Insurance companies are notorious for contacting personal injury victims immediately after an accident to try and settle the claim as quickly as possible.
It is important to note that insurers who try to settle injury claims quickly are usually trying to get you to agree to a compensation offer that is well below the actual value of your claim. Discussing your claim with a knowledgeable attorney could be a wise move if you were approached with a lowball offer from the insurance company.
Reach out to a licensed Silver Spring personal injury attorney at Goldberg Finnegan. Our attorneys have extensive experience negotiating with insurers and determining the maximum compensation injured victims deserve. We offer a no-cost consultation and you will not be required to hire our firm for legal representation.
Pros of Accepting an Early Settlement Offer
One advantage to accepting a quick settlement offer from the insurance company is you will receive compensation very quickly. Another advantage is avoiding a potential lawsuit. If the insurance company refuses to award your financial demands, you may have to file a lawsuit, which could be expensive and take a long time to resolve.
Another plus to accepting a fast settlement offer is you know you are going to get something. If you try to pursue more compensation, there is no guarantee you will receive any compensation.
While it may sound like there are advantages to a quick settlement, the disadvantages discussed below far outweigh the perceived advantages.
Cons of Accepting a Quick Settlement Offer
Most lawyers will advise against accepting the first offer you receive from the insurance company for several reasons. Insurers usually offer much less compensation than your claim may be worth when they make their first offer. That is why it is so important to review settlement offers with a licensed attorney.
Once you sign a settlement offer, you will most likely waive your right to file a lawsuit or seek any more compensation from the at-fault party. Should your condition worsen, you will not have the opportunity to seek additional financial compensation to cover additional medical expenses. Initial settlement offers often do not take future expenses into account, which can make it more difficult to obtain the treatment you need to make a full recovery.
Why Should I Wait for My Condition to Stabilize?
Lawyers typically advise their clients to wait until a medical professional deems your injury stable and unlikely to improve before settling your case. That way all your current medical bills can be accounted for and your lawyer can determine the likely cost of future care. If you settle too soon, you may have to pay future medical bills out of your own pocket.
It is important to know you are not legally required to accept the first offer from the insurance company, and you should not sign anything without having a licensed attorney review it beforehand.
You are also not legally required to provide a written or recorded statement to the insurance company. Let your attorney advise you on what to say if you need to speak to an insurance adjuster or let him or her handle the communication on your behalf.
Call a Legal Professional for Advice About Your Injury Claim
If you are thinking about whether you should accept the first offer from the insurance company, we recommend contacting a legal professional for advice on this matter.
The attorneys at Goldberg Finnegan work to obtain the maximum compensation injury victims need. Our compassionate attorneys know the struggles injured individuals and their families endure when medical bills pile up and income is lost from missing work.
Our firm is offering free consultations to discuss your injury claim. There are no obligations to hire us, so there is no risk to you. We only get paid when you do.
Call Goldberg Finnegan today at (888) 213-8140 or fill out a free online form and someone from our staff will reach out to you shortly after.