Should You Accept or Reject a Car Insurance Settlement Offer in Fort Lauderdale?

Whether you accept or reject a car insurance settlement offer in Fort Lauderdale depends on the damages you have suffered. If the settlement offer does not cover your losses, you should reject it. The key is to know your damages, which most accident victims often underestimate. 

However, a Fort Lauderdale car accident attorney can investigate your accident and determine your full range of losses. Continue reading and learn how they handle car accident settlement disputes in Florida.

Should You Accept the Insurance Settlement After a Car Accident?

In most instances, the insurance company will be quick to reach out to you after a car accident and offer a settlement. You should not accept any initial offer from them. 

Most insurers are concerned with protecting their profits and less with your recovery, so they will give a low settlement offer after a car accident. They hope to settle your claim quickly before you know the true value, avoiding a larger payout. 

Do not succumb to their pressure to settle before you clearly know all he damages.

Risks of Accepting a Settlement Offer Too Soon

Many accident victims are unaware of the repercussions of accepting a settlement offer before knowing the full extent of their losses. First, once you sign a settlement agreement, you waive your rights to any future claims stemming from the accident.

Another common error is failing to account for your medical care. Without a proper diagnosis, you run the risk of underestimating your injuries, especially those injuries that may be obscured, such as internal organ damage, or have a delayed response, such as whiplash or a traumatic brain injury (TBI). 

Finally, many victims fail to recognize that any losses that the settlement does not cover will be their responsibility. If your expenses exceed the settlement value, you must pay the difference.

Factors to Consider Before Accepting

Before deciding to accept or reject a settlement offer, you should compile a list of all the losses, legally referred to as damages, you may have. Damages are typically broken down into two categories: 

Non-Economic Damages You May Seek

These damages are the most likely to be missed by most accident victims because they fail to account for the impact on their quality of life. These include such items as

• Pain and suffering
• Emotional distress and mental anguish
• Loss of enjoyment of life

It should be noted that under Florida’s no-fault system, these non-economic damages are not covered by your personal injury protection (PIP) policy. You must meet certain criteria before you can seek these damages. 

Economic Damages You Can Demand 

Most victims will recognize the financial losses they have suffered, such as: 

• Medical expenses
• Lost wages due to inability to work
• Property damage, including vehicle repair/replacement costs

However, another area where many accident victims make mistakes is understanding any long-term impact their injuries may cause. Victims should also consider the following: 

• Long-term medical care or rehabilitation
• Disability or permanent injuries 
• Reduced earning power or loss of income 

What Happens When You Reject a Car Insurance Settlement Offer?

When you reject the car insurance settlement offer, negotiations can continue. You can make counter offers, but you may need to include additional evidence, such as:

• Medical bills
• Repair estimates
• Pay stubs
• Doctor’s prognosis

Depending on your injuries, you may need to wait until you reach maximum medical improvement (MMI) to fully understand your medical care costs. You may also need to consult with experts, such as accident reconstruction specialists, financial advisors, and vocational experts. 

The insurance adjuster will review the new evidence and decide to either raise their offer or stand firm. 

If they stand firm, you may want to consider filing a lawsuit. 

How a Car Insurance Claim Lawyer in Fort Lauderdale Can Help

Depending on the severity of your injuries, the complexity of your case, or the willingness of the insurance companies to negotiate, it may be more practical to contact a lawyer. A lawyer can offer several services for a car accident victim, such as: 

• Understanding of Florida’s personal injury laws and insurance practices
• Resources to investigate and gather evidence, like medical reports, the police report, and expert testimony 
• Management of all communications and negotiations
• Legal representation if the case goes to court

Steps You Can Take Before Deciding on a Settlement Offer

In addition to consulting with a personal injury attorney before responding to the insurer, you should: 

• Document all your injuries and treatments
• Keep a record of all medical expenses
• Get multiple repair estimates for your vehicle.

We also recommend keeping a journal of your pain, medications, limitations, and emotional effects.

Consult With a Lawyer Before Accepting Any Settlement Offer

A Fort Lauderdale personal injury lawyer with The Law Offices of Wolf & Pravato can help you determine if you should accept or reject any settlement offer following your car accident. We offer free case consultations to get started and work on contingency, so you pay nothing up front. We only get paid if you win. Contact us today!

Call us today at (844) 643-7200.