After an accident, the initial and recurring costs make it tempting to accept an insurance adjuster’s initial cash settlement offer. However, that decision can end up doing more harm than good and even rob you of your rightful settlement. After an accident, costs continue to rise that you had not anticipated. The insurance company knows this and often tries to give you an offer quickly in hopes that you will take it.
They do this because insurance companies are businesses first, and they want to minimize their costs and how much money they pay as part of a payout. This is why you should not immediately accept the initial offer, especially in more severe accidents. By doing so, you often agree to give up your right to take legal action against them later.
Costs Incurred by an Injury
When you injure yourself on someone else’s property, you can end up incurring many costs. You could have slipped and fallen due to a spill on a business’s property or been hit by falling debris at a construction site. Whatever premises accident you were involved in, there are usually several costs that add up afterward. Some of the costs incurred include:
- Medical Bills: These add up a lot if you have more severe injuries. They include emergency care costs, surgery, prescriptions, X-rays, physical therapy, mental therapy, caregivers, and any other future injury-related medical bills.
- Loss of income: This accounts for income lost after the accident. It includes income lost after taking time off from your job to recover, the missed hours caused by the accident, any time missed while doing checkups after the accident, and any time spent in rehab. Additionally, if your injuries were severe and you cannot earn an income due to loss of skills or appendages, potential lost income is a large cost incurred.
- Property damage costs: There are several injury cases where property damage is considered reimbursable. If your accident damaged personal belongings such as your cell phone, you might be entitled to compensation.
If you are not at fault for the accident, you and your family should not have to bear the burden of these costs. This is where personal injury lawsuits and insurance claims come in. These costs can quickly grow and become a major cause of stress.
Why You Should Think Twice Before Accepting an Initial Cash Settlement
An accident is always stressful for the involved party and often their family and friends, too. This stress only increases if someone was injured during the accident. Trying to figure out the logistics of work or school during recovery, financial expenses, time spent, and sometimes even legal ramifications of the accident can be exhausting.
Stress and anxiety can alter your ability to make the best choice in the moment. You might even agree to things you wouldn’t have under regular circumstances. The insurance adjuster’s initial offer would be at the top of that list. Despite how good it looks and how much you want to be done with the insurance company, do not accept their initial cash settlement too quickly.
Before you think about accepting the initial offer from an insurance adjuster, you should consult with a lawyer.
A Lawyer’s Help Can Make a Difference
A lawyer will be able to give you guidance on your case, review the details from a legal standpoint, and ensure that your offer is fair and covers all the costs. Personal injury lawyers are well equipped to handle such cases and know what to look for. They also contact the insurance adjuster and act as your mediator and translator for all legal jargon.
How a Lawyer Can Help With Your Insurance Settlement
A personal injury lawyer will help you compile a case for a proper settlement if need be. This includes compiling evidence like police records, medical bills, doctors’ records, photos and videos, witness statements, and more.
Your lawyer will gather this evidence to ensure you receive adequate compensation. They will also anticipate any loopholes that the other side may use against you.
If the insurance adjuster has tried to lowball you, a lawyer can negotiate a better insurance settlement for you, even out of court. With the evidence they compile and their knowledge of average settlements after a court case, they can ensure that you receive enough compensation without going to court.
Call George Sink, P.A. Injury Lawyers Today for a Free Consultation
At George Sink, P.A. Injury Lawyers, we can fight for you to make sure you seek the compensation you deserve for your injury on another’s property. Our attorneys are committed to helping clients recover after an accident and get what is justly theirs. We work with clients in both Georgia and South Carolina. Call us today for your free consultation.