Should I Accept a Settlement Agreement from the Insurance Company?
If you’re filing an accident claim, you may receive a settlement offer from the insurance company. That initial offer may seem tempting since it guarantees some money that you can use to address medical expenses and other bills.
But should you accept a settlement instead of going to trial?
Many clients come to our personal injury law office in the Tampa, Lakeland, Bartow, FL-area asking just that question. Let’s review the basics of legal settlements as well as the potential pros and cons of accepting settlement money.
What Is a Legal Settlement?
A legal settlement is a type of resolution between parties in a case. A settlement is typically reached before a case goes to trial. However, a settlement can occur after a case has gone to court but has not yet been completed.
Do I Have to Accept a Settlement Offer?
No.
You can reject an initial settlement offer and still collect compensation down the road. It can be rejected and negotiated as needed to ensure a better offer in the future.
Keep in mind that if you accept a settlement offer, you will not be able to continue negotiating for a better offer.
The Benefits of Accepting a Settlement
There are a few benefits to accepting an insurance company’s settlement offer.
Avoids a Costly and Time-consuming Trial
Court cases can take many months or even years to reach a resolution. Depending on the law firm, that could mean a lot of money spent on legal fees. (We work on a contingency fee basis, so legal costs are not an issue.) A settlement means you get to avoid a prolonged legal battle.
Keeps Many Details Private
When a case goes to trial, the details of what happened can be accessed by the public. If there are sensitive matters in your case or you’d like to maintain your privacy, it may be better for you to accept the settlement.
Guaranteed Payment vs. the Uncertainty of a Jury Verdict
There are no guarantees when a personal injury lawsuit goes to court. A jury may rule against you even if there is a strong case with evidence in your favor. A settlement is a guaranteed amount of money you can get for resolving your case out of court.
Why You May Still Want to Go to Trial
Even though a settlement agreement may seem like a good option, you may still want to take your case all the way to court.
A Good Settlement Cannot Be Negotiated
Insurance companies may try to lowball you on multiple settlement offers. If you cannot negotiate a settlement that properly accounts for the cost and hardships you’ve experienced, going to court will be the best option for receiving compensation commensurate with your injuries and losses.
The Importance of the Case
For cases with major social impact or that affect an industry’s practices, going to trial may be the best way to bring issues to light and help ensure lasting change. This is important to consider when a case involves defective products, major flaws with hospital policy or administration, or negligent corporate practices.
Contact Our Legal Team
To get help negotiating a settlement and properly weighing your legal options, contact our personal injury lawyers in Lakeland, Bartow, and Tampa. We can help you maximize your compensation and tell you how much your case is really worth.