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How Do I Know if the Insurance Company is Offering a Fair Settlement?

by  on  News & Resources

If you were injured in an auto accident, received medical treatment and have been dealing with your insurance company on your own, there is a decent chance that your insurer will eventually make an offer to settle your claim. In fact, this offer may come fairly quickly, and you may be tempted to accept so that you can pay your medical bills and move on.

But, is this really the best decision? How can you know for certain whether your insurance company is treating you fairly or trying to take advantage of the fact that you aren’t represented by an attorney? What losses are you entitled to recover, and how do you calculate those losses to may sure you do not settle for less than you deserve?

Don’t Settle for Too Little Too Soon

Auto accident victims settle with the insurance companies every day. Sadly, most of these individuals do not have a clear understanding of their legal rights, and they wrongly assume that their insurance companies will voluntarily pay what they owe. As a result, they settle for payment of their repair costs and outstanding medical bills, and they move on not realizing that they may have been entitled to much, much more.

This can be an extremely costly mistake. If someone else was at fault in your accident, you are entitled to compensation for all of your injury-related losses. This includes past and future losses and all forms of financial and non-financial harm. The only way to truly know if you are receiving a fair settlement is to have a clear understanding of the value of your claim, and this means understanding both (i) the types of losses you can recover, and (ii) the amount of each type of loss you have endured (or will endure in the future).

Does Your Settlement Offer Include Compensation For. . .

Medical Expenses

If you have suffered a severe injury, you could need ongoing medical treatment for years, if not decades, to come. Do you have a clear understanding of the future costs of your medical care?

Prescription Costs

Prescription costs can add up significantly over time. How long will you need prescription medications, and what will they cost you at the counter?

Loss of Income

In addition to these (and other) out-of-pocket costs, you are also entitled to compensation for your current and future loss of income. Does your settlement offer include adequate compensation for your loss of earnings and lost future earning capacity?

Pain and Suffering

Did you know that you are entitled to additional compensation for your pain and suffering? This is typically calculated as a multiple of your financial losses.

Other Non-Financial Losses

Under Colorado law, if someone else was at fault in your accident, you are entitled to compensation for various other non-financial losses as well. Does the insurance company’s offer include compensation for your emotional trauma, scarring and disfigurement, and loss of enjoyment of life?

Our Personal Injury Attorneys Will Evaluate Your Settlement Offer for Free

If you have been dealing with your insurance company after an auto accident in Denver and would like to speak with a personal injury attorney about your rights, we encourage you to contact us for a free consultation. To find out what your case is worth, call  303-333-8000 or tell us about your situation online today.