In the case of an accident or injury that involves an offer from an insurance company, there are many factors that can come into play when determining that the settlement offer could or should be. The insurance company probably has one idea of what should be included in the offer, but you who have endured the accident or injury may have another.
If you find yourself presented with a lowball insurance settlement offer, you may want to contact a personal injury attorney to guide you through the process. With their specialized training and years of experience, they will be able to guide you through the process of calculating your expenses and damages related to the incident, evaluating offers and counteroffers from the insurance company, and determining once you have reached a fair number. Here is how to determine if an insurance offer is worth it:
Calculate Expenses Related to the Claim
After an accident or injury, it can be hard to keep track of everything that is going on. But if possible, try to keep all receipts or documentation of expenses related to the incident. These expenses may include medical expenses, repair or replacement for damaged property, and any out-of-pocket expenses you encounter like travel to appointments.
If your case does end up going to trial, you should keep track of any legal costs associated with your incident.
Consider Other Costs
When it comes to determining if an offer from the insurance company is worth it, it is clearly important to consider the costs associated with the accident or injury like medical costs and property damage. However, you should also keep track of any other costs related to the accident.
For example, after immediate treatment, you may have follow-up medical costs like surgeries or ongoing therapies. You may have also lost income due to being off work to recover. There also may be other care related to your recovery that you are paying for like attendant care services in your home. All of these additional expenses add up and should be considered as part of a fair settlement offer.
Since you have already looked at all of the monetary expenses related to your accident or injury like immediate medical care and payment for property damage, as well as any follow-up care and lost wages, you should also consider the non-monetary but still valuable losses you may have experienced following the accident or injury.
In the case of these damages, you may want to consult with your personal injury lawyer to find a fair number value. Some of these damages include pain and suffering, emotional distress, and loss of enjoyment of life (if you are not able to participate in activities or hobbies you once were). Since it is hard to value these damages, it can benefit you to get assistance from your lawyer.
As you consider whether your insurance offer is worth it, consider the value of the immediate expense, follow up expenses, and non-monetary expenses related to your claim.