Sustaining a serious injury due to negligent action by another party can generate expensive medical care costs as well as auto repair bills if a car accident caused your injury. While it may be tempting to accept the first settlement offer from an insurance company, there are good reasons to think the matter over.
When you discuss an injury claim with an insurer, you want to get enough coverage for all your expenses. Taking the initial offer might shortchange you.
Ensuring compensation for long-term expenses
Insurers generally address only immediate costs in their first offer. However, you may not recover entirely from your injury, as physical disabilities could limit your activities for years to come. Also, WebMD explains that some people develop PTSD three months following an accident. Your compensation should take the following factors into account:
- Current medical treatments and therapies
- Damage to your property
- Possible future medical care
- Rehabilitation and therapy
- Continuous pain and disabilities
Assessing both current and future needs is an important step. This may help you come up with a more accurate figure you can take to an insurer.
Negotiations may benefit you
Insurance companies usually worry about profit first and foremost, so their initial settlement offer will probably be lower than you deserve. However, many insurers also expect that claimants will want to negotiate. So it is not a given that an insurance company will not raise its initial offer if you ask for a larger amount.
Once you sign a settlement, you give up your rights to seek additional compensation from the insurer. Taking the time to consult with medical professionals to determine your prospects for recovery can help you arrive at a reasonable settlement.