Signs That Your Insurance Settlement Offer Is Too Low
After an accident, dealing with insurance companies can be frustrating. You expect that having paid your insurance premiums religiously, the insurance company will offer a fair settlement to cover your expenses. However, this is not always the case, as insurance adjusters often look for ways to settle claims for as little as possible. If you accept the offer too soon and sign a release form, you might end up footing accident-related out-of-pocket. We do not want you to do this. So, how do you know if the settlement offer you received is too low? Here are the four major signs to watch out for before signing anything.
- It Doesn’t Cover All Your Medical Expenses
A fair settlement offer should cover all your medical expenses, from costs incurred in the ER and hospital stays to follow-up visits, therapy, and future treatment needs. Many insurance companies initially offer just enough to cover your immediate medical costs, hoping you’ll not consider the long-term expenses. Ask yourself: Does the offer include potential future treatments, surgeries, or rehabilitation? If not, it’s likely too low. Before accepting an offer, consult with your doctor about the full extent of your injuries and any long-term expenses you might incur. Then, have an attorney calculate the future medical costs to ensure you don’t settle for less than you deserve.
- It Doesn’t Compensate for Your Lost Wages and Future Earnings
If your injury keeps you from working, you should receive compensation for lost wages. Additionally, a fair settlement offer should account for future income loss if your injuries prevent you from resuming your job or limit your ability to work in the same capacity. If your settlement doesn’t consider future lost earnings, it’s likely too low.
- The Insurance Company Is Pressuring You To Settle Too Quickly
While you may want to settle the claim quickly and move forward with your life, avoid accepting the insurance company’s first offer, especially if the adjuster is rushing you to take it. An insurance adjuster might even tell you that the offer is the best you can get, but that’s just a trap to get you to accept it. Quick settlements benefit the insurer, not you. They know that the longer you wait, the more likely you are to discover the full extent of your injuries and damages, meaning they could pay more.
Never feel obligated to accept an offer because the insurance company is pushing for a fast resolution. Take time to fully assess your damages, review the offer, and consult a lawyer if needed. Once you accept a settlement, you give up your right to pursue further compensation, even if you develop complications later.
- The Insurer Company Is Discouraging You From Consulting an Attorney
If the insurance adjuster discourages you from consulting an attorney, that’s a red flag. They might even claim that involving a personal injury lawyer will only drag out the process and cost you a fortune. In reality, accepting a lowball offer could end up costing you far more out-of-pocket expenses.
Let Our Orlando Personal Injury Lawyer Help
If you’ve been injured in an accident and feel your settlement offer is too low, contact our Orlando personal injury lawyer at The Pendas Law Firm today to evaluate your case.
The Pendas Law Firm also represents clients in the West Palm Beach, Ocala, Miami, Tampa, Fort Lauderdale, Daytona Beach, Jacksonville, Bradenton, Fort Myers, Naples, and Melbourne areas.