Five Signs to Think Twice about Your Settlement

It Doesn’t Cover All Your Injury-Related Expenses 

More and more often, insurance companies are calling injured parties and offering them some nominal amount to settle their case, without even seeing the medical expenses.  Sometimes, people think this is a great deal, and they want to accept it, without remembering that they will need to pay their medical expenses out of that amount, and it may not be enough. If, on the off chance this amount does cover your medical expenses, you may be inclined to think that this is a good settlement. However, just because the settlement covers the medical expenses doesn’t mean that it covers all of the injury-related expenses. For example, if you had to take time off of work, you may be eligible to receive compensation for lost wages. Or, if you need to hire a cleaning service to help you around the house while you recover, you may be entitled to compensation for that as well. Nevermind the fact that you’re also entitled to compensation for pain, suffering, and all the headaches that come with being injured due to someone else’s negligence. It can be difficult to know exactly which benefits you’re entitled to without consulting a personal injury attorney. Remember, insurance companies make money when they’re able to get injured people to accept lower settlement offers. In order to keep profits high, insurance companies aren’t necessarily going to offer the maximum compensation. 

The Insurance Company Is Telling You Not to Hire an Attorney 

The insurance company can tell you things like, “We can handle this without attorneys,” or “There’s no reason to hire an attorney.” In many cases, hiring an attorney is bad for insurance companies because the attorney, who is acting with your best interest in mind, and the insurance companies have competing interests: the insurance company wants the injured party to accept the lowest settlement possible, while the personal injury attorney wants to make sure that the injured party gets the highest settlement offer possible. Once you choose to retain an attorney, insurance companies will generally move your file to their more experienced adjusters. This is typically because they know attorneys tend to demand higher settlements for their clients, and studies show that those who hire a personal injury attorney tend to get a settlement that’s around three times higher than those who didn’t hire an attorney. 

It’s the First Offer 

Insurance adjusters often use software that tells them what they’re able to offer based on the details of the event. Typically, insurance adjusters are given a range that they’re able to offer. Since it’s in their best interests for you to accept the lowest amount possible, that’s where insurance adjusters generally start: at the lowest settlement offer possible. If you’ve received your first settlement offer, you should know that it’s always possible to get more. Never accept the first offer. However, it may not be as simple as calling the insurance company and politely requesting higher compensation. In fact, insurance companies are famous for using their knowledge of the law, policies, and more against injured people. In some cases, they use this to strong-arm someone into accepting a lower settlement offer. For this reason, people often turn to an attorney to negotiate a fair settlement. 

You Haven’t Spoken with an Attorney 

An attorney may help you understand what benefits you are eligible to receive. You may think an offer looks pretty good, but it’s difficult to know what pretty good looks like—after all, how many people do you know who have been injured in the same circumstances as you, have the same expenses, and need the same amount of compensation? Attorneys are typically pretty practiced in determining how much compensation a client should receive, whether a settlement is “fair,” and which benefits a client is eligible to receive. If you’ve sustained injury in an accident, it’s never a bad idea to attend a consultation with an attorney. Remember, you can’t base what your case is worth based on what happened to someone else, so talking to an attorney is usually better than taking your cousin’s, friend’s, sister’s word for how much they got in their accident. 

Your Attorney Thinks You Can Get More 

Let’s say you have an attorney already; they should be able to  get you more, but you’re happy with the settlement. Should you go for more? Only you can decide whether or not it’s worth it. It’s very common for people to accept a lower settlement because they need the money now and do not have the luxury of waiting for a settlement that covers all of their expenses. In some cases, getting a fair settlement may mean going to trial. If your attorney thinks that you can get more, it may be a good idea to consider waiting, if that’s something you can afford to do. However, it’s important to understand that you are not obligated to follow your attorney’s advice either. If you don’t want to wait for a better settlement offer, you certainly don’t have to wait. 

When You’ve Sustained Injury 

If you’ve sustained injury, and you’re considering filing a claim, contact Moxie Law Group today for a free consultation. Moxie Law Group is dedicated to helping those who were injured in an accident get the compensation they need to recover from their injuries. If you’ve sustained injury, contact us today to get started on your personal injury claim.