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Should You Take the First Settlement Offer After an Accident?

accident settlement

You were injured in an accident. Maybe you suffered property damages as well. You submit your claim to the appropriate insurance company, and you wait. For some claimants, days turn into weeks, and weeks turn into months. Others may get a phone call within days after submitting their claim. No matter when the first insurance settlement offer comes, you are likely relieved. You’re happy that you have an offer and just want to close this chapter of your life and move on. But should you accept the first offer you receive? Experienced Miami insurance claim attorneys advise against doing so, and here’s why.

Understand the Insurance Company

To understand why it’s usually not a wise decision to take the first settlement offer you receive, you have to understand how insurance companies work. Of course, their purpose is to help their insureds and claimants recover from their damages and injuries. At the same time, however, insurance companies are in business to make money. If they pay you and every claimant fairly, it’s not conducive to their goal of making a profit. As any Miami insurance claim attorney will tell you, they pay as little as possible to keep their profits higher. 

Why It’s Best Not to Accept Your First Settlement Offer

Insurance companies are well aware that claimants are frequently facing financial hardships after an accident. They know they are anxiously awaiting the money that is due to them and are likely to accept any money that is offered to them. Sometimes they offer a quick but low settlement in an attempt to get you to go away for as little money as possible. They want you to accept the offer before you have a chance to speak with a Miami insurance claim lawyer.

First settlement offers are always low and are far too frequently accepted by financially desperate or unsuspecting injured parties. Before taking any settlement offer, it’s best to seek legal advice to find out if it is a full and fair offer. Another reason to not accept such an offer is that you might not be fully aware of the extent of your injuries and damages at that point. It might take weeks or months for your injuries to reveal themselves fully. If you accept the first settlement offer, you can’t later go back and ask for more money if your injuries are more extensive than you thought. Once you accept an offer, it’s final.

Contact Miami Insurance Claim Lawyer Today

Instead of accepting the first settlement offer you receive from the insurance company, reach out to a Miami car accident attorney at Flager Personal Injury Group. They can review your claim and your settlement offer to determine if what you were offered is fair and will cover your damages. More often than not, it’s not fair. 

By hiring an attorney, you can let the insurance company know that you are serious about receiving the compensation you are entitled to for your injuries. Your attorney can negotiate with them with the goal of obtaining a higher settlement. If the insurance company refuses to offer you a fair settlement, your attorney can litigate your case. Give us a call today at 305-424-8445 or reach out online to schedule your free case consultation and find out how we can help you.