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Why You Should Speak to a Lawyer Before Accepting an Insurance Company’s Offer

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A settlement offer from an insurance company may tempt you to immediately say “yes.”

The possibility of receiving extra money may seem like an appealing prospect, no matter what your financial standing is. The risk of not getting anything in the future if you don’t accept the current offer may also influence you to grab the opportunity.

However, before you agree to a particular settlement offer, it’s a prudent move for you to consult with a lawyer first regarding your personal injury claims.

Insurance claims are complicated legal matters. You may not fully comprehend the legal implications of a settlement offer on your own.

A knowledgeable lawyer can enlighten you on the basic issues of your personal injury claims, such as liability and damages. As a result, he or she can empower you to make the best choice with regards to accepting a settlement offer or not.

Here are the crucial reasons why you should speak to a lawyer first while you are considering an insurance company’s settlement offer.

3 Reasons Why You Should Speak to a Lawyer Before Accepting an Insurance Company’s Offer

While you are wondering if you should agree to a settlement offer or not, a personal injury attorney can help you to:

  1. Identify the Motives of an Insurance Company

Settlement offers are usually worded in such a way that it appears to be advantageous to you. However, keep in mind that insurance companies are profit-oriented businesses, not charity institutions.

The reality is that they are not making you an offer for altruistic reasons. The sum that they are willing to give you is the end result of a mathematical process. It was calculated to be more beneficial to them than it is to you.

Take note that the objective of most insurance companies is to permanently end your claim as fast as they can by giving the lowest amount that they can.

In short, insurance companies will offer you an amount of cash that is appealing to you, and at the same time, will not cost them much. They usually suggest initial settlement amounts that are lower than what you are rightfully entitled to in order to give themselves space to negotiate with you.

A smart personal injury lawyer can help you pinpoint the true motives of an insurance company.

  1. Identify the Catch in Settlement Offers

Insurance companies will require you to sign a release agreement before they give you the settlement amount.

If you sign this release agreement, you are effectively agreeing that you no longer have the right to make a claim against the insurance company in relation to that specific accident or situation.

By doing so, you are letting go of your rights to future compensations. Your formal acceptance of a settlement offer is legally binding, according to the U.S. Department of Justice.

A personal injury attorney can help you analyze the legal jargon of the binding release document. He or she can spot if there are any major catches in the settlement offer.

An experienced lawyer can help you determine if it is worth signing the release agreement or not.

  1. Identify Your Legal Rights

While a settlement offer may seem attractive at first, it’s possible that the insurance company is offering you less than what you are actually entitled to.

A personal injury attorney can increase your knowledge and awareness regarding your legal rights. He or she can help you explore all the options that are available to you as well.

A skilled lawyer can help you maximize the benefits you can get from your personal injury claims.

Find the Right Personal Injury Lawyer Who Can Help You With Your Settlement Offer

You may be on the lookout for a trustworthy lawyer who can offer you sound legal advice regarding your settlement offer. You have various law firms to choose from if you live in the states of New York or New Jersey.

For example, Jacoby & Meyers is one of the potential choices for you. Such law firms specialize in personal injury claims and are well placed to consult you on whether to accept a settlement offer or not.

Ultimately, solid legal advice from a reputable lawyer will make it possible for you to make the right choice regarding your settlement offer from an insurance company.

 

 

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