If you've been injured in an accident, you may wonder whether you should accept a settlement offer from the insurance company. While a settlement can provide much-needed financial relief, it's important to carefully consider your options before deciding. Here are five factors to consider before accepting a settlement offer:
1. The Extent of Your Injuries
Before accepting a settlement offer, it's important to fully understand the extent of your injuries and their long-term effects on your life. If your injuries are severe and require ongoing medical treatment, you may be entitled to more compensation than the insurance company offers.
2. The Cost of Your Medical Bills
You likely have medical bills if you've been injured in an accident. Before accepting a settlement offer, make sure you clearly understand your medical expenses and how much you'll need to cover them. If the settlement offer is not enough to cover your medical bills, you may want to consider negotiating for a higher amount.
3. Lost Wages & Future Earning Potential
If your injuries have caused you to miss work or have impacted your ability to earn a living, you may be entitled to compensation for lost wages and future earning potential. Before accepting a settlement offer, make sure you clearly understand how much income you've lost and how much you may lose in the future.
4. The Insurance Company's Track Record
Before accepting a settlement offer, it's important to research the insurance company's track record when settling personal injury claims. If the company has a history of lowballing settlement offers or denying claims, you may consider hiring an attorney to help you negotiate a fair settlement.
5. The Statute of Limitations
In Connecticut, there is a statute of limitations on personal injury claims. This means that you have a limited amount of time to file a lawsuit after an accident. Before accepting a settlement offer, ensure you understand the statute of limitations and the time you have left to file a lawsuit if necessary.
Before making a decision, consider the factors listed above and ensure you clearly understand your rights and options. If you need help negotiating a fair settlement or filing a lawsuit, David A. Zipfel & Associates, LLC is here to help. Our personal injury attorneys have the experience and skill needed to fight for the compensation you deserve.
Call us at (860) 528-4567 or contact us online for a free initial consultation.