Should I Take the Insurance Company’s Settlement Offer?

Dec 18

Dealing with insurance claims can be time-consuming and stressful, and you may think that it is in your best interest to accept whatever settlement is offered by an insurance company. 

Many factors can help you decide if you should accept an insurance settlement. One of the key resources that you should utilize when it comes to insurance claims and settlement offers is to consult with an experienced car accident attorney


What is a Reasonable Settlement Offer?

Once you’ve received a settlement offer, there are some questions that you should consider before accepting. It’s best not to accept the first offer you’ve received right away, as you’ll want to determine whether it covers all of your medical expenses for your accident, lost wages, personal property damage, temporary transportation, and pain and suffering. You can consider all damages that you have incurred and will continue to incur from your accident. Insurance companies make their offers sound tempting, but you will discover they often provide far less compensation when you understand them.

If you have not determined the total for those factors, you and your attorney should determine those amounts together. If you are still incurring medical expenses and will continue to do so for some time after receiving your settlement offer, you’ll want to consider those expenses as well. Once you’ve accepted your settlement offer, you will not be able to receive more compensation regarding the accident, so you want to be sure that you’re getting enough to cover all that you may need both now and in the future.


What Happens if I do not Accept the Settlement?

You should remember that you do not have to accept the settlement offer you’re given from an insurance company. At times, an insurance company may provide a rushed settlement offer as they would like to settle the matter before you incur more medical expenses. 

Insurance companies are businesses and often do not have your best interests in mind. If you and your attorney have determined that the settlement offer you’ve received is not adequate, you may negotiate for more. Your attorney will communicate with the insurance company so that you don’t get talked into agreeing to an amount that isn’t fair. Insurance companies will try to find a way to get your acceptance of the lowest amount possible, which is why having your attorney assist is the best way to negotiate an insurance settlement offer. 

If you and the insurance company cannot come to terms with an amount, you and your attorney may choose to file a lawsuit to pursue a different outcome so long as it is within the state’s statute of limitations.


Call an Indiana Car Accident Lawyer Today!

If you are looking to speak with a personal injury attorney, reach out to our Indiana law firm of Blackburn and Romey today for a free consultation. We can evaluate your rights and options at no cost, so contact us as soon as possible. 


Tom Blackburn

Blackburn Romey founding partner Tom Blackburn graduated with honors receiving a degree from Indiana University at the Robert H. McKinney School of Law. Initiating his legal career in 1977, he has been active in practicing law and currently serves as a member of the Indiana State Bar Association on the Ethics and Advertising Committees, the American Bar Association, the American Association for Justice, as a board member at the Indiana Trial Lawyers Association, and as an appointed member of the Executive Committee for the State of Indiana for the National Trial Lawyers Association.

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This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by Founding Partner, Tom Blackburn, who has more than 47 years of legal experience, including over 39 years specializing as a personal injury attorney.