You are in an accident, you are hurt, distressed, and out of work, trying to figure out how to make ends meet. Your first impulse may be to accept any settlement the insurance company offers to move forward with your life. Is that the best decision?
While taking an initial settlement offer may seem like the answer to your immediate concerns, an initial offer is likely to be far less than your personal injury claim is worth. If you have serious injuries, an initial settlement offer may not cover all your medical bills and lost wages. Car accident victims in Atlanta, GA, should contact an experienced personal injury attorney for a free case evaluation. A personal injury lawyer can review the circumstances of your accident and discuss the best way to pursue full and fair compensation.
What Is an Insurance Settlement Offer?
Georgia motorists are required by law to carry car insurance. Auto insurance helps cover medical expenses and property damage following a car accident. Georgia follows an at-fault insurance model. If you suffered harm in a crash due to someone else’s negligence, you may have a right to seek compensation from the at-fault driver’s insurance company.
An insurer may make a quick, low-ball offer to settle a case before the full costs of a serious accident, such as future medical expenses and lost income, are fully understood. The insurer’s goal is to limit its liability. In exchange for accepting a settlement offer, personal injury victims waive the right to pursue further compensation from the insurance company for their injuries.” Settlements are legally binding agreements.
Should I Consult with My Lawyer Before Accepting a Settlement Offer from the Insurance Company?
Yes, you should consult an Atlanta personal injury attorney with extensive experience handling personal injury cases.
Most big insurance companies are more concerned with protecting their profit margins than with offering a fair settlement to injured victims. If you are feeling financial stress about mounting medical bills, your inner voice may be saying, “Accept settlement offer from insurance company.” However, most initial offers are made strategically before accident victims understand the severity of their physical injuries and how their injuries may affect their daily life and ability to work. These lowball offers are made in the hope that a victim will agree to accept a settlement and shield the insurer from personal injury litigation.
It is rarely in your best interest to accept an initial offer or to enter settlement negotiations with an insurance company on your own. Seeking the advice of an experienced car accident lawyer is a solid first step. An Atlanta personal injury lawyer can calculate the fair value of your claim and negotiate for maximum compensation for your injuries. If you have severe injuries,
Do You Have to Accept an Insurance Company’s Initial Offer?
No, you do not have to accept an initial offer. Too often, financially vulnerable accident victims feel pressured into accepting an initial insurance company offer. The reality is, you may not know your anticipated medical costs until you have been released from the care of medical professionals. It’s better to wait until you have completed medical treatment before submitting an injury claim. You have options, such as rejecting the offer or making a counteroffer.
What Are Some Reasons You Shouldn’t Accept the First Offer Without Legal Advice?
First and foremost, you should never accept a first offer without consulting a lawyer. An insurance adjuster may act friendly and concerned. But insurance companies are for-profit businesses interested in protecting their bottom line.
A skilled car accident attorney can review your situation and offer guidance about the value of your claim and strategies that provide the most favorable outcome. The reasons you should never take an initial offer without legal advice include:
- The offer is usually relatively low.
- You may not yet be aware of the full extent of your injuries.
- You have not yet reached maximum medical improvement.
- You do not know how long you may be out of work or the amount of your lost wages.
- You do not know if you can return to work in the same capacity.
- Agreeing to the settlement releases the at-fault party from further liability and prevents you from pursuing additional compensation.
Before accepting anything, it is best to speak with an attorney and review all of your legal options for resolving an Atlanta personal injury case.
How Should You Respond to an Insurance Settlement Offer?
To protect your legal interests, you should let an attorney knowledgeable about personal injury law respond to any insurance settlement offer. A skilled attorney can guide you through the legal process and manage all communication between you and the insurance company. Your attorney can advocate on your behalf and be prepared to pursue a personal injury lawsuit if the insurer refuses to agree to a fair settlement.
What Happens if You Decline an Insurance Settlement Offer?
The claims process doesn’t end because you decline an initial insurance settlement offer. You still have options for seeking compensation for your injuries. Declining an offer can lead to further negotiations. An attorney can present a counteroffer on your behalf by issuing a demand letter supported by evidence that shows the severity of your injuries and losses.
The insurance company can reassess the situation and may increase its offer. When negotiations stall, filing a lawsuit may be another option for seeking the compensation you need.
Will Insurance Companies Try to Delay the Settlement to Have the Statute of Limitations Run Out?
An adjuster may attempt to delay the settlement process, extending the time it takes to reach an acceptable agreement. Why? It is a tactic to limit your legal options for pursuing compensation.
Georgia law has a two-year statute of limitations that applies to personal injury lawsuits. This means that injury victims have two years from the date of the accident to file a lawsuit. If you miss this legal deadline, the court can dismiss your case. You lose negotiating power with the insurer to settle before the court date and your day in court. Insurers know this and may drag their feet to limit your ability to pursue maximum compensation.
When SHOULD You Accept the Insurance Company’s Settlement Offer?
Accept an insurance company settlement offer only on the advice of a trusted attorney. You want a settlement that fully covers medical care for your injuries and other losses related to the accident.
Contact a Georgia Car Accident Lawyer
With over 50 years of combined legal experience and more than $300 million in verdicts and settlements, the Georgia personal injury attorneys at Bayuk Pratt have a proven track record. Our experienced attorneys are ready to provide effective legal representation and advocate for fair personal injury compensation on your behalf. Find out what our previous clients say about our legal team and the legal services we provide. Contact our law firm to arrange a free consultation to review your case. Our legal professionals handle cases on a contingency fee basis. You will not owe a legal fee unless our attorneys secure compensation for you.
