If you’ve been injured in an accident, dealing with the aftermath can be overwhelming. Amid medical appointments and recovery, you’ll likely receive an offer from an insurance company. While this might seem like a quick resolution to your financial concerns, it’s essential to understand the implications of accepting such an offer.
Personal injury claims involve compensation for various damages, including medical expenses, lost wages, and pain and suffering. However, insurance companies often prioritize minimizing their payouts over providing fair compensation.
By signing off on an insurance offer, you effectively agree not to pursue any additional claims or lawsuits against the insurer, regardless of whether new issues arise related to your injury. A personal injury attorney’s insights become helpful here. Consulting with a lawyer before accepting any offer enables you to evaluate all aspects of your case and work toward a settlement reflecting the extent of your damages.
If you’ve been injured in Norman, OK, avoid rushing into accepting an insurance settlement. Schedule a consultation with our attorneys at Nichols Dixon PLLC by calling (405) 294-1511.
The Insurance Company's Perspective: Why It Wants to Settle Quickly
Insurance companies operate as businesses; like any business, their primary goal is to protect their bottom line. Because of this, they might try to minimize the amount they pay out in claims, including those related to personal injuries. While they may present their initial offer as a reasonable settlement, these offers might not be fair to both parties.
Insurance companies use various methods to reduce settlement amounts, such as:
- Shifting responsibility to other parties
- Downplaying the severity of injuries
- Disputing the connection between the accident and the injuries
Understanding these strategies is the first step in protecting your rights. Still, having a knowledgeable attorney is crucial to counter these arguments and pursue a fair settlement.
The Value of a Personal Injury Attorney
A lawyer brings a wealth of experience and knowledge to your case, preventing you from settling for less than you deserve.
One of the critical roles of an attorney is to assess the actual value of your claim. This assessment involves evaluating all aspects of your case, including economic damages, like medical bills and lost wages, and non-economic damages, like pain and suffering.
Beyond just calculating these damages, an attorney will also gather and present the necessary evidence to support your claim. This evidence might include medical records, expert testimony, and accident reports. Insurance companies are more likely to offer a fair settlement when faced with a well-documented claim backed by legal insight.
In negotiations, your attorney acts as your advocate, pushing back against lowball offers and seeking a settlement considering the full scope of your injuries and losses.
Risks of Accepting an Offer Without Legal Counsel
When you accept an insurance offer without the advice of legal counsel, you risk underestimating the full impact of your injuries. Many injuries, particularly those involving the neck, back, or brain, can have delayed symptoms that only become apparent weeks or even months after the accident. Without a complete understanding of future medical costs and lost wages, you might accept a settlement that doesn’t cover your long-term needs.
Moreover, by signing off on an insurance offer, you may waive your rights to pursue additional compensation. Thus, if new complications arise, you won’t be able to seek further damages, even if your initial settlement is inadequate.
Additionally, you might not fully understand your legal rights and options without a personal injury attorney. A legal professional protects your rights and helps you make informed decisions.
Steps to Take Before Accepting an Insurance Offer
Before accepting an insurance offer, taking critical steps to safeguard your interests is crucial.
First, gather relevant medical and accident documentation.
This material includes:
- Hospital bills
- Doctor’s notes
- Accident reports
- Other evidence demonstrating the extent of your injuries and the circumstances of the accident
Next, consult with a lawyer for a case evaluation. They can review your documentation, assess the potential value of your claim, and advise you on whether an insurance offer is fair.
Finally, understand the process and timelines for negotiating a settlement. Insurance companies often pressure claimants to accept offers quickly, but taking the time to negotiate could lead to a better outcome. Your attorney can guide you through this process.
The Importance of Legal Guidance in Insurance Settlements
After an accident, it’s tempting to accept an insurance offer and move on. However, do not make this decision lightly. Consulting with a lawyer before signing off on any offer helps you seek a fair settlement reflecting the full extent of your injuries and losses.
At Nichols Dixon PLLC, our Norman, OK, lawyers help clients navigate the complexities of personal injury claims and negotiate with insurance companies on their behalf. Contact us at (405) 294-1511.
