You've just been in a car accident on I-95 near Providence. You're shaken up, your vehicle is damaged, and you're not sure if your injuries will require ongoing medical care. A few days later, you receive a call from the at-fault driver's insurance company offering you a settlement. You may be tempted to accept the money and put the whole ordeal behind you, but doing so may become a costly mistake.
The experienced Rhode Island personal injury lawyers at Kirshenbaum & Kirshenbaum Attorneys at Law have seen countless accident victims accept lowball insurance settlement offers only to discover that the amount wasn't nearly enough to cover their expenses. Before agreeing to any settlement, it's crucial to understand the full extent of your losses and the long-term implications of your injuries. Here's what you need to know before accepting an insurance settlement offer.
Why Initial Insurance Settlement Offers Are Often Too Low
Insurance companies are in business to make money. One way they protect their bottom line is by minimizing payouts on claims. When you receive a quick settlement offer after an accident, it will likely be far less than your claim is worth.
Insurance adjusters know that most accident victims are in a vulnerable position. You may be in pain, unable to work, and watching medical bills pile up. They're counting on you to be desperate enough to accept any offer that comes your way.
However, the first offer is rarely the best. Insurance companies often use lowball offers as a starting point for negotiations, fully expecting you to counter with a higher amount. If you accept the first offer, you're letting the insurance company off the hook for anything beyond that lowball figure.
Factors to Consider Before Accepting an Insurance Offer
Before accepting any insurance settlement, consider the full scope of your losses, including current and future expenses.
Medical Costs
Your settlement should cover all accident-related medical expenses, including:
- Emergency room visits
- Hospital stays
- Diagnostic tests
- Surgeries
- Doctor's appointments
- Medications
- Physical therapy and rehabilitation
- Mental health care
It's essential to reach maximum medical improvement before settling your claim. This means you've recovered as much as you're going to, and your doctor can provide a clear picture of any ongoing care you'll need in the future. If you settle too early, you may have to cover future medical expenses yourself.
Lost Wages
Serious injuries often lead to missed work and lost income. Your settlement should compensate you for any wages you've lost due to the accident, plus any future income you'll lose if your injuries prevent you from returning to work or limit your earning capacity.
Property Damage
If your vehicle or other personal property was damaged in the accident, your settlement should cover the cost of repairs or replacement. You may also be entitled to compensation for the loss of use of your vehicle while it's being repaired or replaced.
Pain and Suffering
Not all accident-related losses are financial. Rhode Island law allows injury victims to seek compensation for non-economic damages such as physical pain, emotional suffering, mental anguish, inconvenience, and loss of enjoyment of life. These damages can be significant, especially in cases involving severe or permanent injuries.
How Rhode Island Laws Impact Your Accident Claim
It’s important to understand how Rhode Island law applies to accident claims:
- Fault-based system. The person who caused the accident is responsible for paying damages to the injured party, usually through their insurance company.
- Comparative negligence. Your compensation can be reduced by your own percentage of fault in the accident. Insurance companies may shift blame to the injured party to minimize their payout.
- Statute of limitations. Generally, you have three years from the accident date to file a lawsuit. You could lose your right to seek compensation if you miss this deadline.
A knowledgeable Rhode Island personal injury lawyer can protect your rights, ensure you're not unfairly blamed for the accident, and file your claim within the appropriate timeframe.
Protecting Your Rights with the Help of a Rhode Island Personal Injury Lawyer
Calculating the full value of your accident claim requires a thorough understanding of your current and future losses and a keen insight into how insurance companies operate. Trying to handle this process yourself puts you at a distinct disadvantage.
A skilled Rhode Island personal injury lawyer can:
- Thoroughly investigate your accident to gather evidence of liability
- Document the full extent of your losses, including future anticipated expenses
- Handle all communication with the insurance company on your behalf
- Negotiate aggressively for a settlement that fairly compensates you
- Take your case to trial if the insurance company refuses to make a reasonable offer
At Kirshenbaum & Kirshenbaum Attorneys at Law, we understand the immense physical, emotional, and financial toll an unexpected accident can take. You shouldn't have to navigate this challenge alone or settle for less than you deserve. Our experienced car accident lawyers are here to help.
