When Resolving a Personal Injury Case, Should You Take the Initial Settlement Offer Made to You?
You may be able to file a personal injury claim in Georgia and receive compensation if you were hurt due to someone else's carelessness. If you've recently had an injury and have a mountain of unpaid medical bills, you might feel completely overwhelmed. Because of your injuries, you are probably experiencing both physical discomfort and financial difficulties. These considerations make it reasonable for you to think about accepting the first settlement offer the other party's insurance company makes. But should you take the insurance company's initial settlement offer?
Do not make the common error of accepting the first settlement offer made by an insurance company. It is vital that you speak with an experienced personal injury attorney before accepting the first settlement offer from the opposing party's insurance company. Consult your case with a reliable lawyer about what your legal options are.
Listed below are some of the reasons why it may be unwise to accept the initial settlement offer made by an insurance provider.
The initial settlement offer is typically quite low.
While your insurance provider may act as though your best interests are its first priority, this is far from the case. Unfortunately, policyholders should not expect insurance companies to act altruistically. The goal of insurance firms is to pay out as little as possible to claimants. The standard practice among insurance firms is to provide a rapid, lowball settlement in the hopes that the claimant will be so desperate that they will take the offer without weighing their options.
Insurance companies make low settlement offers to plaintiffs not only because they know the plaintiffs are desperate for money, but also because they know that plaintiffs without legal representation do not fully comprehend the extent of their legal rights.
If you aren't at your medical best, you shouldn't settle (MMI)
It's best to wait until you've reached maximal medical improvement before agreeing to a settlement with the insurance company of the irresponsible party. Maximum Medical Improvement (MMI) occurs when a patient is either completely recovered or has reached the point of no further improvement.
What this means is that you shouldn't settle for anything from the insurance company until you know how bad your injuries really are.
You should get legal advice if you have doubts about whether or not a proposed settlement is reasonable.