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If you’ve ever been involved in a personal injury case, you may have been offered a settlement from the insurance company. This can leave you wondering whether or not to accept. At the same time, it may seem like an easy solution, but accepting a settlement offer from an insurance company may not be in your best interest.
The Pros of Accepting a Settlement
One of the benefits of accepting a settlement is that it offers a guaranteed payment. The amount may not be as much as you hoped, but it is secured and immediate. It also allows you to avoid a lengthy trial and the uncertainty that comes with it. Additionally, by accepting a settlement, you can avoid the fees associated with hiring a personal injury attorney and court costs.
The Cons of Accepting a Settlement
The main disadvantage of accepting a settlement is that it may not be the total amount you deserve. Insurance companies will try to lowball you, hoping you will get a smaller amount than you may receive if you go to trial. They may also pressure you to accept a fast settlement before all your medical treatments have been completed, which could leave you responsible for any future medical costs. Additionally, accepting a settlement means giving up your right to sue the responsible party for additional compensation.
Factors to Consider Before Making a Decision
Before accepting a settlement, it is essential to consider all the factors involved. Take into account the amount being offered. Does it cover your losses, medical expenses, and future estimated medical costs? If not, a settlement offer may not be your best choice. Also, consider the time it may take to go through a trial versus the immediate payment of a settlement. Can you wait months or even years before you receive a payment? Lastly, consider consulting with a personal injury attorney to help you make the right decision. They can offer legal advice and help calculate a fair settlement amount based on your injuries.
Baton Rouge Personal Injury Attorneys
At Chris Corzo Injury Attorneys in Baton Rouge, LA, we have extensive experience in personal injury law and have helped many clients navigate the settlement process. We understand the tactics used by insurance adjusters and will fight to ensure you receive a fair settlement. If you're considering accepting an insurance settlement, we encourage you to contact us today at (225) 230-3110 for a free consultation. We're here to help you make an informed decision and to advocate for your rights.