Is Your Initial Settlement Your Final Settlement?
After a car accident, most insurance companies are going to pressure you to settle right away. They’ll say that it’s better for you because you’re getting a payout immediately, but the real purpose is for them to come to an agreement early, saving them from spending time and money on you. They’ll rely on the fact that you probably haven’t received many legal settlements in your life, and take advantage of that inexperience.
There is no legal obligation to say yes to the first settlement offer, which will likely be less than the actual damage done. Murphy, Falcon & Murphy’s team of car accident lawyers have that experience. We’ve worked with countless Marylanders to get them the restitution that they deserve. If you’ve been in a car accident recently,
Accepting A Settlement Offer Is Final
The first thing that you need to understand about accepting a settlement offer is that when you’ve accepted it, that’s it. There’s no further argument after that point, there’s no room for discussion — a settlement agreement is final. Even if some unforeseen damages crop up, the amount that you’ve accepted is the amount that you’re going to get. Signing a settlement is binding, and cannot be backed out of.
As such, it’s a good idea to consult with a lawyer before you decide to settle. An experienced auto accident lawyer will be able to estimate what your reimbursement should be, and negotiate on your behalf with the at-fault driver’s insurance company.
Rejecting An Offer Doesn’t Mean You’re Not Getting Payment
The initial offer is only the start of the negotiation. Saying no to the first offer doesn’t mean that you’re rejecting payment, it means that you’re rejecting that specific payment. There are many reasons to reject an offer, especially if it’s too low and won’t cover the costs of the accident, not to mention the pain and suffering that you may have experienced.
When you’re represented by a car accident lawyer, the insurance company will know that this case could potentially go to trial. This will motivate them to make fair offers that they wouldn’t make if it were only you that they were negotiating with. Trials are expensive and lengthy processes for insurance companies, and they’ll do a lot to avoid that.
Some Damage Isn’t Immediately Obvious
Injuries that result from car accidents are sometimes obvious, and the medical expenses will begin to appear immediately. However, just because you’ve got the first medical bill, don’t be certain that it’s the full extent of it. Unexpected long-lasting effects could require more treatment, such as infections or other complications. Settling too soon could mean that you wind up footing a larger percentage of the bill than could be covered by insurance.
Out-of-pocket Expenses Are Not The Only Expenses
In the same vein as the previous point, even beyond unexpected medical expenses, the full cost of the accident won’t be obvious right off the bat. There’s the money for vehicle repair or replacement and medical expenses, but this isn’t the full picture. Here are some less-obvious expenses that a truly fair settlement should cover:
- Renting a car while yours is out of commission.
- Lost wages while you recover from your injury.
- Services that you take on to replace household tasks that you would normally perform (cooking, cleaning, childcare, etc.)
- Pain and suffering
- Physical Therapy
- Mental health issues and therapy resulting from the accident
An experienced car accident lawyer like those who work at Murphy, Falcon & Murphy will be able to estimate what a fair settlement is and fight for your right to that level of payment. If you’ve been injured in a traffic collision reach out today and tell us about your case. We’ll consider it carefully and give you a free consultation to help you make the right decision for you.