Why Shouldn’t I Take the Settlement Offer from My Car Accident?

Car accidents in North Dakota can have profound and lasting effects on individuals. In the aftermath of an accident that wasn’t your fault, the car insurance company will likely reach out to you and offer you a certain amount of money to pay for your injuries and other damages. If you take that offer, you avoid going to trial and everything’s over pretty quickly. That’s called “settling.”

However, before considering the option of settling, it’s important to recognize the gravity of this decision. In a state where traffic conditions and weather can contribute to the frequency of accidents, understanding the consequences of settling is crucial.

Fargo car accidents are not uncommon

North Dakota itself experiences a notable number of car accidents every year. In 2021, there were 9,585 total crashes in the state that resulted in 3,947 injuries and 101 fatalities. While there was a downward trend in the number of accidents and injuries for a few years, those numbers seem to be picking right back up again. Drivers in Fargo are not immune to accidents like these, either. With how often car accidents occur right in our area, it’s important to be aware of how you should proceed with a case.

Don’t settle until you speak with a lawyer, especially if you’re injured

After a severe car accident, especially if injuries occur, deciding whether to settle becomes an important decision. Accidents have lasting effects, often leading to months or years of pain, both physically and mentally. This results in needing extensive medical treatments.

For those dealing with the aftermath of a severe accident, settling truly may not be in their best interest—at least not before talking to an attorney. Injuries bring about various challenges, including rising medical bills and disruptions to daily life. Adequate compensation becomes essential to cover these injury-related costs, whether it involves ongoing medical treatments, physical therapy, or the need for long-term care. In reality, the cost of these injuries can range from $24,000 to upwards of $1.7 million, depending on severity. Individuals must consider the entire scope of their recovery when assessing settlement offers. While that initial settlement offer may look appealing, Fargo car accident victims should exercise caution regarding potential drawbacks.

This doesn’t mean that all settlements are bad, but the pros and cons should be carefully weighed. It’s also highly recommended to work with an experienced car accident attorney for help negotiating the appropriate amount.

You can claim many different kinds of damages for a car accident in Fargo

After a car accident, it’s really important to know the different types of losses you can claim. This knowledge ensures that any settlement you agree to is fair and covers all the ways the accident affected you and your life.

When it comes to seeking compensation, what you qualify for can stretch across various areas. This involves covering medical expenses like hospital bills, medications, and rehabilitation costs. It also includes property damage, like vehicle repair or replacement and damage to personal belongings within the car. Compensation for lost income addresses time off work due to injuries and the potential loss of future earning capacity. Pain and suffering compensation takes into account both physical and emotional distress, acknowledging their impact on daily life. Additionally, seeking compensation for disability covers long-term physical impairments and damages related to lasting changes in appearance resulting from the accident.

Insurance companies prioritize profits over people

Another factor to consider is that the primary objective for insurance companies is often centered on saving money. This is not surprising, given the nature of their business, but it introduces a dynamic where your best interests may not necessarily align with theirs. When dealing with insurance companies, it’s important to recognize this misalignment of interests. While you’re seeking fair compensation and a resolution that addresses your needs, their primary goal remains rooted in financial efficiency.

One thing to note is the “lowball game” tactic often used by insurance companies. The initial settlement proposal they offer often serves as a prime example. These proposals frequently come in at a lower value than what might be fair or sufficient. It’s a tactic aimed at minimizing the financial impact on the insurance company, and unfortunately, it may not fully consider the full extent of your losses and needs.

As a result, here’s a warning: saying yes to an offer too quickly, without thinking carefully, might not be the best idea for you. It’s important to look at any settlement offer with a careful eye. If needed, get advice from a professional to make sure the terms match up better with what you’ve really lost and need. In dealing with insurance negotiations, being patient and thinking things through are crucial to getting a fair deal that takes care of your needs both now and in the future. When in doubt, leave the negotiations to the professionals.

Settlement offers are final

Once you agree to a settlement offer, that decision is final and binding. Accepting settlement also closes the door on any possibility of revisiting the case later for additional damages. Unlike ongoing legal proceedings where you might have room for further claims or adjustments, settling means you’ve reached a resolution that concludes the matter.

This emphasizes the importance of careful consideration before accepting an offer, as it’s essentially a one-time decision that foregoes the opportunity to seek further compensation for unforeseen consequences or additional damages that may appear later on. In the legal context, the acceptance of a settlement is like closing a chapter, and it’s important to ensure that you’re fully satisfied with the terms before making this final commitment.

If you have suffered injuries in a car accident during and are considering taking a settlement, the experienced legal team at Larson Law Firm, PC is here to help you with negotiations. We’ll help you understand the full range of compensation you could be awarded for your injuries, making sure you receive what’s fair. For a free consultation, contact our offices or fill out our contact form. We handle accident cases on a contingency fee basis. With offices in Fargo, Bismarck, and Minot, our dedicated team is here to support you every step of the way.