When Should You Settle Your Auto Accident Claim?

When Should You Settle Your Auto Accident Claim?

In most cases, recovering financial compensation after an auto accident involves negotiating a settlement with the insurance companies. When attempting to negotiate a settlement, it is critical to ensure that you have a thorough understanding of your legal rights. If you do not know what your case is worth, and if you do not know when the insurance companies are justified in denying claims for compensation, then you will have no way of knowing what constitutes a fair settlement in your case.
So, when should you settle your auto accident? Here are five important points to keep in mind:

1. Insurance Companies Want to Minimize Your Recovery.

First, it is important to understand that the insurance companies’ sole focus is on minimizing your financial recovery. Even though you pay for coverage, and even though they may say otherwise on television, the insurance companies are not there to help you in the event of an accident.

2. Even Though Florida has a “No-Fault” Auto Insurance Law, You May Still Be Entitled to Fault-Based Compensation.

Second, while Florida is among the minority of states that have adopted a “no-fault” auto insurance law , you may still be entitled to fault-based compensation. You may be able to file a claim against the other driver’s insurance company If you have suffered a “significant and permanent” injury; and, if a third party (such as a road construction company or the other driver’s employer) was at fault in the accident, then you can seek full financial compensation for your accident-related losses.

3. Even “Minor” Auto Accidents Can Result in Substantial Losses.

Third, even if you were involved in a “minor” accident, you cannot assume that your financial losses are minimal. The forces involved in vehicle collisions can – and often do – result in severe internal injuries, and these injuries can require extensive medical treatment as well as ongoing therapy and rehabilitation. If you are unable to work as a result of your injuries, you may also be entitled to compensation for your loss of income.

4. There are Costs Involved in Pursuing a Successful Claim for Compensation.

Fourth, there are costs involved in pursuing a successful claim for compensation. From medical bills and investigation expenses to court costs and attorneys’ fees, in order to make an informed decision about settling your claim, you need to know exactly how much you can expect to take home.

5. Not All Auto Accident Cases Settle Prior to Trial.

Finally, if you have suffered substantial losses as the result of an auto accident, it is important to accept the possibility that your case may go to trial. While most auto insurance claims settle, some do not. If the insurance companies are unwilling to pay just compensation for your losses, your best option may be to take your case to court.

Speak with a Miami Auto Accident Lawyer for Free

If you have been injured in an auto accident in Miami, our attorneys can help you seek maximum compensation for your injury-related losses. To make sure you do not settle your claim for too little too soon, call us at (305) 265-2266 or request a free consultation online today.

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