After an accident, the insurance company may offer a settlement to cover your damages. While it might seem tempting to accept a quick payout, how do you know if the offer is truly fair? Insurance companies often try to minimize their payouts, leaving victims with less than they need for medical bills, lost income, and other expenses.
If you were injured in Northbrook, IL, or the North Suburbs, understanding what makes a settlement fair can help you make the right decision. Here’s what to consider before accepting an offer—and why legal guidance can be critical.
What Does a Fair Settlement Cover?
A fair settlement should compensate you for both immediate and long-term losses. Before accepting an offer, consider the following factors:
1. Medical Expenses (Past and Future)
- Does the offer cover your current hospital bills, doctor visits, prescriptions, and therapy?
- Will it account for ongoing treatment, surgeries, or rehabilitation you may need in the future?
2. Lost Wages and Reduced Earning Capacity
- If your injuries forced you to miss work, the settlement should cover lost income.
- If your injuries affect your ability to work long-term, you may be entitled to compensation for reduced earning capacity.
3. Pain and Suffering
- Insurance companies often undervalue non-economic damages, such as pain and suffering, emotional distress, and diminished quality of life.
- A fair settlement should account for how the accident has affected your daily life.
4. Property Damage
- If you were in a car accident, does the settlement cover repairs or the full replacement cost of your vehicle?
5. Future Complications
- Injuries can worsen over time. If an insurance company pushes for a quick settlement, they may be avoiding responsibility for future medical costs.
Red Flags That Your Settlement Offer May Be Too Low
1. The Offer Comes Too Quickly
Insurance companies may offer a low settlement early on, hoping you’ll accept before realizing the full extent of your injuries. If you receive an offer before your medical treatment is complete, be cautious—it may not reflect your total damages.
2. The Insurance Adjuster Pressures You to Accept
If an adjuster insists that the offer is “the best you’ll get,” they may be trying to close your claim quickly to save money. You have the right to review, negotiate, and reject an unfair settlement.
3. The Offer Doesn’t Account for Future Costs
Some injuries require ongoing care, surgeries, or therapy. If the settlement only covers immediate expenses, you may end up paying out of pocket for future medical bills.
4. You Haven’t Consulted a Personal Injury Attorney
Without legal guidance, it can be challenging to assess whether an offer is fair. Insurance companies do not represent your best interests—they want to pay as little as possible. An attorney can evaluate your claim and determine if you deserve more.
How a Personal Injury Attorney Can Help
An attorney can help ensure a settlement offer is fair by:
- Reviewing your case to determine the full value of your damages.
- Negotiating with the insurance company to push for a higher payout.
- Filing a lawsuit if necessary to pursue full and fair compensation.
Most personal injury attorneys work on a contingency basis, meaning you pay nothing unless they win your case. Consulting a lawyer before accepting a settlement can prevent you from settling for less than you deserve.
Injured in Northbrook? Contact Stein & Shulman
If you’ve received a settlement offer after an accident in Northbrook, IL, or the North Suburbs, don’t settle for less than you deserve. At Stein & Shulman, LLC, we fight to ensure our clients receive full and fair compensation. Contact us today for a free consultation to review your offer and explore your legal options.
