Should I Accept the First Settlement Offer From an Insurance Company?

Paul Brannon | June 9, 2023 | Personal Injury

From car accidents to slip and fall accidents, personal injury incidents happen daily in Florida. 

For instance, over three hundred ninety-one thousand traffic crashes took place in Florida in 2022, according to the Florida Department of Highway Safety and Motor Vehicles (FLHSMV). More than 200,000 injuries and 3,000 deaths resulted from those accidents. 

The economic costs of car accidents in 2021 ranged from thousands to millions of dollars, per the National Safety Council (NSC). The average economic cost of property damage per vehicle was $5,700. For accidents resulting in disabling injuries, the average economic cost was $155,000. The economic toll of fatal accidents was even greater at $1,778,000. 

If you were recently involved in a personal injury incident and have received an initial settlement offer from an insurance company, you may wonder whether you should accept it. In reality, the first settlement offer is likely for less than what your claim is really worth. Read on to learn more so that you can protect your rights and interests.

Should I Accept the Insurance Company’s Settlement Offer?

The other driver’s insurance company might offer a settlement if you were involved in a car accident. Accepting the settlement, receiving some money, and moving on might seem desirable. However, it would be best if you were cautious about accepting the first settlement offer you receive.

The First Offer Is Likely Insufficient

The first settlement offer is often less than someone deserves and could receive under Florida law. 

It likely will not cover the full costs of your accident, including medical costs, lost wages, and property damage. And the initial proposed settlement likely will not even begin to account for your pain and suffering. 

Insurance companies do not act with your best interests at heart. Their goal is to make money. To make money, they may offer you the lowest possible settlement. The insurance company may hope that you will accept the lower amount. But by doing so, you could lose your rights to the full compensation you deserve.

You May Receive Greater Compensation in a Second Offer

Waiting and speaking to an attorney could be in your best interest. You could receive a greater settlement that provides significantly more compensation. 

In the event that you cannot come to a favorable agreement with the insurance company, Florida law protects your rights. You could make a personal injury claim against the individual responsible for your accident. 

Should you decide to take legal action and sue the individual responsible, you have the opportunity to convince the court of the individual’s negligence and liability. 

As a result of you taking additional action, your adversary may settle the case for a greater sum than the initial offer. Alternatively, if your case makes it to trial, the jury could find that the individual was negligent and order payment of monetary damages to you. However, most personal injury cases will settle for an adequate amount before making it that far.

How an Experienced Personal Injury Attorney Can Help 

If you have received a settlement offer from an insurance company, it is a good idea to consult with an attorney before making a decision. You could represent yourself and negotiate with the insurance company on your own. Yet having an advocate on your side can reduce the burden on you. A lawyer can give you invaluable advice, guidance, and legal expertise. 

An attorney could help you access your options following an accident. Your lawyer can negotiate on your behalf. 

A Florida personal injury lawyer can review the initial settlement offer. Your lawyer can explain the potential drawbacks and benefits of accepting the offer. 

Should you decide to bring a personal injury lawsuit, your attorney can take care of the legal process. This lets you can focus on recovery. 

Sometimes, insurance companies and adverse parties might try to claim that you contributed to an accident. This would reduce your compensation. 

When this happens, a personal injury lawyer can help. Your lawyer can gather evidence to support your case. This could include an accident report, security camera footage, and witness testimony. With evidence, your lawyer can work to show that your adversary was primarily responsible. 

Contact Our Personal Injury Law Firm For Help Today

If you need legal assistance, contact the personal injury lawyers at Brannon & Brannon Car Accident & Personal Injury Lawyers at your nearest location to schedule a free consultation today.

We have two convenient locations in Northwest Florida:

Brannon & Brannon Car Accident & Personal Injury Lawyers – Destin Office
4507 Furling Ln Suite 214
Destin, FL 32541
(850) 790-0243

Brannon & Brannon Car Accident & Personal Injury Lawyers – Fort Walton Beach Office
975 Mar Walt Dr
Fort Walton Beach, FL 32547
(850) 863-5297