Why the First Insurance Settlement Offer Usually Falls Short
If you have ever been in an accident, you may have experienced significant injuries. Whether your injuries are minor or severe, our legal team generally advises against accepting the insurance’s first offer. That’s because the first offer is often only worth a portion of what your accident claim is worth. Also, the initial insurance offer rarely factors in future damages. If you accept the offer, you will be prohibited from collecting future compensation regarding your claim.
Our car accident lawyers can advise you on whether you should accept the first insurance settlement offer. All you have to do is call our office for a free consultation to discuss your situation and possible representation.
It Rarely Accounts for Future Costs
Following your initial hospital stay or first surgery following an accident, your medical costs are far from over. Especially if you have suffered serious injuries, you are likely to undergo revision surgeries, months of rehab, and may even need a wheelchair ramp or stairlift installed in your home. Since your needs will change over time, our car accident attorneys recommend that you do not accept an offer until you have reached maximum medical improvement (MMI).
Determined by a physician, MMI is the point at which you will no longer make significant medical strides. Once you reach MMI, your condition is likely to stabilize, making it easier to estimate future costs. If you accept an offer before MMI, you may end up receiving only a fraction of what you deserve.
You Will Be Barred From Future Compensation
When you accept an insurance settlement, you will sign a liability waiver restricting you from collecting future compensation. This applies to both insurance claims and legal action, releasing a party from all liability. If multiple parties are involved, the waiver will indicate which parties are released from liability. If evidence surfaces that places greater fault on one of the other parties, you will be unable to pursue damages against them. Alternatively, if medical complications arise, you will be unable to claim any associated damages.
Rejecting the Offer Gives You Leverage to Negotiate a Better Deal
By rejecting the initial offer and counteroffer, you can propose an amount that covers your expenses. By passing the initial offer, you lay the framework for insurance negotiations. At Fanelli, Evans, & Patel, our legal team will handle these negotiations on your behalf, calculating your total damages, providing evidence, and making clear to the insurance what relief you require.
However, you do have a two-year timeline under }Pennsylvania law{:target=”_blank” rel=”noopener”. Our car accident lawyers will gauge the level of progress made with each subsequent offer. If the claims adjuster is unwilling to budge or is stalling, you need to consider taking your case to court.
Injured? Speak with Our Reading Car Accident Lawyers
Insurance negotiations can be stressful, but our Reading car accident attorneys want to ensure you feel in control throughout the process. A car accident can leave you with a stack of medical bills, lost wages, and vehicle repairs, costing you thousands of dollars. At Fanelli, Evans, & Patel, our team of legal professionals is committed to fighting for the compensation that is justifiably due to you. If you are interested in learning more about our process, contact us online or by phone at (484) 869-2113 to schedule your free, confidential consultation.