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Should I Accept the Insurance Company’s Settlement Offer?

One of the most common questions clients ask us is whether they should accept the insurance company’s settlement offer. The answer depends on the facts, the severity of your injuries and the offer made.

However, here is some advice on the topic:

Do Not Accept A Settlement Offer For At Least Six Months

When clients come to our office, one of the first things we tell them is not to settle for at least six months. Injuries have a tendency to worsen over time. You will often have to see numerous specialists and have many tests done before the full extent of your injuries is known. Typically, it takes a physician six months to a year to know whether the injuries sustain will be permanent or require more extensive treatment. If you accept a settlement offer before you know how your injuries will impact your life in the future, you could end up with an amount that does not even begin to compensate you for your medical costs and lost wages, let alone your continued pain and suffering.

Evaluate How Your Health Insurance Impacts The Offer

If your health insurance provider has paid your current medical expenses, you may need to pay it back with money you get in the settlement. The same is true for workers’ compensation. If you expect to have many more medical expenses in the future, then it may be in your best interests to settle now so your medical costs don’t eat up your compensation.

At Wilhoit Law Office, we work to reduce the subrogation liens of insurance companies and other third parties and negotiate medical bills down pre-settlement to maximize the compensation you can keep after taking a settlement.

Consider The Time-Value Of Money

If you are struggling to pay your bills, you may need to accept a settlement offer now. That is OK. Getting the money you need when you need it may be more valuable to you than waiting for a larger settlement six months or more down the road. However, you should still consult with a lawyer — he or she may be able to quickly negotiate an increase in compensation.

Talk To An Attorney Before You Sign Anything

Do not sign a settlement offer before speaking to a lawyer. Remember, insurance companies are in the business of making money. The lower the settlement you agree to, the more money in their pockets.

If you have been offered a settlement, contact our firm. We will review the facts and circumstances and help you determine whether you should accept the offer or fight for more. Contact us online, to schedule a free consultation. All personal injury cases are handled on a contingency basis. Our office is in Grayson, Kentucky.