Should I Take the Insurance Company’s Offer After an Accident?
If you were recently involved in an accident and filed a claim, you may have experienced the “run around” from insurance. Insurance companies are in the business of making money and refrain from offering injured parties the compensation that is warranted. As such, it is generally not a good idea to accept an insurance company’s first settlement offer since this is usually significantly less than your case is worth.
If you or a loved one have recently fallen victim to a car accident, our Anderson personal injury lawyers are here to fight for just compensation on your behalf.
Why Should I Refuse an Insurance Company’s First Settlement Offer?
Unlike other states, South Carolina does not implement time restrictions on how long an insurer must settle a case. Rather, state law requires that insurers handle claims with “reasonable promptness.”
If you do choose to accept a claims adjuster’s initial offer, you have to sign a release of liability form, which will release the insurer from further liability. An insurance company will often offer the initial settlement offer early in the claims process, at a point in time when you may not realize the full extent of your injuries or damage to your vehicle. Once you sign the release form, you will not be able to recover any further damages.
How Do I Know if a Settlement is Fair?
An insurer’s first offer does not typically consider ongoing treatment for your injuries and noneconomic damages, such as pain and suffering. You have the best chance of receiving a fair settlement if you hire a car accident attorney. A car accident attorney will speak with the claims adjuster on your behalf. An attorney knows what to say (and what not to say) to give you the greatest likelihood of receiving a fair offer.
In determining if a settlement is fair, the following factors should be considered:
The Extent and Severity of Your Injuries
Have your injuries resulted in extensive medical expenses? Have your injuries immobilized you? Do your injuries prevent you from returning to work? If so, you may be entitled to economic damages, which reflect the amount of money you spent related to your accident. To prove that your medical expenses were directly related to the accident, it is important that you are examined by a physician immediately following your accident. If you wait longer, the opposing party may claim that your injuries were caused by something else.
Future Medical Needs
If you suffered severe injuries that require ongoing treatment, the cost of future medical care should be factored into your claim. Future medical expenses cannot be accurately determined until you have reached the point in your recovery when you have reached maximum medical improvement. A doctor’s note and any medical imaging can prove invaluable when requesting medical damages, so be sure to keep all medical documentation.
Your Degree of Fault
If you are determined to be partly responsible for the accident, then you can expect your settlement offer to be lowered. Under South Carolina Code §15-1-300, if you were injured in a motor vehicle crash, you are eligible to recover damages as long as you are less than 51% at fault. The award will be decreased by your percentage of liability. So, if you make a claim for $20,000, but it is determined that you are 30% at fault, then you will only recover $14,000.
Speak with an Anderson Personal Injury Lawyer Today
While we often see insurance offer us a level of protection, insurance companies are only interested in padding their bottom line. If you have recently been involved in an accident, our legal team wants to hear from you. To schedule your initial consultation with an Anderson personal injury lawyer, contact us online or by phone today.