How Do You Know if Your Settlement Offer is Fair?

If you have been involved in any type of accident, you will likely be contacted by the other person’s insurance company to discuss your case. This is true whether you have been in a car accident, were bitten by a dog, or slipped and fell on someone’s property. After their initial investigation, the insurance company might reach out to give you a settlement offer to address your injuries.

Personal injury cases are confusing, and you may not know who to trust or what to do next after you receive a settlement offer. So, how can you tell if a settlement offer from the insurance company is fair?

A Word of Warning About Insurance Settlements

The insurance company starts its investigation of your potential claim very quickly. They also will sometimes offer you money to settle your claim very quickly. They do this because they do not want to give you time to consider your options or get a complete idea of the extent of your injuries.

For example, in a car accident, you may be sore and bruised the following day, but it could take weeks or even months to realize that you are going to have long-term back problems because of the crash. If you accept a settlement thinking that you just have bumps and bruises, you are not getting the full value of your case—and you may end up having to pay for medical expenses out of your own pocket with no chance for reimbursement.

Insurance companies also want you to think that you do not have to involve a lawyer in your case. They might even go as far as to tell you that if you involve a lawyer, then they will revoke the settlement offer they have given you.

You have legal rights, and you have the choice to involve an attorney or not. When you hire a lawyer, that attorney will communicate with the insurance company on your behalf to prevent the insurance company from taking advantage of you.

What is Fair Settlement?

Every case is different, so a fair settlement in one situation might not make sense in another circumstance. In most cases, the insurance company is not going to offer you a fair settlement right away. The first offer is almost always a “low ball” offer to see how you will react. Many people make the mistake of taking this offer because they do not have a real understanding of what their case is worth.

Talk to a member of the Wall Huntington team about what a fair settlement may be for your situation. We can evaluate the facts of your case and use our experience and knowledge of the law to help you decide what a fair settlement might be. Schedule an appointment today, call 316-265-6000.