Considerations when contemplating an insurance settlement

You know that insurers do not remain in business by paying out on every claim; thus, an offer of a settlement from an insurance company following an accident should be expected. Yet just how hard should your stance be on accepting a settlement? As we here at The Gold Law Firm tell many of our clients in Shelby County, an insurance settlement offer is not something to always be summarily dismissed out-of-hand. 

So how are you to know when to accept an offer? The answer to that question relies on your willingness to put in a little extra effort on the side to ensure you are being treated fairly. Say that you are involved in a car accident, and your insurer sends an adjustor out to inspect the damage and provide you with a quote. Knowing that quote will almost certainly be on the lower end of what your circumstances might require, you should most definitely have your own assessment done to obtain a repair quote from an independent third party. 

On top of a repair quote, you will also want to ensure that if you or anyone in your family was injured in your accident, you know precisely what sort of medical treatment is needed (remember too that according to the Rocky Mountain Insurance Information Association, increases in medical costs have exceeded the rate of inflation in recent years). After considering these two factors and consulting with a professional, you should come up with a number you are willing to accept. If your insurer's settlement quote is within reasonable distance of that number, you should weight the advantages of accepting it compared to the potential difficulties you may encounter by continuing to pursue a claim. 

More information on dealing with insurers can be found by continuing to explore our site. 

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