Should I Accept the Initial Truck Accident Settlement Offer?

Should I Accept the Initial Truck Accident Settlement Offer? This may be your question after a truck accident. You should not accept the initial offer but seek advice from a qualified truck accident attorney before agreeing to an offer from an insurance company. Often, the initial offer is lower than the actual value of your case, and accepting a truck accident settlement offer may prevent you from seeking additional compensation later if your expenses turn out to be higher than expected.

Truck after accident. truck accident settlement

Despite the financial pressures that come with an inability to work and mounting medical bills, it’s crucial to fully understand the extent of your injuries before considering a truck accident settlement offer. Contact Ankin Law at (312) 600-0000 for assistance negotiating a settlement offer after a truck accident.

How Do Truck Accident Settlement Offers Work?

523,796 large truck accidents occurred in the United States in 2021, with 101,000 of these resulting in injury. After an Illinois truck accident, the individual or company at fault must provide compensation for resulting damages. Legal action against the trucking company or driver is one avenue for seeking this compensation. Alternatively, you may negotiate a truck accident settlement offer without going to court. In either scenario, the assistance of a truck accident attorney is invaluable.

What Is a Settlement Offer?

A settlement offer is a proposal for monetary compensation presented by the defendant to the plaintiff to resolve all disputes and release the defendant from liability before a trial. The court will document and enforce the settlement if the plaintiff agrees to the offer. However, if the plaintiff rejects the offer and no alternative agreement is reached, the case will proceed to trial. Parties tend to agree to settlement amounts to create certainty, as it is impossible to know the outcome of a trial beforehand. It resolves the dispute quicker than going to trial and saves the legal costs of a lawsuit.

When Is a Settlement Offer Made?

A settlement offer can be made at any stage of litigation, right up until the trial.

Demand

Your lawyer will assess the value of your claim based on damages, case strength, and liability. He or she may then submit a demand package to the at-fault party’s insurance. A demand letter should include your name, accident details, at-fault party’s name, liability statement, damages, compensation amount, and evidence. Effective demand letters are concise and let the facts speak for themselves.

Response and Negotiation

After receiving the letter, the insurance company has several options. First, they may accept your demand, provide compensation, and settle the matter. Alternatively, they could make a counteroffer, which you can accept to receive the car accident insurance payout and settle the issue. Another option is for the company to refuse the claim entirely or not respond.

At this stage, there are three possible outcomes. If the initial offer or counteroffer is accepted, the matter is resolved. If the insurance company accepts the claim but neither the claimed nor offered amount is accepted, negotiations begin. Alternatively, if an agreement cannot be reached or the insurance company denies the claim, you can pursue legal action.

What Happens After Settlement Is Reached?

After reaching an agreement with the defendant’s insurance representatives, further procedures must be followed before you can receive compensation.

Signing the Release Form

After reaching an agreement, the insurance company will send you a release form to sign, covering all of your accident-related damages. Your truck accident lawyer will review the details and advise on whether to sign and proceed with the settlement. Typically, a release form relieves the defendant and their insurance company from further liability once signed, and may include non-disclosure terms required for issuing a settlement check.

Issuing the Settlement Check

The insurance company usually waits to send a check until it has a signed release form. After receiving the form, the company will process your payment and send a check to your personal injury lawyer’s office.

Receiving the Check

When you have an attorney, the settlement check will usually be sent to their office. The attorney will then deposit the check into a trust account and wait for it to clear. After the check clears, outstanding medical debts, legal fees, or other costs related to your case will be paid out. This process helps prevent future legal action for unpaid bills related to your case.

Once your attorney settles all case-related expenses, they will issue a new check for the remaining settlement amount. This check will be mailed to you, and you can deposit it and use the funds as you need.

Factors to Consider Before Accepting a Truck Accident Settlement Offer

Once you accept the offer, you forfeit the right to revisit and claim further compensation from the insurance policy of the party at fault, even if you later find that the agreed amount was insufficient to cover your injury. Therefore, it’s crucial to assess the following factors to decide if the offered amount is fair:

The Full Cost of Your Expenses

When pursuing compensation for a personal injury, many individuals focus on medical expenses and property damage. However, personal injury claimants are also eligible to seek compensation for other impacts and costs resulting from the injury. These include lost wages, pain and suffering, as well as future medical and psychological needs arising from the injury in the long term.

Determining these costs isn’t immediate. Personal injury attorneys often recommend to wait until reaching maximum medical improvement. At this stage, your doctor assesses that further significant recovery from the injury is unlikely. At this point, a more accurate calculation of medical expenses can be made, and a clearer understanding of the injury’s future medical requirements can be obtained.

Loss of Income and Future Earning Capacity

A reasonable truck accident settlement offer should cover the income, benefits, and other earnings you missed out on due to your injury, and consider how the injury might affect your ability to earn in the future.

Severe injuries, such as those to the brain or spinal cord, can lead to disabilities that prevent the injured person from earning an income. However, even injuries that are not deemed severe can still impact future earning potential if you must take on a different, lower-paying job or reduce your workload to accommodate the injury.

Future Expenses and Pain and Suffering

Sustaining a permanent injury can hinder a person’s capacity to generate income, and can lead to additional expenses, such as the requirement for home healthcare or placement in a long-term care facility. Additionally, it may result in complications necessitating future hospitalizations. Many injuries and resulting chronic pain can restrict an individual from resuming regular activities. Enduring prolonged periods of pain can have psychological implications that warrant compensation. A fair resolution should encompass compensation for both physical pain and suffering.

Don’t Accept the First Offer

When you’re offered an initial truck accident settlement from the insurance company after a truck accident, it may seem tempting to accept. However, these early offers are often much lower than the actual value of your damages. If you agree to settle, you’ll forfeit your right to seek further compensation later. It’s best to view the initial offer as a starting point for negotiations, and it’s important to have an attorney review any offers before making a decision.

Benefits of Consulting With an Attorney

Having an attorney is crucial in truck accident settlement negotiations. An attorney can provide guidance on what to do after a truck accident in Illinois. Attorneys evaluate settlement offers, considering accident severity, injuries, and state laws. They also know how long you have to file a truck accident lawsuit, to avoid running out of time while negotiating. Their representation increases the chance of receiving a fair truck accident settlement from insurance companies.

Evaluate Your Damages and the Fairness of an Offer

Your attorney can evaluate truck accident settlement offers to ensure they fully compensate you for things like medical expenses, property damage, and emotional distress. An attorney will likely know the average settlement for a commercial vehicle accident, and how truck accident investigations work, to ensure that an adequate investigation has been carried out. Attorneys consider the accident’s severity, the at-fault party’s liability, and long-term damages to determine if the offer is fair. They aim to ensure you’re not shortchanged by accepting an inadequate truck accident settlement.

Negotiating Better Terms

Dealing with insurance companies during negotiations, especially when the at-fault driver’s insurance adjuster is involved, can be difficult. Attorneys are adept at negotiating and understanding the tactics used by insurance companies to reduce settlement amounts. They can negotiate better terms on your behalf.

Attorneys can leverage experience to negotiate personal injury settlements and understand the tactics used by insurance adjusters. Hiring the right attorney shows the insurance company you are serious about getting a fair settlement.

Contact us at Ankin Law after your truck accident for assistance securing favorable settlement terms for you and to receive the support necessary to make well-informed decisions regarding any settlement offers.

Chicago personal injury and workers’ compensation attorney Howard Ankin has a passion for justice and a relentless commitment to defending injured victims throughout the Chicagoland area. With decades of experience achieving justice on behalf of the people of Chicago, Howard has earned a reputation as a proven leader in and out of the courtroom. Respected by peers and clients alike, Howard’s multifaceted approach to the law and empathetic nature have secured him a spot as an influential figure in the Illinois legal system.

Years of Experience: More than 30 years
Illinois Registration Status: Active
Bar & Court Admissions: Illinois State Bar Association, U.S. District Court, Northern District of Illinois, U.S. District Court, Central District of Illinois