When Should You Accept A Settlement From An Insurance Company

When Should You Accept A Settlement From An Insurance Company
source: usalaw.com

Navigating the aftermath of an automobile accident in Manhattan can be difficult, especially when negotiating with insurance companies. One of the most important decisions you will make is whether or not to say yes to a settlement offer from an insurance company.

Understanding the optimal timing to accept a settlement might seem odd. An experienced Manhattan, KS Car Accident Attorney can help adequately guide you, ensuring that you receive the best possible compensation for your case and do not have to pay for accident-related expenses out of pocket.

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Is it okay to accept a settlement offer from an insurance company after an accident?

The settlement procedure usually starts with the insurance company offering the first settlement offer to cover damages, including medical bills, income loss, and car repairs. If your attorney considers the offer insufficient, as is often associated with initial settlement offers, they can ask for a greater amount.

This discussion generally involves presenting more evidence or paperwork to support the need for increased compensation. If an agreement is reached, you must sign a release of liability and agree not to pursue any other legal action as a condition for the agreed-upon settlement money.

How long does it take to receive a settlement after a vehicle accident?

Getting the right settlement offer can take time. Insurance companies profit from your rush to settle before the total cost of losses and injuries is disclosed. Although each case is unique, this represents a basic timeframe for a car accident settlement:

  • Quick aftermath (days 1 to 3).

During this time, you will need medical attention. You might also support your claim by acquiring initial proof. This includes crash scene pictures, witness information, and a police report.

  • Insurance notification (days 1–10)

You should tell the insurance company as soon as possible following a car crash. Give basic information about the car accident, including the date, location, and people involved. Also, reveal that you got hurt and requested medical attention. Do not discuss or accept fault, as this may jeopardize your claim. Adhere to the facts that you know.

  • Medical treatment and recovery (days, weeks, or months)

After a medical examination, you will begin treatment. The duration of treatment will be determined by the extent of your injuries and their effect on your life. 

  • Submitting the claim (weeks or months)

Once you have completed the initial stages, you will have to file a car accident claim with your insurance company. This can be a complicated task. 

  • Collecting evidence (weeks to months).

During this time, a lawyer will gather evidence to support both the legitimacy of your wounds and the other driver’s misconduct. 

  • Settlement offer and negotiations (1–6 months)

During this phase, the insurer may propose the first settlement offer. Your attorney is going to bargain against the insurance company by making counteroffers.