Being involved in a car accident is an extremely stressful experience, and the aftermath can be just as overwhelming, especially when dealing with insurance companies, the police, and body shops. If the other driver’s insurance company offers you a settlement, you may feel tempted to accept it quickly to put the incident behind you. However, it is important to approach this situation carefully, as accepting an initial settlement offer without proper consideration could result in receiving less compensation than you deserve.
Many times, we at Foster Wallace Personal Injury Lawyers get phone calls from people who quickly settled their case without talking to an attorney but then realized they had more significant injuries than they believed they had. The problem with that is the injured victim cannot go back and ask for more money. We also tell people: you have one shot to settle your case and once you settle your case, you cannot go back and ask for more.
1. Don’t Rush to Accept the Initial Offer
As noted above, Insurance companies are (most of the time BIG) businesses, and their goals are to minimize payouts to protect their bottom line while collecting premiums from their insureds. The first offer they present is often much lower than what you might be entitled to. While the money might seem appealing, especially if you’re facing medical bills or lost wages, it is crucial to evaluate the offer critically. Accepting an offer prematurely can prevent you from pursuing additional compensation later, even if your expenses increase or your injuries turn out to be more severe than initially thought.
2. Understand the Full Scope of Your Damages
Before agreeing to any settlement, you need to have a comprehensive understanding of the total damages you have incurred. This includes not only your current medical expenses but also any future medical costs, lost wages (and potentially future lost wages), property damage, and non-economic damages like pain and suffering. Consulting with a medical professional and getting a thorough assessment of your injuries is essential to ensure that all potential future costs are accounted for in your claim.
3. Consult with an Experienced Car Accident Attorney
One of the most important steps you can take is to consult with an experienced car wreck attorney before accepting any settlement offer. An attorney can help you understand whether the offer is fair based on the specifics of your case. They can also negotiate with the insurance company on your behalf to seek a higher settlement that fully compensates you for your losses. At Foster Wallace, LLC, we have extensive experience in handling car accident cases and dealing with insurance companies. Our attorneys can review the offer you have received, assess the adequacy of the compensation, and advise you on the best course of action. We are committed to ensuring that you receive the maximum compensation you are entitled to, and we are prepared to take your case to court if the insurance company refuses to offer a fair settlement.
4. Gather and Preserve Evidence
Even if you are considering the settlement offer, it is important to continue gathering and preserving evidence related to your accident. This includes medical records, medical bills, witness statements, photos of the accident scene, and any other documentation that supports your claim. This evidence can be crucial if you need to negotiate a higher settlement or if your case goes to trial.
5. Be Wary of Signing Any Documents
If the insurance company asks you to sign any documents, such as a release of claims, be cautious. Signing such documents might waive your right to pursue additional compensation. Typically, insurance companies will also ask injured victims to sign a HIPAA so they can collect the victim’s medical records. Before signing anything, it is essential to have your attorney review the documents to ensure that your rights are protected and that you fully understand the implications.
6. Consider the Long-Term Impact
Accepting a settlement might bring immediate relief, but it is important to consider the long-term impact of entering into such agreement. Will the settlement cover your medical expenses if your injuries require long-term treatment? Will it compensate you for future lost wages if you are unable to return to work? Am I getting a fair deal here? The insurance company does not have your best interest at heart but rather their bottom line. These are some of the critical questions that need to be addressed before agreeing to any settlement.
Contact Our Kansas City Personal Injury Attorneys As Soon As Possible
If you have been offered a settlement by an insurance company, it is essential to take your time and evaluate the offer carefully. Consulting with an experienced personal injury attorney can help ensure that you don’t settle for less than you deserve. At Foster Wallace, LLC, our Kansas City-based personal injury lawyers are here to help you navigate the complexities of your case and to fight for the compensation you need to recover fully. Contact us today to schedule a free consultation and learn more about your legal options. You can fill out a form on our website or call us at 816.249.2101.
