Important Elements to Consider if You Have Been Offered a Settlement by an Insurance Company

If you’ve been in an accident, you’ll almost certainly get a settlement offer from an insurance company at some point. Many victims believe these businesses are trustworthy and ethical, therefore they accept these offers without hesitation. They only realize later that the offer was far too low to cover their medical expenses, let alone pay for lost wages, property damage, and other tangible costs, let alone intangibles like pain and suffering.

It’s a good idea to ask five key questions before accepting a settlement offer from an insurance company. Keep reading to learn what they are and then contact The Law Offices of Larry H. Parker at 800-333-0000 for a free legal consultation.

Will this amount enough to pay my measurable expenses?

Is this sum sufficient to cover your medical expenses, compensate you for missed earnings, and repair your vehicle or other items damaged in the accident? The answer is no in a lot of circumstances. You must account for travel expenditures, the loss of use of property such as a vehicle, rental fees, and other “hidden expenses” incurred as a result of your injury. You should also include in future medical expenses, if you can forecast them.

What about my costs that aren’t quantifiable?

There are several charges or costs involved with an accident that are difficult to estimate. Will your missing workdays, for example, have an influence on your total performance rating? Due to your missed days, will you be passed over for a lucrative promotion? What about the standard of living you and your family enjoy? Additional funds for these sorts of expenditures should be included in a fair settlement offer.

Will I have recurring costs or lifestyle adjustments in the future?

In many circumstances, you may discover that your future costs are far more than you anticipated. Loss of mobility, lifestyle changes, and potential restrictions on your activities, for example, might last for many years or your whole life.

What about pain and suffering?

While it is difficult to place a monetary value on pain and suffering, you are entitled to compensation. A good settlement agreement recognizes what you’ve gone through and tries to recompense you for it.

Is my case being fully compensated?

It is quite difficult for someone who has never dealt with personal injury settlements to adequately assess a case. Money is frequently left on the table owing to the victim’s lack of awareness. It would be dreadful if you were due more than you were provided and were completely unaware of it!

Contact The Law Offices of Larry H. Parker at 800-333-0000 for a free legal consultation to determine if the offer you are being made is reasonable.