When you’ve been injured in an accident, the first thing many people want is to get their life back to normal. Medical bills, lost wages, and the stress of recovery can feel overwhelming. In these moments, the insurance company may contact you with a settlement offer. While it can be tempting to accept this offer immediately, doing so may not be in your best interest.
Why Insurance Companies Offer Settlements Quickly
Insurance companies are in business to make money. Their goal is often to resolve claims quickly and for the lowest possible amount. This is why they may present you with an early settlement — sometimes even before you’ve fully recovered from your injuries.
An initial offer is rarely reflective of the full value of your claim. They may not consider long-term medical treatment, future lost wages, pain and suffering, or the impact your injuries will have on your daily life. Accepting a first offer could mean leaving money on the table.
Understanding the True Value of Your Claim
After an accident, it’s important to have a clear understanding of your claim’s potential value. Factors that can affect the settlement amount include:
- Medical expenses: Both current treatment and anticipated future care.
- Lost income: Time missed from work and potential long-term effects on your earning capacity.
- Pain and suffering: Physical and emotional distress resulting from the accident.
- Property damage: Repairs or replacement of vehicles or other damaged property.
Without a thorough evaluation, it’s difficult to know if the insurance company’s offer truly reflects your needs.
Risks of Accepting the First Offer
Accepting an early settlement can come with significant risks:
- Underestimating your injuries: Some injuries take time to fully develop or heal. Settling too early may result in you being denied compensation for future medical care.
- Limiting your legal options: Once you accept a settlement, you generally waive your right to pursue further compensation.
- Pressure tactics: Insurance adjusters may frame the first offer as “fair” to encourage you to accept quickly, even if it’s not.
How an Attorney Can Help
Consulting a personal injury attorney before responding to any settlement offer can make a significant difference. Attorneys can:
- Accurately assess the full value of your claim.
- Negotiate with the insurance company on your behalf.
- Ensure that all medical documentation and evidence are presented correctly.
- Protect your legal rights and help you avoid costly mistakes.
Having professional guidance increases the likelihood of obtaining a fair settlement that truly covers your expenses and losses.
St. Louis Personal Injury Attorneys
While it can be tempting to accept the insurance company’s first settlement offer, doing so is rarely the best choice. Taking time to understand the value of your claim, consulting with an experienced attorney, and carefully considering your future needs will help protect your recovery and financial well-being.
If you’ve been injured in an accident in St. Louis, Columbia, or elsewhere in Missouri, don’t make decisions about your settlement alone. Contact Meyerkord Law Group, LC today at (314) 500-6000 for a free consultation. We are dedicated to putting your injury first and fighting for the compensation you deserve.