The Right Time to Settle
One often overlooked but vital factor in a personal injury claim is the strategic timing of when you accept a settlement offer from the insurance company. Sometimes, the closer you get to a lawsuit and then a trial on the merits of a case, the more pressure there is for an insurance company to offer you higher settlement amounts. On the other hand, if you are able to negotiate a successful settlement without the cost of litigation and a trial, you may take home more in real compensation at the end of the day.
Your course of medical treatment also impacts the strategic timing of offers. An insurance company will never offer “pay-as-you-go” for your medical bills. Instead, it will want to write you one check, one time in exchange for a release from ever having to speak with you again. For that reason, sometimes injured people will settle with the insurance company too soon, only to discover later that completing their medical treatment will cost far more than anyone realized at first. Unfortunately, at that point their leverage with the insurance company is gone, because they have already signed away their rights.
If you have questions about whether or not it is the right decision to accept an offer to settle from an insurance company, contact an attorney. The personal injury attorneys at Zinda Law Group will be happy to speak with you in a free consultation to determine your rights.