Should I Accept A Settlement Offer?

At the Tampa law firm of Anderson & Anderson, we often hear the question, "Should I accept a settlement offer from the insurance company?"

The answer is unique to each person and each offer, but there are several things that can help you make that decision. Let's look at a few important considerations.

Are All Your Economic Losses Covered?

It is important to make sure that the offer is enough to cover all of the expenses and losses related to your accident. This may include:

  • Medical bills
  • Prescription medication costs
  • Compensation for lost work
  • Property damage

When considering your expenses and losses, it is important to think about not only the past expenses, but also the potential future expenses. Some injuries are long-term or even permanent. This means that the expenses will be ongoing.

It can be challenging to calculate costs for a long-term or permanent injury, but our Florida lawyers can help you determine an appropriate amount.

Is Your Pain And Suffering Accounted For?

A personal injury case often consists of much more than just the most obvious expenses. Many people suffer from mental damages related to the injury, as well. While these types of damages may be harder to document, they are legitimate and deserve adequate compensation.

Mental damages and other damages that are not necessarily tied to a specific expense are often grouped into the category of "Pain and Suffering." Pain and suffering compensation can be quite significant, so it is very important for victims to discuss it with an attorney to get the best chance of maximum compensation.

Does Anyone Else Have A Right To Reimbursement?

In some cases, other entities may have what is known as the "right of reimbursement." This essentially means that these entities have the right to take money out of your settlement.

For example, Medicare or another insurance company may have the right of reimbursement, and it may amount to significant money. Therefore, it is important to calculate how much of the settlement you will actually end up with. The insurance company may make an offer of $200,000, but when Medicare is able to claim $150,000 of that money, will the offer still be enough to meet your needs?

We encourage you to call Anderson & Anderson, at 813-251-0072 or 800-848-3024 for a free consultation about your specific case. You can also reach us via email.