Setting A
Higher Standard
One Case At A Time

Assess the first offer from an insurance company after an accident

On Behalf of | Jul 3, 2023 | Personal Injury |

Car accidents can happen in a split second but dealing with the consequences can take weeks, months or even years. If you have been in a car accident in California, one of the many challenges you may face is negotiating with an insurance company.

Insurance companies often make an initial settlement offer to resolve the claim quickly. Should you take this first offer? Here is some information that may guide your decision.

Assess the offer

Insurance companies, like any other business, primarily aim to minimize their expenses and maximize their profits. This means their first offer might not fully reflect the true value of your claim. Their offer could fall short of covering your medical bills, damage to your vehicle, lost wages and other related expenses. Before accepting an offer, make sure you understand the full extent of your losses related to the accident.

Consider future costs

The initial settlement offer from an insurance company may not account for future costs. If your injuries from the car accident require ongoing medical treatment or long-term rehabilitation, you need to factor those costs into the settlement. If you accept the first offer without considering these future expenses, you might find yourself paying out of pocket for these costs down the line.

Take time to decide

Once you accept a settlement, it is usually final. This means you cannot go back and ask for more money if you find that your expenses are higher than anticipated. Take some time to think over the offer, and do not feel pressured to accept it on the spot.

Because dealing with the aftermath of a car accident can be overwhelming, it may be tempting to accept the first offer so you can quickly close this chapter. However, patience and careful consideration can help ensure you are appropriately compensated for your losses.