Should I accept an insurance settlement right away?

No. In Kentucky, a no-fault insurance system state, the insurance company opens a claim file after your accident and calculates the number of damages. Then it issues a settlement check. Typically, the amount of the settlement check is far below what a fair and equitable settlement would realistically be.

You should not accept the first offer and appeal what you feel is an unfair settlement offer. Better yet, discuss your case with a knowledgeable Kentucky car accident attorney.

Kentucky has no damage caps, so you may recover non-economic and economic damages (including costs of vehicle replacement/repair, medical costs, rental vehicle expenses, pain and suffering, lost wages and so forth). That said, this is not something that you should be attempting on your own as there are far too many pitfalls when dealing with an insurance company whose first mandate is to diminish or dismiss any claims to save the company money.

An insurance adjuster has the authority to settle an auto accident claim within a specific dollar range. Typically they start near the bottom of the dollar range to try and settle the case as cheaply as possible for the insurance company. This is one of the reasons to not accept the first offer when negotiating a settlement.

Evaluating a claim takes a great deal of skill, something a highly trained lawyer can do without a problem. There are a lot of issues involved in assessing an auto accident claim, such as the cost of property damage to the vehicles, the total amount of medical bills, any scarring, disability, lost time from work, future costs and other expenses related to a plaintiff’s recovery. If an insurance company offers to settle at too low of an amount, the plaintiff would not be adequately compensated. It is important to know the value of your claim before accepting any offer. A Hessig & Pohl car accident lawyer can help you do this.