What Questions Should You Ask Before Accepting a Settlement?

Getting a settlement offer after an accident can be a big relief. Medical bills may be piling up, you may be missing work, and you may want to put the entire situation behind you. Insurance companies know this. In many cases, they make settlement offers before an injured person fully understands the extent of their injuries or losses.

Before accepting any settlement offer, it is important to ask the right questions. Once you settle a personal injury claim, you usually cannot go back and ask for more money later if additional problems arise. A Georgia personal injury lawyer can help you determine whether the offer currently on the table is in your best interests.

Does this settlement cover all of my current losses?

One of the first questions to ask is whether the settlement accounts for all of your current damages. These include medical expenses and other financial losses arising from the accident.

Read your bills carefully before you agree to a settlement. If some expenses haven’t been included, accepting the offer may leave you responsible for paying them yourself.

You should also look at whether you’ve had any out-of-pocket expenses you might’ve forgotten about, such as the cost of your prescriptions or other expenses arising from the accident.

Have I reached maximum medical improvement?

Many people receive settlement offers while they are still undergoing treatment. Before accepting an offer, ask whether your doctors believe you have reached maximum medical improvement.

Maximum medical improvement means your condition has stabilized and doctors have a better idea of your long-term prognosis. If you settle before you get to this point, it can be hard to know what future treatment may be needed.

Some injuries take weeks and even months to heal. You may not notice chronic pain, mobility limitations, and other complications right away. Waiting until your medical condition is better understood can help make sure future costs are accurately accounted for.

Will I need future medical treatment?

Another thing to consider is whether you’ll need ongoing medical treatment once the settlement is finalized. Future treatment may consist of physical therapy, medical equipment, or visits to specialists. These costs can be high. If they aren’t included in your settlement, you’ll likely have to pay for them yourself.

A settlement should cover not only your existing medical bills, but also reasonable future medical expenses you will incur as a result of the accident.

Does the settlement account for lost earning capacity?

Many people focus on the wages they have already lost because they missed work. But some injuries impact a person’s ability to earn income in the future.

For example, an injury could stop someone from returning to the same job or limit the number of hours they are able to work. In extreme cases, a person may be unable to work in their chosen profession at all.

Before you agree to a settlement, find out if the offer considers any long-term impact on your ability to earn a living. A Georgia personal injury lawyer can help you evaluate this issue, given the facts of your case.

Does the settlement compensate me for pain and suffering?

An injury can impact almost every facet of normal life. Under Georgia law, emotional distress, pain, loss of enjoyment of activities, anxiety, and other non-economic damages associated with an injury can be compensated. There are no receipts or invoices for these damages, but they can still greatly affect a person’s quality of life.

Ask yourself if the settlement reasonably reflects the physical and emotional effects of your injuries. An offer that only covers medical bills and lost wages may not compensate you fully for what you have been through.

What rights am I giving up by accepting the settlement?

Many accident victims do not realize that accepting a settlement usually requires them to sign a release. A release is the legal document signed by the injured party releasing all claims against the at fault party in exchange for the settlement proceeds. Generally, a release would release the responsible party from all other claims related to the same accident. If your condition worsens later or you develop new complications, you cannot reopen the claim after the settlement has been finalized.

Make sure you know what rights you are giving up and if you are prepared for the consequences before you sign anything.

Have I identified all potentially responsible parties?

Another key question is whether all responsible parties have been identified. Some accidents are caused by more than one person or company. For example, a truck accident might involve a driver, a trucking company, a maintenance provider, or others. A premises liability claim could include more than one property owner or business.

If you have not looked into all potentially liable parties, you may not know the full value of your claim. Settling too quickly could prevent you from pursuing compensation from other parties who may be liable.

Why am I being pressured to settle quickly?

Companies usually want to settle claims as fast as possible. Some settlement offers may be reasonable, but pressure to accept an offer immediately should be a red flag.

Before deciding whether to settle, you should have a complete picture of your injuries, losses, and legal rights. If you are feeling rushed or pressured, it may be wise to take additional time to review the offer and consult with legal counsel.

The consequences of accepting a less-than-adequate settlement can last for years. One of the most important things you can do is to take the time to evaluate your options.

Should I speak with a lawyer before making a decision?

If you have suffered an injury due to someone else’s negligence, the lawyers at Harris Lowry Manton LLP can help you understand your options and assess any settlement offer you may receive. Before accepting a settlement, contact a Georgia personal injury lawyer about your case. Doing so can help you avoid costly mistakes and make a more informed decision about your future.