Questions to Ask Before Accepting a Settlement Offer

Money is the last thing you want to worry about when you're injured. Nevertheless, medical bills pile up, and your income may be affected, so it's understandable that you might be tempted to take any settlement offer that comes your way. But remember that a settlement offer is just that: an offer. You can decline if you doubt its fairness. The following questions will guide you in making the right decision on when to accept a settlement offer.

What Is the Total Amount of the Offer, Including All Damages and Legal Fees?

Consider the total amount of the offer, including all damages and legal fees. The total amount of the request can indicate how much the other party will pay to settle the matter. Find out if the offer includes all damages and legal fees. If it does not, you may be responsible for paying some or all of the additional costs.

Finally, you should also get details on whether the offer is fair and reasonable. If it is not, you may want to continue negotiating with the other party to reach a more satisfactory agreement. If this is a bit much for you, that's exactly what our personal injury lawyers are for. We will negotiate with an insurance company on your behalf and have your best interest at heart. We negotiate settlements for cases like:

• Motorcycle accidents 
• Nursing home abuse
• Trucking accidents
• Premises Liability
• and more

How Does the Offer Compare to What You Could Potentially Receive If You Went On Trial?

Before accepting the offer, compare the offer to what you could potentially receive if you went to trial. For example, suppose the request is significantly lower than you could receive at practice. In that case, you may want to continue negotiating with the other party or consider talking to an experienced lawyer willing to take the case to trial. Remember, insurance companies have teams of lawyers that want to pay out the least amount possible. They are not looking out for you but for their bottom line.

What Are the Risks of Going to Trial?

While there are some risks with going to trial, most cases are settled outside of court.  If you consider accepting a settlement offer, you should weigh the risks and benefits of going to trial and when to take a settlement offer. Make sure you have an experienced team of lawyers on your side during the negotiations.

What Is Your Likelihood of Winning at Trial?

Your likelihood of winning at trial will depend on the facts and circumstances of your case. If you have strong evidence in your favor, your chances of winning at practice will be higher. Talk to an experienced attorney to estimate your chances of success at trial and when to accept a settlement offer.

How Much Money Will I Receive If I Accept the Offer?

If you accept the offer, you will receive the total amount of the offer minus any legal fees and other costs. This is typically the most significant portion of the settlement, and it is essential to consider how much you will need to cover your immediate expenses.

When Would I Receive the Remaining Money from the Settlement Offer?

The remaining money from the settlement offer will typically be paid out within a few months, although this varies from case to case. This is important to consider, as you will need to make sure that you can cover your expenses in the meantime.

Are Any Other Costs or Expenses I Would Be Responsible for as Part of the Settlement Agreement?

There may be other costs or expenses that you would be responsible for as part of the settlement agreement. For example, you may need to pay for your medical treatment or for the cost of repairing your property. Therefore, you've to consider such charges before accepting a settlement offer.

Can I Still Pursue a Lawsuit against the Defendant If I Accept Their Settlement Offer?

Often, you will not be able to pursue a lawsuit against the defendant if you accept their settlement offer. This is because the settlement agreement includes releasing all claims, which means you will give up your right to sue the other party. Check with an attorney for exceptions to this rule and allow them to guide you on when to accept a settlement offer.

What Are the Risks of Accepting a Settlement Offer?

The most significant risk of accepting a settlement offer is that you may end up with less money than you'd have if you had gone to court and won.
Again, there may be other costs or expenses that you would be responsible for as part of the settlement agreement. Finally, you should also be aware that accepting a settlement offer typically means giving up your right to sue the other party.

Will Accepting This Settlement Offer Release the Defendant from Any Future Liability in this Case?

In most cases, accepting a settlement offer will release the defendant from any future liability in this case. But there are exceptions; check with an attorney before taking any settlement offer. They'll guide you on when to accept a settlement offer. You should also be aware that accepting a settlement offer will typically mean you will give up on suing the other party for any future damages.

Consider all the factors involved in a settlement offer before making a decision. You should ensure that you understand the terms of the offer and that you are comfortable with them. Make sure you are getting a fair and reasonable amount of money. Always consult with an attorney before accepting any settlement offer.

Contact John M. McCabe Law Today

If you're being pressured to accept an insurance settlement and it's not what you need to cover costs, we can help. Call the car accident lawyers at our office today.