Should I accept the first offer of compensation?

Insurance companies want to settle matters as quickly as possible to maximize their chances of spending the least amount. Insurance companies profit by ensuring they have more premiums coming in than settlements going out. If you’re involved in a personal injury accident, and you’re seeking property damage reimbursement, pain-and-suffering, or financial reimbursement, then consider the wise counsel of a personal injury law professional.

Since the insurance companies want to pay out as little as possible as quickly as possible, your first settlement offer could be pretty low. The insurance company knows that if you have ample opportunity to consider all of the economic and non-economic damages you’ve faced, then you may want to counteroffer with a larger settlement.

Costs to consider before settling

Let’s say you’re one of the 5 million people taking the bus in New York City and you’re involved in a bus accident; Not only can these injuries be devastating to your quality of life and mental health, but they can also be damaging to your wallet. Before settling on your case, you may want to consider all of the costs that go into your personal injury settlement. If you’ve been involved in a bus accident, speak with a bus accident attorney in New York for assistance with your case.

Medical Costs and Physical Therapy

According to the Center for Disease Control, the average cost to visit an emergency room following a car accident is $3,300. These costs vary depending upon the type of medical treatment you need. Hospitals determine emergency room visits according to levels of severity and extra expenses accrue for services like MRIs, lab tests, an x-ray, fluids, stitches, and even a major life-saving effort.

Property Replacement

The National Highway Traffic Safety Administration reported in 2015 that property damage as a result of a motor vehicle accident cost Americans $76 billion. Replacing or repairing your vehicle is not a cheap affair. You may incur other fees like renting a car, towing your vehicle, and paying for travel expenses that you won’t consider if you’re rushing to accept the first offer.

Lost Wages

Lost workplace productivity costs totaled $57.6 billion for one year because of accidents. Lost of wages can vary depending on how many wages were lost as a result of the time you missed. Your economic losses, such as medical costs and lost productivity, are dependent upon your injury outcome.

Pain and Suffering and Loss of Enjoyment

If you’ve experienced a pain and suffering disability or physical impairment, disfigurement, mental anguish, inconvenience, or loss of capacity for the enjoyment of life experienced in the past or future, then you may be entitled to recovery of those damages.

Take that bus accident for example, and each day you rode the bus to pick up your granddaughter from daycare. The trauma you’ve experienced as a result of your accident could prevent you from picking up your granddaughter again. An experienced personal injury attorney can help you recover these unforeseen losses.

When do I settle my claim?

If you settle your case too early, then you run the risk of missing expenses especially if your recovery takes longer than possible. It could be in your best interest to wait until you’ve fully recovered from your injury before settling your case. Insurance companies will offer you just enough to tempt you to settle your case just to serve their own interests. Visit our website.