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Should you accept a PI settlement offer?

On Behalf of | Jan 29, 2024 | Personal Injury |

If you’ve been injured and you are seeking compensation, you may get a settlement offer. Maybe the other party has an insurance company working on their behalf, for instance. They offer to pay you a certain amount of money to cover your costs.

It’s tempting to just accept the settlement offer. It may sound like a substantial amount of money, and you are certainly going to be conscious of the various bills and costs that you’re facing – such as medical bills or lost wages. But should you just take the offer as soon as you get it?

The insurance company’s focus

If that offer did come from an insurance company, remember that their focus is on saving money. They’re going to try to pay you as little as they can reasonably pay. They are certainly not going to try to maximize your claim. If you just accept the offer, it could be lower than what you actually deserve.

You may have future costs

Another thing to keep in mind is that your costs can change in the future. For instance, maybe you provided documentation for all of your current medical bills and the wages you’ve lost. But what if your condition gets worse in the future? What if there are other complications? What if you end up needing long-term care or rehabilitation services? What if your condition deteriorates so that you can never work again?

If any of these things happen, it can significantly change how much money you actually need in that settlement offer. This is why it’s best not to accept anything until you have worked closely with medical professionals to determine exactly what is necessary. As you go through this process, be sure to look into your legal options, as well.

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