As a victim of personal injury in New York, you may face high medical bills, lost wages, and other losses. The insurance company might reach out with a settlement offer to help cover your damages. Thus, you may wonder, ‘Should I accept the injury settlement?’
It may be tempting to immediately accept the offer to pay your mounting bills. However, taking a step back and evaluating the offer is a good idea. Doing so will help you make an informed decision. You can also consult a New York Personal Injury Attorney and ask for their guidance. Here’s why you should carefully consider a NY injury settlement before accepting.
The Insurance Company May Be Trying to Lowball You
Like any other firm, insurance companies are in the business of making profits. Soon after suffering an injury, the insurer may contact you with a settlement offer. That settlement may be lower than what you are entitled to. Insurance providers do this to save money.
If you accept the low settlement, it benefits the insurance company’s bottom line. You must first understand the value of your case before accepting an offer. Consider seeking the help of a personal injury attorney. They can help you identify a lowball offer and assess the value of your case.
You May Not Know the Full Extent of Your Injuries Yet
You should have a thorough understanding of your injuries before accepting a settlement. Compensation is usually based on the severity and long-term impact of your injuries.
Say, for example, you accept an offer without fully knowing the severity of your injuries. You may end up with compensation that doesn’t cover the total costs of your medical bills and other damages.
After an accident, it can take time for the full extent of your injuries to become apparent. So, wait until you know how bad your injuries are before accepting a settlement.
You May Not Have Reached Maximum Medical Improvement
It’s advisable to reach maximum medical improvement (MMI) before accepting a settlement. MMI refers to the point at which your condition is stable and isn’t expected to improve further with medical treatment. Reaching MMI allows you to accurately assess the full extent of your injuries. It also enables you to understand the long-term impact the injuries may have on your life.
Reaching MMI lets you obtain a detailed medical report. The report will outline the following:
- The extent of your injuries
- Any ongoing treatment
- Ongoing rehabilitation
Such information is crucial in determining the value of your claim. It can also help in negotiating a fair settlement.
Accepting a NY injury settlement before reaching MMI isn’t advisable. You may not fully understand the long-term impact of your injuries. Hence, you might accept a settlement that doesn’t cover the full cost of your losses. An attorney can help you understand the value of your claim and negotiate a fair settlement.
You May Not Be Aware of All the Damages You’re Entitled To
After receiving a settlement offer, it’s normal to wonder, ‘Should I accept the injury settlement?’ Before you accept an offer, ensure it covers all the damages you suffered. Most people know that they can recover compensation for medical costs. However, personal injury damages encompass more than medical bills.
You may also claim compensation for lost wages if your injury made you unable to work. You may also obtain compensation for property damage. It reimburses you for any damage or loss to your personal property. Injured parties can also claim non-economic damages, which are subjective. They include:
- Pain and suffering
- Loss of enjoyment of life
- Emotional anguish
- Scarring and disfigurement
Accepting a settlement without knowing all the damages you can claim is risky. You may end up not receiving the full compensation you deserve. A lawyer can assess your case and identify the damages you can claim.
You May Lose Your Right to Sue in The Future
By accepting an offer and signing a settlement agreement, you’re waiving your future rights. If your injuries worsen or additional damages arise, you can’t sue for more money.
So, consider the potential consequences of accepting an offer before making a decision. If you’re unsure about the terms of the settlement, seek the help of a personal injury attorney. The lawyer can offer legal advice.
Consult a Personal Injury Attorney Before Accepting a Settlement
When faced with a settlement offer, do not be too quick to accept it. Assess the offer to check if it covers the full extent of your losses. Doing so will help you answer, ‘Should I accept the injury settlement?’ You can also consult a lawyer to advise you on the best course of action.
Michael J. Redenburg, NY Personal Injury Lawyer
There is no law requiring you to have a lawyer when filing a personal injury claim after an accident. However, working with an experienced personal injury lawyer can make all the difference in the outcome of your case. Why risk being unfairly compensated and not having recourse to fix it? When you hire a personal injury lawyer from our team, you pay nothing upfront. We work on contingent fees that are only collected if we win your case. If we don’t win, you don’t pay.
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If you’ve been injured and someone else is at fault, contact Michael J. Redenburg, Esq. PC and get the wheels of justice spinning for you. Call 212-240-9465 now to schedule your free, in-office consultation.