If you have been involved in an accident due to someone else’s negligence, you can claim compensation for your medical expenses, lost income, and other damages. It is necessary to have a basic understanding of settlement offers before you accept one from the liable party’s insurance company.
Before accepting any settlement offer, you should check whether the amount offered is reasonable. This means that you need to consider the value of your claim and see if it covers all the damages you have suffered. This step is important because the offer made by the insurance company will never be reasonable.
The sections below discuss some factors to be considered before accepting a settlement offer.
Factors to Consider Before Accepting a Settlement Offer
A settlement is the amount of money that an insurance company is willing to pay to settle an accident claim. That’s why you should consider the settlement offer carefully. Also, consider getting legal assistance from a personal injury firm, like allenandallen.com.
- Does the offer cover pain and suffering?
- Does the offer cover future lost earnings?
- Does the offer cover property damage?
Does the Offer Cover Pain and Suffering?
Pain and suffering are difficult to calculate. It comes under the category of non-economic damages.
The insurance company may deny pain and suffering damages or offer a very low amount. While evaluating the pain and suffering, the insurance company will consider several factors, like
- The extent of your injuries
- The duration of pain and suffering
- The impact of the injuries on your daily life
In situations like this, you should hire an experienced personal injury attorney who can help you get a fair settlement offer that covers pain and suffering.
Does the Offer Cover Future Lost Earnings?
Future lost earnings are also another important factor to keep in mind when accepting a settlement offer from the insurance company.
The injuries you suffer in an accident may affect your ability to work. In some cases, you may not be able to perform job-related duties like you did before the accident.
In such instances, an experienced attorney will find ways to prove how the injuries have impacted your ability to work. One way of doing it is by hiring expert witnesses. These are individuals who are specialists in their fields. Their statements hold weight in court.
The expert witness will give the right estimate of your future lost income based on the factors below.
- The severity and type of your injuries
- Your education, skills, and experience
- Your age and overall health
- Your job
- The estimated rate of inflation
- Missed opportunities for career development
- Your life expectancy
Does the Settlement Offer Cover Property Damage?
It is important to check whether the settlement offer covers the expense of repairing or replacing property that was damaged due to the accident. The factors below are used to calculate an estimate for property damage:
- The cost and availability of replacement parts.
- The impact of the damage on the safety and functionality of your property.
You should check whether the full value of your damaged property is taken into consideration in the settlement offer made by the insurance company.
As a victim of someone else’s negligence, you have the right to seek compensation for all the losses you have suffered. Once the request for a claim is made, the insurance company will make an offer to close the settlement claim quickly. This offer will not cover all the damages you have suffered.
So, consider all the factors before making a decision. It is necessary to hire an experienced attorney who can prove the elements of personal injury law and guide you to get reasonable compensation from the at-fault party’s insurance company.