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Personal Injury

How Do You Know if a Settlement Offer is Fair?

Posted by Trent Kelly on October 7, 2022
How Do You Know if a Settlement Offer is Fair?

When an insurance company offers you a settlement for your injury-related losses, you might have many questions, including whether the amount offered is fair. Have an Austin personal injury attorney review your offer before you accept anything.

If you have been injured in a car accident, slip and fall, or some similar type of accident, the at-fault person or entity’s insurance company might make you an offer to settle your case. However, that offer may or may not fully and fairly compensate you for your injuries. In the case of initial settlement offers, for example, insurance companies usually offer far less than what your case is truly worth. Insurance companies do this in order to see if you are in a hurry to settle your case – thereby allowing them to save a significant amount of money. After all, insurance companies are big businesses that do not make money by paying out large personal injury settlements to accident victims.

If you have been injured in an accident that was someone else’s fault, it is important that you have knowledgeable legal representation in your corner throughout your entire personal injury case. The personal injury attorneys in Austin at TK Injury Lawyers can help you determine whether a particular settlement offer is worth accepting – or if you should litigate your case in the state court system to a conclusion.

Please give us a call today to find out more about how we could assist you with your Austin personal injury legal matter.

Factors to Look for in a Good Settlement Offer

Accidents that result from other people’s negligence can lead to serious injuries, including head injuries, back injuries, soft tissue contusions, and broken bones. These injuries often require medical treatment, physical therapy, and sometimes a lengthy procedure – such as surgery.

When you are trying to determine whether to accept a settlement offer in your personal injury case, you should ask yourself the following questions:

  • Does the offer fully compensate me for all of the medical treatment that I had to undergo because of the accident?
  • Does the offer compensate me for any wages that I lost as a result of not being able to work after the accident?
  • Does the offer compensate me for everything that I went through following the accident, including mental anguish and inconvenience?
  • Does the offer compensate me for all of the pain and suffering that I had to endure following the accident?
  • Does the offer compensate me for any future medical treatment that I may need pursuant to a health care provider’s recommendation?

Tips to Know  If A Settlement Offer Is Fair

How do you know that the settlement offer proposed to you is fair? Here are some ways that you can determine whether our settlement offer is fair or not. If you are facing a settlement offer, never take action before speaking with a personal injury attorney.

1. Think about the current and future costs of your injuries

Your settlement offer must cover the costs of your current and future damages. Your damages may be so severe that you will have to ask for enough compensation that you can live off of.

That means enough compensation for your current and future medical bills, the lost income you won’t be able to bring in, and any future physical and mental pain you will have to cover.

You may think settling for hundreds of thousands of dollars is ridiculous. But when you sit down and do the math, it’s in the right ballpark.

2. Think about your liability and the other person’s liability

Insurance companies will do anything to avoid a trial. But one thing that will push insurance companies to make a great settlement offer for you is how liable their client is for your injuries.

If you have the right evidence that can prove that the other person is fully liable for your injuries, you can often persuade the insurance company to give you a greater settlement offer.

Even if you were somewhat liable for your injuries, you can still recover compensation in many cases. It might be a more difficult process, but the right lawyer can help.

3. Don’t accept the first offer from the insurance company without legal advice

One of the biggest red flags about your settlement offer is if the insurance company offers it quickly to you. There is a difference between what the insurance company knows you are owed and what they will offer you.

They will try to save money by offering a smaller amount for your claim. No matter what the insurance adjusters say, their actual offer is almost always smaller than what you can ultimately negotiate for in your settlement. That is why you always want to say no to any offers they suggest to you.

Speak with an Experienced Personal Injury Attorney in Austin Today about Your Claim

If you have been injured in an accident that was caused by someone else’s negligence, the skilled legal team at TK Injury Lawyers will make it their priority to pursue the maximum amount of monetary compensation that is available to you in your case. We can also help you decide whether you should accept an offer, litigate the case, or take it to trial or some type of alternative dispute resolution proceeding.

For a free legal consultation and case evaluation with a knowledgeable personal injury attorney in Austin, please call today at (512) 910-2000 or contact us online for more information.

 

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