One of the challenges many people have when dealing with an insurance company is that they don’t know when to accept an accident settlement offer. Most times, people accept a settlement offer from an insurance company as quickly as possible without careful consideration, resulting in their loss.
Knowing how much compensation you deserve when accepting a car settlement offer is necessary, so you are not left feeling cheated. However, calculating the total losses and expenses you’ve incurred due to a car accident can be difficult unless you consult professionals who can help you.
Here are a few things to consider before accepting a car settlement offer:
The Settlement Offer Should Cover Your Future Medical Expenses
Even after your medical bills have been sorted, that is not enough reason to accept the settlement offer. First, you have to consider if future medical expenses have been covered. If yes, what amount is the insurance company offering for future treatment?
Insurance companies often make a quick settlement offer, so they will not cover your future medical expenses. But, peradventure, if you have complications afterward, you will have no choice but to settle the medical bills from your savings. So don’t fall for this kind of offer from insurance companies. Instead, it’s in your best interest to consult an attorney before accepting a car settlement offer.
The Settlement Offer Should Cover Your Limited Earning Capacity
Some accidents are so severe that they cause injuries that limit your earning capacity. Unfortunately, most insurance companies don’t consider this when making their offer. Most of them want to make an offer and move on quickly.
Note that it takes time to calculate just how much your earning capacity has been impacted by an accident. So, it is most likely that an insurance company wants you to accept an offer without giving you your benefits quickly. So, when you are offered a settlement, take your time, and discuss it with an attorney before deciding.
Ensure the Settlement Offer Allocates an Adequate Amount for Suffering and Pain
After signing the settlement offer, the insurance company is free from further liability. However, before you accept a settlement offer, you need to know that your injuries may eventually affect your activities, mobility, and happiness.
The insurance company must allocate an adequate amount for your suffering and pain. Unfortunately, most insurance companies try to avoid paying for this. Therefore, ensure that you do not accept any settlement offer that does not include a significant allocation that covers your suffering and pain.
The Settlement Offer Should Cover All Your Damages
Suppose you’re the victim of an automobile accident. In that case, insurance companies should compensate you for your medical bills, vehicle damage, and lost income. However, some insurance companies may want to play smart by reducing the amount of your compensation. For example, some may claim that you already had injuries before the accident or you were partly at fault for the accident.
If you suspect any foul play from an insurance company, don’t accept the settlement offer and seek an attorney to help you get your rightful compensation. Many people don’t know when to accept an accident settlement offer. Even in cases where they do, they accept poor offers that are not a true reflection of what they’re entitled to. Therefore, every motorist must be aware of their insurance entitlements and instances where a car settlement offer should be accepted.