New Jersey car accident victims generally require compensation for their injuries. So, if an insurance company offers you a settlement, should you take it or fight for more?
While it might be tempting, New Jersey car accident victims generally shouldn’t accept the first settlement offer they receive from an insurance company. A first offer is rarely sufficient to fully compensate victims after a crash. Instead of accepting an initial offer, victims and their attorneys should evaluate a settlement and negotiate with an insurance company. Knowing when to move on and pursue litigation against a negligent driver is crucial. If you accept a lowball initial offer from an insurance company, you might lose your opportunity to file a lawsuit for greater damages in New Jersey.
Our attorneys are dedicated to helping car accident victims throughout New Jersey recover the compensation they deserve. For a free case evaluation with the New Jersey car accident lawyers at Legal Care, call today at (732) 838-9769.
What Should I Do After Getting a Settlement Offer from a New Jersey Car Insurance Company?
After a car accident in New Jersey, victims might file a claim with their personal injury protection (PIP) insurance or a negligent driver’s liability insurance. Regardless of which carrier you file a claim with, it is unlikely that the first offer you receive will be sufficient to cover the cost of your injuries. Instead of accepting the first offer you get, hire a New Jersey car accident lawyer. Your attorney can help you evaluate the offer, negotiate with an insurance company, and decide when it’s time to move on.
Evaluate
Evaluating a settlement offer from a New Jersey car insurance company can be difficult. Whether you file a claim with your PIP insurance carrier or a negligent driver’s liability insurance carrier, it’s important to evaluate your initial offer. Insurance companies often hope injured victims will accept the first offer they put forth out of a need for immediate compensation. Because of that, initial offers from insurance companies are often very low.
Your Jersey City car accident lawyer can help you evaluate the first settlement offer you receive from an insurance company. Having an experienced attorney by your side is important, as they can calculate your losses and compare your damages to a car insurance company’s offer. If the numbers aren’t similar, chances are the settlement offer isn’t good enough.
Negotiate
If you and your New Jersey attorney deem an initial settlement offer insufficient, it’s time to negotiate. Your lawyer can contact an insurance adjuster to inform them of your desired settlement amount. Within this response, it is important to include any additional evidence of damages that supports your claim.
The negotiation process can be challenging for New Jersey residents who don’t have an experienced attorney by their side. Unfortunately, car insurance companies may attempt to confuse you during this time or entice you to misspeak, delaying or derailing your claim. Allow your New Jersey attorney to handle any settlement negotiations with an insurance company so that you can focus on recovering after a car accident.
Accept or Reject
After you go back and forth with a New Jersey insurance company, it is time to accept or reject a settlement offer once and for all. Often, insurance companies fail ever to offer a sufficient settlement amount to car accident victims. It’s important to know when it’s time to move on and pursue a lawsuit against a negligent party. While you might feel inclined to accept a first or second settlement offer from an insurance company, the reality is that you may be able to claim greater damages in a car accident lawsuit. If you are still unsure, your Newark car accident lawyer can explain the pros of walking away from insurance settlement discussions and filing a lawsuit against a negligent driver.
What Happens if I Accept the First Offer from a Car Insurance Company in New Jersey?
As a general rule, New Jersey victims should not accept the first settlement offer they receive from a car insurance company. It’s unlikely that an initial offer will thoroughly compensate you for economic and non-economic losses. More importantly, once you accept an insurance settlement, you may be barred from recovering compensation via a New Jersey car accident lawsuit.
Once you receive compensation, whether through a lawsuit or an insurance claim, you can’t pursue it elsewhere. Unfortunately, New Jersey car accident victims may be unaware of this and accept the first settlement offer they receive because they require immediate compensation for their injuries. Since an initial settlement offer is often very low, victims may be left without the means to pay their medical bills and other out-of-pocket expenses related to an accident. In addition, insurance settlements, especially initial offers, rarely compensate victims for non-economic damages. Because financial losses are not the only damages car accident victims incur, closing the door on non-economic damages is often unacceptable.
If you accept the first settlement offer from a New Jersey car insurance company, you may not recover sufficient compensation for your injuries. When victims choose to file a lawsuit from the get-go, they stand to recover substantial economic and non-economic damages. If you’re unsure whether or not you should pursue litigation against a negligent driver, consult a Paterson car accident lawyer. Your attorney can estimate the damages available to you in a lawsuit and help you recover them so that you can begin to heal after a devastating car accident.
Call Our New Jersey Lawyers After Your Car Accident
If you were recently injured in a car accident in New Jersey, our attorneys can help. For a free case evaluation with the Elizabeth car accident lawyers at Legal Care, call today at (732) 838-9769.
