After being involved in a car accident, you may be wondering whether or not you should accept the first settlement offer instead of waiting and hoping for a larger, more substantial offer that may never come.
Why shouldn’t I accept the insurance company’s offer to pay my medical bills?
Generally speaking, the answer is no, you should not. Although you may be tempted to agree to the initial offer just so you can put everything behind you, doing so is almost always a bad idea. While settlement is most likely the best way to put your outstanding claim to rights and collect full and fair financial compensation for your damages, the first settlement offer you receive rarely reflects the true value of your claim.
For most injured victims, the idea of getting, negotiating, and replying to a settlement offer is extremely intimidating. It is something they have never done before and there is a lot of room for a lot of mistakes to be made. Taking the first offer may seem like an easy way out of a scary situation and it puts some money in their pocket.
However, working with a car accident attorney will ensure that your settlement negotiations are finished quickly in a way that is beneficial to you.
Going up against a huge insurance company might sound frightening to a lot of people. At the Virginia personal injury law firm of Shapiro, Washburn & Sharp, however, it is business as usual. If you sustained injuries in a Virginia motor vehicle accident, call us and schedule your free case evaluation today.
Why Should I Reject the First Settlement Offer?
After a car accident where you were obviously not at fault, you can anticipate receiving an initial settlement offer from the other driver’s lawyer or insurance carrier. In rare instances, the offer may be made by the other driver themselves. The offer might come by post, by email, or over the phone.
Most victims are initially excited to receive this offer because it means the other driver is accepting liability for the crash and is not contesting your right to collect damages.
It is important to understand that, the other driver, their lawyer, and their insurance company have a single goal in mind when making you this offer: they want to minimize the compensation you receive by as much as they possibly can. It is for this reason that your first settlement offer is most likely far less than what you need and deserve. Rather, it’s an attempt to reduce the potential losses the at-fault driver expects to sustain if your claim progresses.
What Happens When You Accept a Settlement Offer?
Once you agree to a settlement offer in a motor vehicle accident case, you relinquish your rights to any additional compensation that you could potentially be owed by the other party. If the settlement is not enough to cover your medical expenses and other damages, then you will be liable for covering the remainder. Insufficient compensation may mean you either need to turn to your insurance company for coverage or simply pay the difference on your own.
What Should I Do After I Receive a Settlement Offer?
Rather than accepting the very first offer you get, you should take proof of the offer to your car accident attorney and ask them for their professional opinion.
An experienced attorney will be able to accurately evaluate whether or not the offer is sufficient to cover:
- Any medical costs you incurred due to the accident and any medical costs you expect to incur in the coming years
- Any mental health counseling or physical therapy you need
- The cost of vehicle replacement or repairs
- The income you missed out on due to being out of work to recover
- Not being able to engage in family, social, or personal activities you used to enjoy
- Pain, suffering, and inconvenience
You and your attorney should also discuss the pros and cons of avoiding a trial by taking a settlement against the hardships you could endure if you are not adequately compensated.
Do You Have Questions Regarding a Car Accident Settlement Offer?
If you were hurt in a car accident that was not your fault, the Virginia Beach law firm of Shapiro, Washburn & Sharp can help you understand the civil claims process. You can schedule a free review of your car accident case with our Virginia car accident attorneys by calling us at (833) 997-1774 or by filling out the form on our website.
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For over twenty years, Mr. Sharp's law practice has focused on serious personal injury claims, including traumatic brain injury and spinal cord injury claims. He also handles nursing home neglect cases and medical malpractice claims. Mr. Sharp has counseled numerous clients about the complexities concerning litigation of both pediatric and adult brain injury. Mr. Sharp has been awarded the AV Preeminent ranking by Martindale, the highly respected and widely utilized directory of lawyers throughout the world. AV Preeminent status is awarded only to those lawyers who achieve the highest level of success within the legal field and is a testament to the fact that a lawyer's peers and Judges rank him at the highest level of professional excellence. He has also been recognized as a "Best Lawyer" by U.S. News for personal injury, an accolade awarded to only a small fraction of lawyers. Mr. Sharp has also been recognized by Super Lawyers as one of the top personal injury lawyers in Virginia. This recognition is awarded only to those lawyers who have achieved the highest level of success and have been recognized by their peers as demonstrating the highest level of professional excellence.
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