Is It Worth Accepting an Initial Settlement Offer for a Personal Injury Case?

Generally, it is in your best interests to decline an initial settlement offer in your personal injury case. Insurance companies frequently offer lowball settlements. If you approve the first settlement proposal you get, you risk accepting less money than what you have suffered in losses. 

Consult with a knowledgeable Houston personal injury lawyer if you get a settlement offer. Select an attorney who has helped past clients achieve exceptional case results. Your lawyer can help you weigh the pros and cons of a settlement. If warranted, they can represent you in settlement negotiations and help you get fair compensation for the harm you have suffered. 

An Insurance Company’s First Settlement Offer Is Unlikely to Provide You with Enough Money

In your personal injury case, an insurance company could offer a settlement within days of when you file your claim. The insurer may pressure you to make a quick decision on the proposal. If you do, you could wind up making a decision that hurts you now and in the future. 

The first settlement offer you get will not necessarily account for your economic and non-economic damages. Therefore, if you accept it, you could miss out on your opportunity to secure damages for your pain and suffering, lost wages, medical bills, and other losses. 

Approving an Initial Settlement Offer Requires You to Give Up Your Right to Negotiate

You have the right to negotiate a settlement with an insurance company. In spite of this, an insurer may try to convince you that it is offering a settlement because it is acting in your best interests. Regardless, insurance companies serve their clients and focus on their bottom line. Thus, an insurer will do everything within its power to avoid providing you with adequate compensation. 

Rather than accept an initial settlement offer, partner with a Houston personal injury attorney. This gives you access to a legal representative and advocate who puts your legal rights and best interests front and center. Your lawyer can handle your settlement negotiations. If these are unsuccessful, they can file your personal injury lawsuit.

Accepting the First Offer You Receive Prevents You from Taking Your Case to Trial

If you agree to a settlement, you choose to waive your right to bring your case to a judge or jury. The settlement gives you money you are able to use right away. Yet, if you had proceeded with a lawsuit, you could have gotten much more money than what you received from your settlement. 

With a personal injury case, it is common to feel overwhelmed after a settlement offer is presented to you. Keep in mind that you do not have to go through the legal process alone. A personal injury attorney can advise you on what to do with a settlement. If your lawyer feels it will benefit you to go to trial, they will let you know.  

What to Do If You Get a Settlement Offer for a Personal Injury Case

Take time to evaluate a settlement offer. Speak with a personal injury attorney, as they can provide insights into the short- and long-term implications of any decision you make on a settlement proposal. 

If you decide to accept a settlement offer, your lawyer supports your decision. On the other hand, if you feel a settlement proposal is less than what your case is worth, your lawyer can continue to negotiate with an insurance company or prepare your case for trial.