That offer from the insurance agent you can’t refuse? Refuse it.

If you’ve been injured from a car or truck accident, you are certain to receive a visit from the insurance agent. The insurance company sends the agent to visit you or call you in the hospital. The agent will seem like a friend, deeply concerned about your well-being and ready to make sure you get the compensation you need from your injuries.

If the Offer Seems Too Good to be True, It Is

The offer from the insurance company is not a total lie. In most cases they will give accident victims the money they promise. However, once you look more closely at the deal itself, it’s not nearly as good as it initially appears.

How Much do you Really Need?

The short answer is: More. Many people are surprised to learn just how much it costs to fully recover from serious injuries resulting from an auto accident. Costs resulting from auto accidents are almost always more than people expect.

  • Initial medical care: The initial medical response can be surprisingly expensive, especially if ambulances and the emergency room are involved.
  • Surgeries and medication: Other significant expenses include surgeries and medications needed to handle broken bones and internal injuries.
  • Long-term injuries: These are the most problematic of all the injuries in terms of compensation awards because it is difficult to gauge their full cost. In some cases, injuries can linger on for years, sometimes for the rest of an accident victim’s life, requiring ongoing medical intervention and medications.
  • Adaptive technologies and solutions: If you suffered particularly debilitating injuries, you will need any number of adaptive technologies. Wheelchairs, ramps, specialized driving solutions and alterations to your house could all be part of this equation. Obviously these adaptive solutions add up to significant costs.
  • Quality of Life: If you suffered serious long-term injuries, the quality of your life is affected in significant ways. Although there is no way to put a hard number on this, it is a significant factor, and you deserve to be compensated for it.

Limits to Insurance Payout

Although the offer from the insurance company will usually cover the initial medical care, initial surgeries and medications, that is usually where the money ends. Initial offers from the insurance company almost never cover much of anything further than these initial costs; they rarely cover the more expensive long-term costs associated with auto accident injuries.

The Big Problem with the Insurance Offer: You Lose Your Right to Sue

Insurance company offers come with a little hidden surprise: when you accept the offer, you lose your right to sue for further compensation from the insurance company. Most people don’t realize this. There are a number of official looking papers and documents that you have to sign before you receive the settlement, and the agreement to forgo your right to litigation against the insurance company is neatly tucked into one of these documents.

What Should You Do?

More importantly, what should you not do? Do not accept the insurance company’s initial settlement offer. Tell them you want to talk with your lawyer first, then call an experience legal team you can trust. At The Gold Law Firm in Memphis, Tennessee, we represent clients in all types of motor vehicle accident claims. We know how to handle insurance companies. Call us to schedule a free consultation.

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