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What is a Settlement?

Being in a car accident often means having to deal with insurance. These accidents can often be costly and traumatic, leading to mountains of debt. If you file a personal injury claim, you are generally entitled to compensation from the at-fault driver’s insurance. However, the insurance company will attempt to pay you very little for your pain and suffering in order to keep the company from losing any money. They will likely offer you a settlement offer, but don’t accept the first one. We will walk you through the settlement process, and why you should reject your first offer.

A settlement offer comes before a settlement agreement, but it’s important to understand what a settlement is before we unpack what comes in a settlement offer.

A settlement agreement happens when both parties come together to draw up what they are willing to offer, and what they are willing to receive. These often include monetary offers. There are two types of settlement agreements.

Lump-sum settlements would be paid to you all at once, while structured settlements are paid for a set number of years or the rest of your life.

Settlement offers require both the insurance and the injured party to agree with the terms put forth in the offer. Insurance companies will often offer the lowest amount that they can give you without going to court. They will often try to convince you that their first offer is the best one. However, they ignore the emotional and long-term distresses that you may have.

In order for you to get the best settlement with an insurance company, it’s crucial to hire a personal injury attorney, while also documenting everything that you have experienced since your accident. Insurance adjusters will more often want to settle with you out of court in order to avoid costly litigation.

We here at Greathouse Trial Law want what is best for you in your personal injury case. Contact us today for your free case evaluation. We aim to serve the great people of Atlanta, and to give a voice to the voiceless.

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