If you suffer a personal injury and are in the process of deciding whether to settle the case with an insurance company, it is critical to weigh the pros and cons before deciding.
In addition, be sure to discuss your thoughts with an experienced, competent attorney who can answer your questions and explain the relevant areas of law.
Pros of settling
When we think of the benefits of settling with an insurance company, the following come to mind:
- Guaranteed compensation
- Faster resolution
- Less stress
Accepting a settlement offer means you get a certain amount of money within a specific period, naturally making you feel at ease and less stressed than the alternative. However, there are cons, too.
Cons of settling
Whether you should settle or go to trial is a decision you must make with your attorney. Some disadvantages of accepting a settlement offer are:
- Potential underpayment
- Loss of legal rights
- Lack of public accountability
In other words, you risk getting less money and losing the right to sue again, and you may not feel that the other party did everything they could to make you whole.
Before accepting a settlement offer, sit down with your attorney and evaluate the full extent of the injuries and damages and the likelihood of getting more compensation if you go to trial. While there are no guarantees, we can help you make that determination by providing you with the information and knowledge you need to make an informed decision.