If you were injured in an accident, you may have been quickly offered a settlement from the liable party’s insurance company. If you haven’t, you likely will soon. Insurance companies offer lower settlements at the beginning of a case to decrease the amount they have to pay out. But should you accept it? Here’s how to know.
Figure Out What “Fair Money” Is
If an insurance company puts fair money on the table, it’s perfectly fine to accept the settlement, even in rare cases where the first offer is a fair sum. However, most insurance companies don’t start out by putting fair money on the table. In order for you to confidently accept or reject an offer, it’s important to know what fair money is in your case.
The term “fair money” refers to the amount of compensation offered for the various damages incurred as a result of the accident. There are economic damages, such as medical bills, lost wages, and property damage, and there are also non-economical damages like pain and emotional suffering.
It’s important to take all of these factors into account when considering a settlement offer from an insurance company. At the very least, you want to be sure that the offer made will cover all of the economic damages accrued and future economic damages.
Never Accept a Settlement Without the Guidance of a Personal Injury Lawyer
Knowing what fair money is in your case can be difficult. Although adding up your medical bills and lost wages is part of estimating fair money, it’s not all of it. There are numerous things to think about that individuals who do not work in field of personal injury don’t realize.
For example, count bonuses and wage increase opportunities you missed while injured. Have the best estimate possible of what your future expenses are likely to be. Once you’ve settled your claim, you cannot come back to the individual or company who is liable with further expenses.
The most important thing you can do after an accident is contact a personal injury lawyer as soon as possible. At Chang Mattern LLP, we can help you estimate what fair money would be in your case. If the insurance company refuses to offer you the compensation you deserve, we can help you take your case to court. Contact us today for a consultation at (626) 792-5888.