Personal Injury Settlements from Insurance Companies
You can choose to accept, reject, or negotiate an insurance company’s settlement offer, but it’s essential to understand exactly what this offer covers before making a decision – especially if the offer is made before you know the true extent of your injuries and expenses.
If an insurer makes you an offer, always ask for this offer and its relevant terms and conditions in writing. Once you have it in black and white, send it to your attorney, who can compare it to your situation and losses and recommend how best to move forward.
Reviewing an Accident Settlement
Most settlements will require you to release the responsible party and their insurer from any further legal liability. Once you accept a valid settlement, reopening the claim can be challenging or even impossible, even if your medical condition worsens or you end up facing additional costs.
In some cases, healthcare providers and insurers also reserve the right to claim reimbursement and medical liens from your settlement. This means that the headline value may not reflect the actual amount of compensation you’ll receive. An experienced attorney can help to identify if any liens or other obligations apply in your situation.
Before Accepting a Settlement
An insurer’s first settlement offer rarely represents the maximum value of your claim. At the same time, rejecting an offer doesn’t guarantee that you can recover a larger amount later on.
As soon as you receive an offer, compare it with:
- Your medical expenses
- Your lost income and property estimates
- Your expected future treatment costs
Should your medical condition still be developing or your treatment ongoing, your Pennsylvania personal injury lawyer can work with your doctors to accurately estimate your expenses, recovery, and limitations.
Your lawyer can also review all of the evidence and the insurer’s proposed release before you accept, deny, or contest it. They will thoroughly assess liability and insurance coverage, and advise you on whether you should accept the initial offer or negotiate for a better one.
The decision ultimately remains up to you, but working with a skilled lawyer allows you to make an informed decision and improves your chances of securing maximum compensation for your losses.