Should I Accept a Settlement from the Insurance Company?

man with terms and conditions sheet

When you've suffered an injury due to another party's negligence, one of the biggest decisions you'll face is whether to accept a settlement offer from the insurance company. While it may be tempting to settle quickly and move on, it's crucial to understand the potential consequences. This is more true than ever if you have suffered an injury due to a defective product like a vehicle or a medical device. In these cases, your insurance will have to deal with powerful companies than have ruthless litigators on their side. 

Fortunately, Kershaw Talley Barlow is here to protect your interests. In this helpful guide, we'll provide you with tangible and useful tips to help you navigate the decision of whether to accept an insurance settlement and ensure you make an informed choice.

1. Evaluating the Full Extent of Your Injuries

Before accepting any settlement offer, it's essential to assess the full extent of your injuries. Consult with medical professionals, gather all relevant medical records, and consider seeking a second opinion if necessary. Understanding the long-term implications of your injuries will help you determine the adequacy of any settlement offer.

2. Calculating the True Value of Your Claim

Insurance companies often try to settle for the lowest amount possible. To ensure you're not shortchanged, it's crucial to calculate the true value of your claim. Consider factors such as medical expenses, lost wages, property damage, pain and suffering, and future medical needs. Consulting with an appropriate attorney can help you accurately assess the value of your claim.

3. Weighing the Pros & Cons of Settling

Settlement offers may seem attractive, but it's crucial to weigh the pros and cons before making a decision. Consider factors such as the potential for future medical expenses, ongoing pain and suffering, and the impact on your financial stability. Additionally, evaluate the strength of your case and the likelihood of winning a higher settlement amount through litigation.

4. Negotiating a Fair Settlement

If you decide to pursue a settlement, it's essential to negotiate effectively. Understand the insurance company's tactics and be prepared to counter their lowball offers. An experienced attorney can guide you through negotiations, ensuring you receive a fair and just settlement.

5. Seeking Legal Guidance

Navigating the complexities of an injury can be overwhelming. Seeking legal guidance from a reputable attorney can provide you with invaluable support and expertise. An attorney will protect your rights, advocate for your best interests, and help you make an informed decision about accepting a settlement offer.

Before You Act, Know Your Options

Deciding whether to accept a settlement from the insurance company is a critical step following any severe injury. By evaluating the full extent of your injuries, calculating the true value of your claim, weighing the pros and cons, negotiating effectively, and seeking legal guidance, you can make an informed decision that aligns with your best interests.

At Kershaw Talley Barlow, we understand the complexities of injury cases and the importance of making informed decisions. While insurance is important, providers have a bottom line to consider, so going through insurance may not be the best way to maximize your compensation-- especially when dealing with a life-changing injury. Our experienced team of attorneys is dedicated to protecting your rights and has years of experience advocating for clients, including in mass torts and class action lawsuits. Contact us for a free consultation and let us guide you through your options.

Call now at (916) 520-6639 or request a free consultation online.