After a car accident, receiving a settlement offer from an insurance company may feel like a windfall. You may be dealing with missed time at work, medical bills, vehicle repairs and trying to get your life back to normal.
However, accepting the first settlement offer may not be in your best interests. Once you accept that offer and sign a release, you likely won’t be able to return to the insurance company for additional compensation, even if your injuries turn out to be more severe than you originally thought.
What should a fair settlement look like?
Insurers have a financial incentive to resolve claims for less than the maximum amount they might otherwise have to pay. An early offer may be made before you know the full extent of your injuries. For example, a person who believes they have a minor neck injury may later discover they need physical therapy, injections or additional medical treatment. If they accept the initial offer, the payment may not cover their eventual expenses.
A fair car accident settlement should include several categories of damages, including:
- Medical expenses: These may include emergency care, hospital bills, physician visits, medications, rehabilitation, physical therapy and other necessary treatment.
- Lost wages and reduced earning capacity: If your injuries prevented you from working, you may be able to seek compensation for lost income. If your injuries affect your ability to work or earn the same income in the future, you must also consider that loss.
- Pain and suffering: You may be able to receive compensation for physical pain, emotional distress and other ways your injuries impact your quality of life.
Connecticut law can also affect your compensation and the amount you can recover. The state follows a modified comparative negligence rule. If you share responsibility for the accident, your compensation may be reduced in proportion to your percentage of negligence. If your negligence is greater than the combined negligence of the other parties, you may not be able to recover any damages from those parties.
It may be in your best interest to speak with a legal professional before accepting a settlement offer from an insurance company. They can review your situation, identify potentially recoverable damages and negotiate with the insurance company on your behalf.
