Should I Accept a Settlement Offer from the Insurance Company?

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By Yosi Yahoudai
Founder and Managing Partner

One might think that the moment of the accident is the most stressful time, but dealing with the personal injury claim process can be equally challenging.

Starting the claim, gathering evidence, and dealing with insurance companies can become complex and may result in a prolonged litigation process. In such cases, you might be tempted to accept the offer from the insurer, but before doing so, you should ask yourself these questions: Is it wise? Is it a fair compensation? Should you accept it?

To help you answer these questions, here are some considerations to keep in mind:

Evaluate the Offer

Often, insurance companies present tempting initial offers considering the expenses you are facing. However, if you evaluate them correctly, you will find that they only cover some of these costs, leaving you with many bills to pay outside of this offer.

Understand the Value of Your Claim

To calculate fair compensation, consider all past, present, and future medical expenses, such as ambulance, doctor visits, medications, treatments, and rehabilitation. Additionally, it includes lost wages for the time you couldn’t work, property damage, and an amount for pain and suffering. While the latter is immeasurable, it is nonetheless about achieving financial compensation.

Legal Advice

You are not an expert in personal injury law, and you don’t have to be. However, you can seek legal help from an experienced team to guide you through the process and achieve fair compensation for your injuries.

Evaluate the Consequences

If you accept an offer, you should know you cannot ask for more money later. Make sure the money offered is sufficient.

Time and Negotiation

Accepting a settlement before going to trial saves a lot of time and is an essential part of the process. Most personal injury cases are resolved at this stage.

In summary, the first offer from the insurance company is probably not the fairest, but it still needs to be helpful. Victims sometimes need money quickly, and accepting it is an excellent way to achieve that. It’s also valid if you want to avoid a potentially long and stressful judicial process.

What is always advisable is to contact a lawyer who can help you understand your options so that insurers do not take advantage of your situation.

If you need legal help, contact us. Our team of specialized personal injury lawyers can evaluate your case.

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About the Author
Yosi Yahoudai is a founder and the managing partner of J&Y. His practice is comprised primarily of cases involving automobile and motorcycle accidents, but he also represents people in premises liability lawsuits, including suits alleging dangerous conditions of public property, third-party criminal conduct, and intentional torts. He also has expertise in cases involving product defects, dog bites, elder abuse, and sexual assault. He earned his Bachelor of Arts from the University of California and is admitted to practice in all California State Courts, and the United States District Court for the Southern District of California. If you have any questions about this article, you can contact Yosi by clicking here.