One of the trickiest aspects of settling a car accident claim is determining when the right time to settle is. If you settle too early or late, you could possibly miss out on a larger offer from the insurance company. To help you decide if you should settle now, here are some factors to consider.
If you were injured in the car accident and are currently receiving medical treatment, it might be wise to wait on settling. You do not want to settle your claim before your condition is stable and you know what your future holds. Ideally, you should reach your maximum medical improvement before settling.
Without a clear picture of your final medical expenses or the possibility for future expenses, it is impossible to determine how much compensation you should receive for your injuries. If you settle before you know, you likely will miss out on compensation you could have received for a recurring injury that resulted from the car accident.
Ideally, the settlement offer you receive from the insurance company will be fair and take into consideration all of the injuries and damages you suffered. Unfortunately, there is a good chance that the insurance company will offer you a settlement that is less than what you feel your case is worth. When this happens, you need to decide whether or not you can live with what is offered.
If you feel the offer was too low, you have the right to counter offer with a more acceptable amount. To justify the counter offer, you need to explain to the insurance company exactly why its offer was unreasonable and why yours is more acceptable. Your attorney can help you with both assessing the offer received and crafting a counter offer.
Current Financial Status
Although you should focus on getting the fairest settlement for your claim possible, your current financial status could play a role in whether or not it is time to settle. If you are forced to be off from work while recovering from your injuries or you are unable to get back and forth to work because your car was totaled in the accident, the settlement could provide some relief.
It is important to note that although your financial status should be considered, you should not let a monetary crisis push you to accept an offer that is extremely low. Before deciding, talk to your car accident attorney. He or she might have some available solutions to help you handle a tricky financial situation until the case is resolved.