider for several reasons.
Assessing the full extent of injuries
One key reason to reconsider the initial settlement offer is the need to fully understand the extent of your injuries. Often, immediate medical expenses are evident, but some injuries may not manifest immediately. It is important to give yourself time to assess the long-term impact on your physical and mental well-being. Rushing into a settlement may result in inadequate compensation for future medical needs and ongoing pain and suffering.
Unforeseen costs and expenses
Beyond immediate medical bills, personal injuries can bring about unexpected costs. These may include ongoing rehabilitation, therapy, or additional medical procedures. Furthermore, missed workdays or potential future loss of income are additional factors to consider. The initial settlement offer may not account for these unforeseen expenses, leaving you with an inadequate sum to cover the full spectrum of your financial losses.
Negotiation room for better terms
Reconsidering the initial settlement offer provides an opportunity for negotiation. Insurance companies often expect a counteroffer and may be willing to revise their initial proposal. Taking the time to evaluate your case thoroughly and understanding your rights can empower you to negotiate for a more favorable settlement that accurately reflects the impact of the personal injury on your life.
In 2021, unintentional injuries sent 25.5 million people to U.S. emergency rooms. For many, those injuries sustained due to negligence may come with unexpected life-altering changes. Also, realize that injured people with a lawyer lawyer typically reach compensation that is three times higher than what they could have obtained from the insurance company on their own. If faced with assessing an insurance company settlement offer, consult an experienced personal injury attorney for advice.