Should I Accept a Settlement Offer From the Insurance Company?

If you have sustained an injury due to the negligence of another party, you will need to file a claim with their insurance to recover the compensation you deserve for the damages sustained. Generally, when you file a claim with the negligent party’s insurance, they will attempt to reach a settlement. However, before you accept any offers, you will want to first connect with our Irvine personal injury lawyers to assist you in this process. The following blog explores the benefits of settlements and what to do if you are offered one.

What Are the Benefits of a Settlement?

If you have endured injuries due to the negligent actions of another person and you file a claim with their insurance to recover the damages you have endured, they will likely offer you a settlement. For many who have suffered an injury, this is tempting as litigation may sound intimidating and overwhelming. One of the main reasons you may want to settle your personal injury case is that it can help you save time and money. When a case goes to trial, it can be a long and expensive process.

Not only are you restricted to the court’s schedule, meaning you will likely need to take time off work to attend hearings, but you must also pay for an attorney, court fees, and other associated costs. Depending on the severity of your injuries and the circumstances surrounding your case, litigation may take years, making a settlement ideal if you are interested in moving past these matters sooner.

Another benefit of opting to settle with the insurance company is the increased privacy you can receive. When your case moves to trial, it will become a public record (except for a few specific circumstances). However, settling allows you to keep these matters confidential, offering you increased privacy and helping to protect you from having the amount of money you received disclosed.

Should I Accept the First Offer?

Generally, when the insurance company extends its first offer, you may be surprised to find that it is considerably less than the damages you have endured. Unfortunately, insurance companies know that many accident victims experience financial hardship as a result of taking time off work to heal and the medical bills they have incurred. As such, many accident victims will accept the first offer, even if it is lower than the actual value of their claim, in the hopes of receiving some form of financial relief.

Unless instructed otherwise by your attorney, you generally should not accept the first offer extended to you by the insurance company. An attorney can help prepare you for what to expect and help negotiate a fair settlement, if possible. However, it is important to note that sometimes, even though you may not like the idea of litigation, filing your case may be the only way to recover fair compensation, as insurance companies may use this fear of litigation against you to try to settle for a lower amount. Speaking with a knowledgeable attorney will help you decide what the best path forward may be.

If you are injured by the negligent actions of another person, it is imperative to understand your legal options. Generally, the most important step you can take to protect yourself is to contact an experienced personal injury attorney with California Personal Injury Law Firm, APC. We understand that negotiating with the insurance company while healing from the injuries you have sustained can be overwhelming, which is why our team is dedicated to providing you with the best possible outcome during these difficult times. Contact us today to learn how we can fight for you.