Insurance settlements often happen as the result of a large claim. The insurance company reviews the scenario and then offers a lump sum to cover all of the losses someone incurs. Receiving a settlement offer can mean that your family has access to money at a time when you need it.
However, before you sign any paperwork or cash that check, it’s important that you give the offer a very careful and thorough review. Once you accept a settlement, you typically lose out on your right to claim losses in the future. Therefore, before you agree to anything after a car crash, you need to make sure that the offer is appropriate and fair.
A first offer could be lower than your losses
If you or a member of your family gets hurt in a car crash, the financial implications could be immediate and long-lasting. Whether you can’t work because of an injury or need to stay home to care for an injured family member, lost wages can quickly add up at the same time that your family has to deal with a massive stack of medical bills because of the crash-related injuries. Then there’s the expense of repairing your vehicle to consider.
The total impact of a crash on your family could be tens or even hundreds of thousands of dollars. The more serious the injury, the greater the risk is for long-term expenses in the form of lost wages and medical costs. A settlement offer that first seems generous could actually leave you far short of the money you need.
Evaluating your current losses and likely future expenses carefully and discussing your situation with an experienced attorney who knows how to handle insurance settlement negotiations can put you in a better position to counter a low offer and get the compensation you need.
