In the aftermath of a serious accident, it is understandable that you would want to resolve the matter as quickly as possible, and an insurance settlement may seem like a step in the right direction—but is it a wise decision to accept the settlement offer right away? Keep in mind that it is common for insurance companies to undervalue your claim as a way to save money.
At Gabriel Law, our advice on the matter is to be cautious, and if you need legal assistance, get in touch with one of our accident injury attorney Queens team. We’ve had plenty of dealings with insurance companies over the years, and in this post, we’ve listed some key points for you to consider before accepting the final offer.
What does accepting a settlement offer mean?
When you accept a settlement offered by an insurance company, you essentially agree to cease your claim in exchange for compensation. It is often a mandatory step before you can sue the other party in court. Once the parties have signed the settlement agreement, the insurance company is no longer required to cover any future costs associated with the accident. At the same time, you also give up the right to sue and take further legal action on the matter.
While insurance claims are the most expeditious means to obtain compensation, they are not always the most appropriate. This is because insurance companies will often present a settlement value that is significantly less than what it is actually worth.
The golden rule of thumb is not to be too keen on accepting the first settlement; present a counterproposal and see how it goes. Therefore, it’s always a good idea to bring a personal injury lawyer to the negotiations with you.
When should I accept an insurance settlement offer?
While the general rule is not to be too eager to accept an insurance settlement offer, there are also cases where accepting the settlement offer is not a bad idea. Some of the situations are when
- The insurance company has agreed to undertake to make all the relevant payments.
- It covers all your medical expenses, and you are not in need of further medical treatment.
- It covers the wages you’ve lost due to the accident.
- Pursuing further legal action is not advantageous to you.
- You know the value of the settlement offered is fair and reasonable.
- You’ve consulted your personal injury lawyer and gotten their consent to accept.
How do I know exactly how much my claim is worth?
The only way for you to know whether the settlement you’ve been offered is fair and reasonable is to know how much your claim is actually worth by doing a damage assessment of your own. When it comes to insurance claims, most only consider economic damages. These are tangible and have a definitive value. They include
- Medical bills
- Lost income and benefits
- Expenses related to rehabilitation
- Expenses connected with personal care and household services
- Out-of-pocket expenses incurred due to the accident.
An accident lawyer in Manhattan would have the necessary skills and expertise to fully assess all your damages and present a value that they deem fair and reasonable. Therefore, you need to make sure to obtain and keep track of all records and documents related to your expenses and losses.
How should I deal with the issue of contributory fault?
Since New York law recognizes pure comparative negligence, your compensation will be reduced if an investigation determines that you share the blame for the accident that caused your injuries.
For example, in a car accident case, if both you and another driver were speeding when the accident occurred, you both share the blame for the accident. In a similar vein, in a slip and fall accident, if you were distracted and thus not paying reasonable attention to your surroundings, you will share some part of the blame for the accident.
An injury lawyer will be well aware of the impact of comparative negligence and will consider all these factors when presenting your case and determining what sort of offer is considered fair and equitable given the circumstances.
Be vigilant about time running out
When you are the plaintiff, you need to file your case as soon as possible. Stalling is a tactic in the playbook of every insurance company. When the negotiation process is dragged out, there is a high chance you would miss the deadline named the statute of limitations. It is likely that the insurance company drags out the negotiations for this specific purpose.
If the plaintiff has not filed the case before the deadline, the case may be dismissed, regardless of merit. The prescribed period for personal injury cases is three years from the date of the accident. However, depending on the circumstances of the case, the time you have may increase or decrease.
Conclusion
When it comes to accepting the settlement presented by an insurance company, the general rule is not to be too eager. However, there can be instances where accepting the offer given can be the best thing to do; it all depends on the circumstances of your case.
Throughout all this, having an experienced injury attorney from Queens by your side is a must, and if you’re looking for one, then look no further than Gabriel Law. We specialize in personal injury cases and have been dealing with New York’s insurance companies for many years. Schedule a free consultation with us, and let’s take it from there.
