What Happens When You’re Offered a Settlement for Your Car Accident Claim in Florida?
After a Florida car accident, you may be shocked at how fast the insurance company reaches out to you with a settlement offer. While receiving a quick settlement offer might feel like a relief, especially with medical bills piling up and you not being able to work, jumping at this offer too quickly can end up costing you more than you realize. Understanding what a settlement offer from an insurance company means, and what happens after you’re offered a settlement, can help you protect your rights and ensure you recover the compensation you deserve.
A Settlement Offer Is the Starting Point. Not the Final Word
Insurance companies are focused on maximizing profits. To achieve this goal, adjusters must ensure they pay out as little as they can. Usually, the initial settlement offer is much lower than what your claim is actually worth. It generally only covers immediate damages. The first offer rarely takes into account future damages such as future medical expenses and lost future earnings. Additionally, the first offer rarely includes compensation for non-economic damages like pain and suffering.
You Don’t Have To Accept the First Offer
Insurance companies know you may be stressed and overwhelmed. They usually present a quick offer, hoping that you are desperate enough to take it. However, you are not obligated to accept the first offer from the insurance company. You need to ask yourself some important questions before accepting a settlement offer, including:
- Whether you’re still receiving medical treatment
- Whether you understand the full extent of your injuries
- Whether you expect to miss more work
- Whether your doctor has discussed your long-term or future treatment needs
- Whether you’re dealing with emotional and psychological pain and suffering
Remember, once you accept a settlement offer and sign a release, your case is over, and you can’t reopen it to ask for more money even if your injuries worsen.
Next Steps After Receiving an Offer
After receiving a settlement offer from an insurance company, the next step should be reviewing it. Properly evaluate your claim to ensure it covers all your damages. A fair settlement should typically cover:
- Past and future medical expenses
- Lost wages and loss of future earnings
- Property damage
- Pain and suffering and other non-economic damages
- Long-term effects, such as permanent limitations or ongoing therapy
It is advisable to review the offer with the help of a car accident attorney.
If, after reviewing the offer, you determine it is unfair, the next step should be negotiations. Typically, negotiations are initiated by you and your attorney sending a counteroffer to the insurance company supported by evidence. Most car accident claims in Florida are resolved through negotiation.
If negotiations fail, your attorney can help you file a lawsuit in court. However, filing a lawsuit does not mean you are guaranteed to go to trial. A lawsuit can encourage the insurer to negotiate more fairly. Many cases settle before trial.
Because insurance companies have teams of lawyers and adjusters, it’s vital that you have your own attorney to level the playing field. It’s best not to attempt to go at it alone.
Contact Us for Legal Help
Our skilled West Palm Beach car accident attorneys at The Pendas Law Firm can help you pursue the compensation you deserve. Contact us today to schedule a consultation.
The Pendas Law Firm also represents clients in the Ocala, Orlando, Daytona Beach, Fort Myers, Fort Lauderdale, Bradenton, Naples, Melbourne, Tampa, Miami, and Jacksonville areas.