SKIP TO CONTENTAfter weeks of waiting, the insurance company has finally sent you a settlement offer. The amount seems fair, but is it really? Many accident victims accept low settlement offers that don’t fully cover their damages. This is problematic because once you’ve accepted the offer, you can’t go back and ask for more injury later.
Below, an Oklahoma personal injury attorney explains how to tell if your settlement offer is fair or far too low.
Is Your Settlement Offer Good Enough?
The simple answer is: Your settlement offer is fair if it fully covers your damages. If it doesn’t, the offer isn’t good enough.
Here’s an explanation of the damages your settlement might cover to help you determine whether your offer is fair.
Medical Expenses
Whether you’ve been in a car accident or a slip-and-fall accident, you’re likely to have plenty of medical bills. These might include bills for ambulance transportation, emergency care, surgery, and follow-up appointments for the injury.
Medical bills can total thousands of dollars even if you have good insurance. Make sure your settlement offer fully covers your medical bills before accepting.
Lost Wages
Have you needed to take time off of work after your accident? If so, the value of your lost wages can be significant. Your Oklahoma personal injury attorney must provide copies of recent pay stubs to the insurance company to prove your lost wages.
Property Damage
If you’ve had a car accident, your settlement offer should include money to repair or replace your car. The trouble is that the insurance company might undervalue your car and give you much less than you think it’s worth. They might also argue about the necessity of certain repairs.
Call an Oklahoma injury attorney if the insurance company doesn’t offer a fair amount for property damages.
Pain and Suffering
Insurance companies frequently don’t offer enough money for pain and suffering. That’s because pain and suffering are a type of non-economic damage, which means it’s harder to calculate the value of injury.
If you suspect insurance is undervaluing your pain and suffering, contact an Oklahoma accident lawyer.
Emotional Distress
Like pain and suffering, emotional distress is non-economic. It includes things such as fear, anxiety, depression, humiliation, and embarrassment. An injury compensation attorney in Oklahoma can help you calculate a fair value for your emotional distress lawsuit.
Are Insurance Settlements Negotiable?
Insurance settlements are often negotiable, allowing policyholders to potentially secure a higher payout than the initial offer. When an individual files an insurance claim, the insurance company will evaluate to determine the appropriate settlement amount. This initial offer may not always fully cover the extent of the damages and losses suffered by the policyholder. Therefore, it is crucial for individuals to understand that they have the right to negotiate with the insurance company to reach a settlement that accurately reflects the true value of their claim.
Negotiating an insurance settlement requires thoughtful preparation and a clear understanding of the policy coverage and the extent of the damages incurred. It is essential to gather all relevant documentation, such as medical bills, repair estimates, and any other evidence supporting the claim. By presenting a well-documented case and possibly enlisting the help of a professional, such as a public adjuster or attorney, policyholders can effectively negotiate for a fair and reasonable settlement. Through open and constructive communication with the insurance company, policyholders can work towards reaching a mutually agreeable resolution that adequately compensates them for their losses. Ultimately, understanding that insurance settlements are negotiable empowers individuals to advocate for themselves and seek the full compensation they deserve.
What To Do If Your Settlement Offer Is Unfair
If the insurance company sends you a low settlement offer, the first thing you should do is call a personal injury lawyer law firm in Oklahoma. Your attorney will tell you whether the offer is fair, and if it isn’t, they will negotiate with the insurance company for more.
During negotiations, the insurance company might ask for more proof of your damages. Your personal injury lawyer in Oklahoma can help you gather this proof, which may include:
- Copies of all medical bills and expenses paid out of pocket
- Evidence that you can no longer work or had to switch to a new job
- Photos and video footage of the accident scene
- A daily journal outlining how the accident has affected your life
- Statements from professional witnesses, such as doctors and accident reconstructionists
- Truck black box data (if you had a semi-truck accident)
Legal Representation for Personal Injuries in Oklahoma
If you think your settlement offer is unfair, you don’t have to accept it. Instead, contact Bryan Garrett PLLC. Attorney Bryan Garrett will help you calculate your damages, gather evidence, and negotiate with the insurance company for a fair amount for an injury. For a free consultation with an Oklahoma personal injury attorney, call (405) 725-2661.
