What Should You Consider Before Accepting a Settlement Offer? (2024)

Once you settle a personal injury case, you cannot sue the liable party for more money. This fact alone underscores why you should consider the full extent of your injuries and damages before accepting a settlement offer. If an insurance company offers you compensation, do not sign any paperwork or verbally agree to anything until you talk to a legal professional first.

It is not uncommon for insurers to offer compensation to injured parties. They make these offers quickly to resolve the matter for as little money as possible. This usually happens before victims can assess the full value of their injury cases.

You can talk to an Atlanta personal injury lawyer from John Foy & Associates to ensure you can pursue a monetary award that fairly compensates you.

Review All Injuries As You Consider Accepting a Settlement

Before you can request financial compensation for your losses, you must know what they are. An attorney working to recover your accident injuries can first evaluate them to determine what a reasonable settlement is. They can:

• Quantify medical expenses: Collect all billing statements, invoices, and receipts related to treating your injury. Your documentation should cover the costs for hospital stays, doctor’s visits, medications, medical devices, physical therapy, and future medical treatments or rehabilitation costs.
• Calculate lost earnings: If your injury made you miss work, you can include the income you lost. You can also include the money you would have earned (i.e., future earning capacity) if your injuries temporarily or permanently changed your work status.
• Determine the cost of your non-economic damages: These losses include pain and suffering, mental anguish, emotional distress, and other hard-to-measure damages with no fixed dollar amount.
• Assess property damage: If you must repair or replace damaged property in a negligence accident, you can add this loss to your compensation case.

Other Losses to Consider Before Settling an Injury Case

If you require long-term care for injuries or illnesses after an accident, you can account for this cost. This includes future surgeries, home or vehicle modifications for a disabling injury, or long-term mental health therapy or counseling.

When you carefully review all aspects of your case, you can rest easier knowing you have considered what your financial recovery looks like. In short, any settlement offer you accept should cover your total losses and take into account how an accident could affect your future.

How a Personal Injury Lawyer Can Lead Your Negotiation

You can use a proposed insurance settlement offer as a starting point for negotiation. A personal injury lawyer from John Foy & Associates can guide you through this process and:

• Handle your entire case, giving you support that allows you to focus on treating your injuries.
• Prepare for any claim disputes if the insurer decides to challenge your claim.
• Review the deal’s proposed terms and counter any weaknesses.
• Identify the compelling evidence that supports your position for a higher monetary award.

Expert professionals could provide critical case evidence. They can explain the full extent of your injuries and damages, boosting your compensation claim.

When Should You Accept a Settlement Offer?

Before accepting any settlement offer, you can have a personal injury attorney review it. If they advise that the offer is fair and in your best interest, accepting it may be the right move. The time frame depends on your situation.

Generally, you should accept the offer only after you know the cost of your damages and understand your future care needs. If the settlement offer is fair and can help you avoid going to court, accepting it could resolve the matter.

What Happens If I Accept a Settlement Offer?

If you accept a settlement offer, you and the other party will sign it. The document will outline the settlement’s terms, including the agreed-upon compensation amount.

You should read it entirely and ensure you understand it. A settlement agreement is legally binding—once you sign it, you cannot change it. As part of the agreement, you will likely sign a release form, giving up your right to pursue further legal action.

As mentioned earlier, once you accept the settlement, you cannot seek more money later, even if your condition worsens or you incur more expenses. After the parties sign the agreement, the insurance company or the defendant will issue the settlement check. The time frame for receiving this check can vary, but the settlement agreement typically specifies it.

What Happens If I Don’t Accept a Settlement Offer?

If you don’t accept a settlement offer, negotiations could continue. Your attorney can make a counteroffer, present more evidence, and continue to pursue a settlement that meets your needs. If talks stall, you could opt to undergo mediation or arbitration.

Mediation involves a neutral third party (a mediator) who helps both parties agree to a resolution. It can lead to a compromise without a trial. Arbitration is a more formal proceeding than mediation. It involves an arbitrator or a panel making a binding decision after hearing both sides.

Your lawyer can review which approach works for your case.

Suing After Negotiation Talks: Should You?

If you and the opposing party cannot reach an agreement, you might be able to file a lawsuit. This moves the dispute into the court before a judge or jury. They can decide your case after reviewing the evidence.

It’s important to consider the risks of not accepting a settlement offer. If you take your case to trial, you could receive less than the initial settlement offer or even nothing, depending on what happens at trial.

When Negotiation Talks Can Put Your Right to Sue at Risk

Sometimes, negotiations can run long, especially if an insurer draws out settlement talks. Your lawyer can tell you when it’s time to consider filing an injury lawsuit.

In Georgia, injured parties generally have two years to sue for damages in civil court, per O.C.G.A. § 9-3-33. This time limit starts on the date of the injury or accident. The time you spend on negotiations is included in this window.

If the insurer runs out the clock on your claim, you risk losing your right to sue. You can file a lawsuit and continue with negotiation talks. This doesn’t stop the talks, but it protects your right to file your case within the state’s statute of limitations.

Call Today Before Accepting a Settlement Offer – Free Consultation

If you or a loved one recently received a settlement offer, you can review it with an injury lawyer at John Foy & Associates. It’s important to carefully consider any settlement offer with an attorney who can help you understand the offer and determine if it properly compensates you.

You should not accept the first settlement offer without knowing key information that could affect your financial outcome. This is a significant decision, as it not only provides immediate payment but also closes the door to any future incident-related claims.

Contact us today for a free consultation. We will advise you on your legal options and next steps.