When you are injured due to the negligent actions of another party, you may assume all you need to do is send their insurance company a list of the damages you’ve suffered and wait for a check to arrive in the mail. Though this would be ideal, unfortunately, the process is much more complicated. In many instances, the insurance will attempt to settle the matter to avoid trial. As such, if you’ve been offered a settlement, this blog explores what matters you should consider before accepting and the importance of working with a Broward County personal injury attorney to guide you through this process.
What Are the Benefits of Settling an Injury Case?
Generally, you’ll find that one of the main benefits of settling a personal injury case is that it can save you time and money. When you are involved in a lawsuit in which you go to trial, it can be expensive as you must pay attorney costs and court fees, all while taking time off work. Additionally, cases that go to trial can take years to resolve, depending on the complexity of the case. However, when you attempt to reach a settlement, you can save money as you won’t have to appear before a judge, and rather than work around the court’s schedule, you can take your time reviewing and negotiating with the negligent party.
Another important benefit you can reap by choosing to settle over litigation is that this allows you greater privacy. When your case goes to trial, the details of the case, including the outcome, can be made public record. However, when you settle, you do not have to disclose the amount you settled for, which can help you keep your life out of the public eye.
Should I Accept a Settlement Offer?
First and foremost, it’s critical to understand that when an insurance company offers you an initial settlement amount, it will likely be drastically lower than the true value of your claim. This is because insurance companies understand that accidents can cause extreme financial loss. As such, insurance companies find that injury victims are likely to accept the first offer, even if it’s low, to experience some financial relief. Unless your attorney advises otherwise, you should generally never accept the first offer from an insurance company.
If you do not accept the first offer, you will begin negotiations. This allows you to counteroffer, submitting your own proposed settlement amount. These negotiations will continue until you and the insurance company can reach an agreement on a monetary amount.
Though negotiations with an insurance company may seem simple enough to navigate on your own, it’s in your best interest to connect with an experienced attorney to help guide you through these complicated matters. At the Finizio Law Group, we understand how difficult it can be to deal with insurance companies while also trying to heal and move on from the injuries you’ve endured. As such, it’s in your best interest to work with our experienced team to discuss your legal matters. Contact us today to learn more.
