What Should I Consider Before Accepting A Settlement Offer?

Insurance claims can be pretty complicated. Not only are claim adjusters intimidating, but the process can also be tiring when you’re just recovering from a traumatic experience. Due to this, you might have made the decision to take any settlement offer from an insurance company before contacting a Douglasville auto accident lawyer. This often happens because you don’t think you have options, or you’re worried the offer might be taken off the table.

When you get in an accident, you want to ensure the settlement will meet your needs. However, once you sign a settlement agreement, the claim is closed, and you forfeit your right to pursue any more compensation. Therefore, we will be discussing what to consider before accepting a settlement offer. Contact us at Hartley, Rowe, & Fowler immediately after an accident.

Below are four essential things to consider before accepting a compensation offer from the fault party’s insurer.

Does It Cover Your Out-of-Pocket Costs?

Your auto accident lawyer needs to make sure that the settlement covers all the out-of-pocket costs. This includes the medical bills for the injury, wages lost, vehicle repair cost, or property damage. You should include several other out-of-pocket expenses in the demand letter, and your settlement should cover them.

Before you make a demand, your auto accident lawyer needs to ensure all costs are accounted for. Ensure you keep track of all bills and receipts during the claim for easy tracking. It doesn’t matter if you have auto accident insurance in place; you can still get compensation if you prove fault. The settlement also needs to cover your future out-of-pocket costs.

There’s no way for your auto accident lawyer to determine the potential future damage until you improve medically. That’s why settlements before then are suspicious. Wait until you’re cured before signing a settlement offer. Reopening a claim after settlement offers are signed is almost impossible. So you need to consider the depth of the compensation before concluding the legal process.

Does the Settlement Offer Cover Non-Economic Damage?

One of the reasons you should hire an auto accident lawyer is that you might not calculate non-economic damages. Although money can’t replace pain and suffering, compensation is the law’s method of putting you back in the position you were before the accident.

The compensation could also cover counseling costs for psychological damages suffered during the accident. Sometimes a crash victim may suffer from depression or anxiety and needs medication. When your settlement offer covers non-economic damages, you have one less thing to worry about.

Is Loss of Earning Capacity Covered?

There’s a strong chance you may not be able to return to your previous job. Maybe because the psychological or physical injuries make it difficult. Therefore, before signing your settlement offer, ensure you include compensation for loss of future earning capacity. Doing this provides you with the funds needed to care for yourself. To calculate the loss of earning capacity, you need to consider factors like skills, current position, education, and more.

Have You Spoken to an Auto Accident Lawyer?

The right auto accident lawyer wants you to get proper compensation for your damages. When you receive an offer, you must discuss it with your lawyer and determine what they think. If your lawyer believes that the offer is inadequate, find out why and what a more suitable settlement offer would be. You should go for a lawyer that carefully explains things to you, so you’re not lost. The ideal lawyer helps you understand what is happening with your claim to put you in a better option for a more suitable offer.

Involved in an Auto Accident? Get Legal Help!

An auto accident can cause you several injuries, which could affect your life in many ways. If the car accident is due to another driver’s negligence, you might be able to seek compensation. The compensation should cover past and future damages. However, you need to be aware that the insurance company will be working against you.

Most claim adjusters try to pay as little as possible and therefore make an inadequate settlement offer. Fortunately, you can always hire a Douglasville auto accident lawyer to assist you in your claims. Hartley, Rowe, & Fowler offer you experienced attorneys that can help you secure maximum compensation.

When you meet with our legal team, you have the opportunity to ask questions. Our personal injury attorneys enjoy talking to prospective clients and providing advice on the best way ahead. A consultation at Hartley, Rowe, & Fowler is free, so schedule one today to find out how we can help.

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