Should You Accept the First Settlement Offer After a Car Accident?

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When you are a crash victim, receiving a full car accident injury settlement can be critical as you try to rebuild and repair what was impacted by this incident. You can fight for a settlement by filing an auto wreck claim with your insurance provider.

The insurance company will investigate the collision, including getting a recorded statement from you and others involved.

They may offer you a financial award, which you can accept or reject. If you reject it, you may decide to go to trial in a formal court case instead.

The car accident lawyers from Dan Pruitt Injury Law Firm understand what crash victims and their families have to go through after a collision. Often, victims have to field multiple calls from insurance providers, mechanics, the at-fault driver’s attorneys, and others involved in the legal claim. By working with our team, many past clients could find relief and regain their footing while we handled the legal aspects of the wreck.

Understanding How Settlement Offers Are Calculated

A settlement offer aims to compensate the victim for the totality of their losses that flow from an accident. The victim may have experienced physical injuries — like broken bones, a concussion, or a totaled vehicle — as well as psychological harm — like the victim’s pain and suffering.

Settlements include both a quantifiable and non-quantifiable portion. The measurable part of the settlement — economic damages — includes things the victim has a receipt for. For example, the repair bill to fix their vehicle and the medical statements to get seen and treated by a doctor.

People may calculate this part by collecting receipts and estimating future costs.

The non-quantifiable aspect of a settlement — noneconomic damages — addresses the victim’s psychological, social, and emotional aspects of the crash. People may calculate this by estimating the pain the victim experiences from the collision.

While each insurance company and law firm does this differently, one example of how someone might calculate this is the per diem method. This might involve determining a daily monetary value — based on the person’s salary or other measures — and multiplying it by how long they were in pain because of the accident.

Why Insurance Companies Offer Quick Settlements

Insurance companies may send out a car accident claim offer shortly after the insured reports the incident. In these situations, their goal might be to settle the matter as quickly as possible for as little as possible so they can avoid paying out the total value of the claim. The insurance company might try to persuade the victim to accept this offer and make them believe it is the best they can provide. However, this may not be the case. Victims may benefit from talking to an attorney before accepting a proposal they receive from the insurance company.

Factors To Consider Before Accepting a Settlement Offer

Before you accept or reject a settlement offer, consider the totality of your injuries and how they might impact you going forward. Gather your receipts, add up the costs — including future expenses you may have because of the accident — and compare that with what the insurance company sent you. Additionally, if you experienced psychological pain or injury because of the collision, review the settlement offer and see if it takes that into account. If it does not, you may want to negotiate a better arrangement.

The Risks of Accepting an Initial Offer Too Soon

Insurance companies may try to pressure victims to accept a quick payout that is below what they could receive. If the victim agrees with this proposal, they may waive their right to sue the other driver for harming them. Once the victim signs the settlement contract or cashes the check, they may lose their ability to negotiate a better deal. For this reason, the victim may benefit from talking to a seasoned car crash attorney before they accept something the insurance company or at-fault driver sends them.

What Damages Should Be Covered in Your Settlement?

The goal of a settlement is to reimburse the victim for physical and financial losses they suffered from in or because of the accident. For example, this might include paying for car repairs, medical bills, and lost earnings the victim experienced. Additionally, the settlement might encompass intangible losses, like the pain and discomfort of living through a crash and managing physical injuries.

Benefits of Consulting With a Lawyer Before Accepting Any Offers

Before you accept a car accident insurance claim settlement, it may be a good idea to talk to a lawyer first. They can investigate the cause and consequences of the crash and give their fair estimate of what they think you could get from the at-fault driver. Additionally, the lawyer could recommend other steps for you to take to secure a fair financial award. For example, the attorney may review your case and determine that you may benefit instead from leveraging South Carolina’s tort law by filing a personal injury claim in court.

How Medical Treatment and Recovery Impact Your Settlement

Your settlement should take into account your past, current, and future medical treatment and recovery costs that stem from the accident. So, make sure to document your entire losses, including keeping a record of your pain levels and how they might limit you.

You or your attorney may also get testimony or written statements from your treating physician explaining what your recovery process might involve. If they think you may need more procedures or physical therapy, for example, they can note this, and you can use it to request additional money.

Contact Dan Pruitt Injury Law Firm for Legal Assistance After a Car Accident

Getting a fair car accident injury settlement is an integral part of your recovery process. It allows you to seek funds to get the healthcare and other support you need to heal and reestablish yourself. Instead of trying to manage this process by yourself while also handling your other obligations, consider the relief you may experience from working with a seasoned advocate.

The attorney at Dan Pruitt Injury Law Firm has years of valuable experience fighting for car crash victims throughout South Carolina. He is a skilled and relentless negotiator who is also prepared to go to trial to help his clients receive a full and fair settlement. Reach out to his legal team today by calling (864) 721-6885 to schedule a no-obligation consultation.

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