Even though settlements are the means by which many personal injury lawsuits are settled, you shouldn't accept the first offer that you are presented with. The reason is because first offers usually come quickly and are usually done so that the injury victim doesn't get the chance to realize the full extent of their injuries and the total value of their claim.
You may be relieved to be receiving an offer and want to resolve your case as quickly as possible, but it may work against you in the long run. Although we all pay insurance premiums, the goal of an insurance company is to reduce claims and increase revenues. In many situations, a personal injury lawyer can bargain with the insurance company on your behalf to obtain a more fair compensation for your injuries if you were hurt in an accident.
So, the short answer is no, you shouldn't accept a first settlement offer and we'll explain further below.
Accepting A Settlement In A Personal Injury Claim
While there are many reasons why both parties resolve a personal injury issue outside of court, the party who has suffered the injury should not accept the insurance company's initial settlement offer.
First settlement offers are typically lowball offers that fail to fairly represent the full extent of the losses that the injured party has sustained. Before deciding to accept any settlement, you should consult with an experienced NJ personal injury lawyer. They will be able to review your case with financial and medical experts, as well as validate the conclusions of these experts with the insurance company. This will give you a more accurate assessment of the long-term effects an injury may have on your life and the lives of your family.
It is important to get full fair compensation the first time. Once a settlement offer is accepted, no further claim can be pursued. This is true even if you need additional medical care related to the same injuries.
A lawyer will help you make a far more thoughtful and well-informed decision about a settlement offer.
Personal Injury Settlements: The Advantages
There are a number of advantages to settling a personal injury lawsuit out of court for both sides.
Recovering compensation in a timely manner can be important to the financial stability of the injured party. The expense of these elements might mount up fast if their injuries prevent them from working or if the medical care they need is costly. With a settlement, injury victims can get the money they and their family need much faster rather than spending months or even years in court.
However, rather than taking a chance on a jury verdict, insurance companies are usually motivated to resolve personal injury claims through settlements. An insurance company is far more likely to be influenced by a settlement than by the unpredictable nature of a jury or judge's decision. Furthermore, corporate legal counsel can be quite costly; the longer the insurance company has to pay for a personal injury claim, the more it will cost them.
This is why over 95% of personal injury claims are resolved with a settlement.
Contact Our Personal Injury Lawyers Today
The Law Offices of Brandon J. Broderick are here to help you get full and fair compensation for injuries sustained in any type of personal injury case, whether it be a car accident, truck accident, motorcycle accident, or construction site accident. We have a team of lawyers who have the experience and resources to win.
Our firm is prepared to offer clients and families in towns throughout New Jersey, New York, Connecticut, Pennsylvania and the surrounding states. Call us today to schedule a free consultation.