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How Do I Know if the Insurance Company Is Offering a Fair Settlement?

To prevent protracted and costly legal processes, insurance companies may offer a settlement. It’s not unusual for individuals to be tempted to take what looks like an appealing offer, especially if the offer allows them to allegedly move on.

Insurance companies hope you feel that way.

The offer looks good, and can seem the alternative to not knowing what waits down the road may not. 

The fact is, though, accepting a settlement outright doesn’t mean peace of mind. Accepting an offer early is more likely to put you in a dire financial situation that brings additional stress and hardship.

Understand, the insurance company moves to close a matter because they don’t want you to know your options.

How Is Your Case Valued?

A responsible NYC personal injury lawyer weighs in all factors that significantly increases your success at trial. 

The insurance company’s lawyers will access the matter and determine how to minimize their liability. Here are some guidelines an insurance company looks at:

  • Lost wages, pain and suffering, medical expenses and other monetary values to access damages
  • Costs, such as legal and expert witnesses, needed to defend insurance companies
  • Investigation into weaknesses in the potential plaintiff’s case
  • If you’ve associated yourself with an attorney willing to aggressively defend you

Insurance companies work fast, hoping to get to you before you get to a NYC personal injury lawyer.

If you or someone you know has been the victim of an accident, it’s imperative to not let emotion and grief weigh in before making any deals. It can be difficult to understand the scope of your matter and how you would determine compensation.

The only person who can do so is a NYC personal injury lawyer.

Economic Damages

Never sign on the dotted line until you’ve calculated economic damages. Damages encompass financial loss attached to the injury’s short- and long-term impact:

  • Medical expenses (medications, hospitalizations, ambulances, surgeries, physical therapy, other costs)
  • Costs of replacing or repairing personal property damaged
  • Household services that result (live-in aide, etc.)
  • Loss of income and wages
  • Funeral and burial costs, if your case is wrongful death

Take into account how the injury impacts the future, not just to date. How long will you be out of work? Will you be able to go back? What if some new expense rears its head? 

You need to establish what this incident means financially to your future. You’re better off letting a NYC personal injury attorney tackle this.

Non-Economic Damages / Pain & Suffering

  • Emotional distress
  • Pain and suffering
  • Loss of enjoyment of life (unable to participate in regular activities)
  • Loss of consortium (an injury’s negative influence on relationships with family and friends)

The court and insurance company use a formula to compute emotional losses, but trust no two courts or insurance companies value pain and suffering the same way. 

They’ll simply look at what others have received and apply this amount to you! This is unfair because your pain and loss shouldn’t be based on what others got.

What Are the Case Weaknesses and Strengths?

You can have millions of dollars in lost wages and medical expenses. You can expect to drown in debt but if insurance companies and lawyers see fault in your case, they’ll use it against you. This can include not informing proper parties about pre-existing conditions or your contribution to the injury, even if the other party’s actions are considered the legal cause. 

This isn’t right, but it’s legal! Especially if you accept an outright offer.

NYC Personal Injury Lawyer

The only way to deal with insurance companies and their big law firms is to have a legal voice of your own. Only a lawyer with a background in defending others can advocate for you, putting to work years of NYC personal injury lawyer experience.

Before signing on the dotted line, schedule a free consultation with a NYC personal injury lawyer and give yourself a chance to see what your legal options are.

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