Should I Accept the First Accident Settlement Agreement Offer? All You Need to Know

Meeting an accident leads to several damages for which you will seek compensation. At times, insurance companies may sympathize with you for the accident; their primary aim is to reduce the compensation cost. Thus, you must never feel pressured after the first offer. If you are experiencing the same, contact a Queens personal injury lawyer. This article highlights whether you should accept the first accident settlement agreement offer. Let’s dive in!

Understand Insurance Settlement Offers 

An insurance settlement can be described as the total amount of money an insurance company is ready to pay as compensation for the damage caused to you. Generally, this offer is made after evaluating all damages, including personal, property, medical and hospital bills and more. 

Remember, insurance settlement is not the final amount paid to you. Most companies suggest 2 to 3 offers through the process. Thus, you must carefully consider every offer and seek a fair claim. 

First Offer And Its Implications 

The first offer you receive from the insurance company is not the final offer. However, most people get tempted and accept it, feeling they may lose all their money or when they need quick compensation. 

However, hiring a personal injury lawyer who can carefully analyze the agreement offer and the ramifications of accepting this offer is vital. Accepting the first offer means if you receive any information about the case later on, it is of no use. Additionally, the offer given firsthand is too low, so you should not consider it. 

How To Know If The Offer Is Fair? 

Here are factors that determine if the offer is fair or not: 

  • Type of the accident resulting in damage 
  • The severity and the extent of your injuries 
  • The overall value of the damages caused.
  • Evidence like photos and videos that can support your claim. 

Reasons To Reject The First Offer 

If you feel the offer does not cover the damages, you will most likely reject it. 

How Can An Attorney Help? 

A personal injury lawyer is an experienced professional who must have handled such cases before. They understand all complexities and possess excellent negotiation skills to negotiate with the insurance company for fair compensation. 

Wrapping Up 

In most cases, it is not advisable to accept the first accident settlement agreement offered by the insurance company. You must consider the advice of your lawyer.