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You are here: Home / Blog / Should I Accept a Car Accident Settlement Offer?

Should I Accept a Car Accident Settlement Offer?

June 29, 2018 by Christopher

Once you sign a settlement offer you absolve the insurance company from any liability going forward. Here’s what you should be aware of before accepting a settlement offer.

signing settlement agreement

If you are in an auto accident in Missouri, then the at-fault driver or their insurance company is responsible for paying for any resulting damages and injuries. The problem is that although an insurance policy is meant to ensure that someone is compensated wholly, that is not the insurance company’s number one priority.

A settlement is an offer that an insurance company will make to those who are injured in an accident to stop the case from escalating to trial.

It is an amount that is meant, not to make sure that the victim is compensated to the fullest, but to limit the insurance company’s losses by offering the least amount possible.

If you are offered a lowball settlement price, and you think that taking it would be settling for less than you are entitled to, you are probably right.

Do You Know How to Calculate Non-Economic and Economic Losses?

Unless you are an expert in car accident injury law, you may not understand how to calculate both non-economic and economic injuries. Economic injuries might be easier to figure out. They are a combination of all the medical treatment and lost revenue you have due to your injuries. Non-economic damages are different. They are not concrete like economic damages.

How to Calculate Non-Economic Damages

To figure out how much your injury is worth, you have to know how to use either the multiplier method or the per diem method of calculation. If you don’t calculate your injury correctly, you will not know how much they are worth and you could end up not getting all that you deserve.

To ensure that you get all that you are entitled to for your car accident injuries, it is an excellent idea to speak with a St. Louis car accident attorney. Using your medical bills and other documents, your attorney can come to a quantitative amount of what your experience related to the accident is.

Since non-economic damages are not concrete and include pain and suffering and emotional distress, there is going to be a lot of wiggle room between what the insurance company thinks your anguish is worth and what a St. Louis car accident lawyer defending you thinks it is worth.

If an insurance company offers you a settlement, and although you don’t feel it is enough, you are tempted to take it, don’t. Having a lawyer look over your claim is the best way to ensure you are getting the full amount you deserve.

Once more, if you do sign it, then you absolve the insurance company from any liability going forward.

To make sure that your legal interests are protected right from the start of your claim, call us 24/7 at (314) 361-4242 for a FREE case evaluation.

Filed Under: Blog Tagged With: Car Accident Claims

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    Copyright © 2021 The Hoffmann Law Firm L.L.C.
    The images included on this site are not actual attorneys, events, or clients. The choice of a lawyer is an important decision and should not be based solely on advertisements. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.Attorney Chris Hoffmann handles car and truck accident claims throughout Eastern Missouri and Western Illinois. He represents injured clients in St. Louis, St. Charles, St. Peters, Clayton, East St. Louis, Alton, Hillsboro and Belleville, and other cities in St. Louis County, St. Charles County, and Jefferson Country, MO, and St. Clair County and Madison County, IL.