What Does It Mean to Accept a Settlement Agreement?

Most personal injury cases don’t make it to trial. Instead, the insurance company will offer the accident victim a settlement agreement, which is a sum of money intended to make up for medical bills, lost wages, and other costs related to their injuries.

Accepting a settlement offer that’s too low can result in financial catastrophe, especially if you’re badly injured and unable to work. This guide explains the basics of settlement offers to help you make the right decision.

What to Expect After Accepting a Settlement Offer

Acceptance of a settlement deprives you of the right to pursue future damages. In the event new symptoms arise from your injuries, or you secure new information that supports a larger settlement, you will be unable to seek out additional funds from the insurance company.

How to Determine Whether a Settlement Is Right for You

While most insurers conduct themselves with integrity, some will offer a lower settlement initially in the hopes that the accident victim will simply accept it. Additionally, it can be difficult to determine what amount of money is appropriate for your injuries. There are many factors to consider, such as costs for ongoing medical treatment, funds needed to support basic living needs, and money for any pain and suffering the negligent incident caused.

Because there are so many variables, you must consult with an attorney before accepting the money offered. An attorney will be able to review the facts of the case, including information provided by medical professionals. They will also be able to calculate future costs, which can be an issue for people experiencing a permanent disability or chronic pain conditions.

Our attorneys at Hinkle Law Offices, LLC have seen the damage negligent people cause others firsthand. That’s why we launch such a passionate defense of our clients, whether they’re involved in a car accident or have experienced nursing home abuse

Schedule a consultation at our Albuquerque law firm by calling (505) 883-4357 today. You can also contact us to learn more about our practice areas.