After an accident, you may receive a settlement offer from the insurance company—sometimes surprisingly fast. While it may be tempting to accept a quick payout, especially if you’re dealing with medical bills and lost income, accepting too soon can cost you far more in the long run.
So, how do you know if the offer is fair? And should you accept it without legal advice? Let’s break it down.
Why Insurance Companies Offer Quick Settlements
Insurance companies are businesses, and their goal is to minimize payouts. Early offers are often made:
- Before the full extent of your injuries is known
- Before you’ve hired a lawyer
- Hoping you’ll settle cheap, fast, and without negotiation
These offers may not include compensation for long-term effects, pain and suffering, or future lost wages.
What a Fair Settlement Should Include
A truly fair settlement should account for:
- All current and future medical expenses
- Lost wages and future earning capacity
- Pain and suffering
- Emotional trauma or reduced quality of life
- Property damage or out-of-pocket costs
If any of these are missing or underestimated, you could be settling for far less than your case is worth.
Red Flags That an Offer Is Too Low
- It comes immediately after the accident
- It’s labeled as “final” or “non-negotiable”
- It doesn’t factor in ongoing or future medical care
- It doesn’t include non-economic damages (like pain and suffering)
- You’re pressured to sign quickly or without consulting an attorney
Once You Accept, There’s No Going Back
One of the biggest risks of accepting a settlement is that it’s final. Once you sign a release:
- You waive your right to sue, even if new injuries or complications arise
- You cannot request more money later, even for future surgeries or lost work
That’s why it’s essential to understand the full scope of your damages before agreeing to any settlement.
The Role of an Attorney in Evaluating Settlement Offers
An experienced New York personal injury lawyer can:
- Review the offer and assess whether it’s fair
- Calculate the true value of your claim
- Negotiate for a better settlement—or take the case to court if necessary
- Ensure your rights and future needs are protected
Most attorneys offer free consultations and work on a contingency fee, meaning you pay nothing unless you win.
Don’t Settle for Less Than You Deserve
A fast offer may seem like relief, but it could leave you struggling later. Protect yourself by having a professional review your settlement offer before you sign anything.
Contact the Personal Injury Law Firm of Figeroux & Associates
Schedule a free consultation today!
Call 855-768-8845
Visit www.askthelawyer.us
