Insurance companies often make settlement offers to resolve personal injury claims. By accepting a settlement offer, you agree to resolve your case out of court in exchange for a specific amount of money.
The insurance company’s initial offer may not be enough to fairly compensate you for your losses. Accepting the first offer may be against your best interests, so it pays to know what to do when the insurance company offers a settlement. Contacting a Canfield personal injury attorney at Gervelis Law Firm is a solid first step before you even speak to the insurer.
Steps To Take When an Insurance Company Offers a Settlement
Your actions after the insurance company offers a settlement can affect your case’s outcome. Consider these steps before proceeding.
Review the Offer Thoroughly
Take time to carefully review the offer in detail. Make sure you understand exactly what the insurance company is offering. Look for any hidden clauses or conditions that may limit your rights.
Assess the Full Scope of Damages
The insurance company’s first settlement offer likely won’t cover the full extent of your damages. A fair settlement will include compensation for both past and future damages. Make sure the offer accounts for the following losses:
- Long-term medical treatment
- Rehabilitation needs
- Lost wages
- Lost earning capacity
- Pain and suffering, including chronic pain
- Emotional distress
Don’t Rush the Decision
You have the right to wait and carefully consider your options before accepting a settlement offer. You also have the right to decline the insurance company’s offer. When in doubt, it’s always best to pause before making any decisions.
Be Careful What You Say
Keep your responses to the insurance company straightforward. The insurer may use anything you say against you, so it’s best to say nothing beyond “I’ll need to review this offer with my attorney.” Avoid providing a recorded statement or talking to the insurance company in detail without your lawyer’s guidance.
Consult With a Personal Injury Lawyer
Talk to a lawyer before discussing details with the insurance company. They can evaluate whether the settlement offer is fair and advise you on whether to accept it or negotiate further.
What Happens When You Reject an Insurance Settlement Offer?
Rejecting the offer doesn’t end your case. Rather, it’s an opportunity to negotiate a better settlement with your attorney’s assistance.
Your attorney can help you make a counteroffer and present evidence to support your claim’s value. They will negotiate with the insurance company on your behalf. Extensive back-and-forth negotiations are sometimes necessary to achieve a settlement both parties can agree on.
Most Ohio personal injury cases ultimately settle out of court. However, if the insurer refuses to offer a full and fair settlement, your attorney may consider taking your case to trial. This process involves filing a lawsuit and representing you in court, where a jury will decide how much money to award you.
How To Maximize Your Personal Injury Settlement
A variety of factors can increase your settlement amount. Here are a few strategies that can help you maximize your personal injury compensation:
- Document your expenses. Keep track of all medical bills, receipts, and other evidence of your accident-related expenses.
- Gather strong evidence. Collect evidence, such as photos of the accident scene and witness statements. This evidence can help you prove that the defendant caused the accident.
- Get prompt medical attention. See a doctor immediately, even if you don’t feel seriously injured. Some injuries take time to develop symptoms. Documenting your injuries from the outset helps you prove their link to the accident.
- Hire a lawyer. They can protect you from the insurance company’s tactics by communicating promptly on your behalf. They also can inform you of your legal rights and relevant laws and negotiate for the compensation you deserve.
How Long Does It Take To Receive Compensation After a Settlement Agreement?
We’ll try to settle your case within three months after you finish receiving treatment for your injuries. Once both parties sign the settlement agreement, you’ll likely receive your compensation within a month.
There’s usually a waiting period because our team will need to take a cut of your settlement money to cover our legal fees. We may also need to disburse money to other parties if they are entitled to a portion of your insurance settlement. For example, medical providers may have a lien on your settlement if they have treated your injuries without upfront pay.
How Can a Personal Injury Lawyer at Gervelis Law Firm Help?
Our attorneys have advocated for injured Ohioans and their families for decades. We strive to level the playing field between our clients and the insurance companies by aggressively seeking maximum compensation. Our advocacy has resulted in Super Lawyer designations and Super Lawyers Rising Stars recognition.
We’re here for you when you need us most, whether you were injured in a car crash, a workplace accident, or a slip and fall. When you turn to our firm, our Rapid Investigation Team will be at the accident scene within 24 hours. You can trust us to gather strong evidence and negotiate with insurance adjusters while you focus on your recovery.
Contact Gervelis Law Firm Today
If you or a loved one has been injured by someone else’s negligence, let us fight for you. Your convenience comes first, so we can meet with you at your home, hospital room, or our office—whichever is easiest for you.
Contact us online or call 866-792-2728 for a free consultation.
