Should I accept the insurance company’s settlement offer?

In the days and weeks following an injury, you may receive a settlement offer from the insurance company. You may feel pressured to accept their offer or worried that you’ll lose the chance to receive a payout if you don’t accept right away. But you are under no obligation to do so. It is important to understand that it can take months or even years to realize the full impact or extent of your injuries. The long-term impact of those injuries could affect your ability to work, quality of life, and more. This is often something that takes time to properly assess. 

IMPORTANT! If you agree to an insurance company’s settlement offer, you give up your legal right to pursue a personal injury claim. It is best to assess the full extent of your injuries and how they will affect your life before you accept an offer. Please note that you have a maximum of two years from the date of the accident to file an injury claim in Alberta.

What comes next?

First, get assessed by a medical professional right away (even if you think you feel fine). Then proceed with any recommended appointments or therapies. Your doctors and treatment providers will be able to determine the full extent of your injuries and how those injuries could impact your life long-term. Those medical reports can also become essential pieces of evidence if you ever decide to file a claim.  

Talk to an injury lawyer before accepting any offers.  

After seeing your doctor, it is a good idea to consult a personal injury lawyer. In some cases, it may be in your best interest to accept the offer from an insurance company. In others, consulting an injury lawyer could mean the difference of thousands of dollars. Getting the settlement, you deserve can be incredibly helpful in compensating for loss of ability to work, the cost of therapies, and impacts to your quality of life. An experienced injury lawyer will be able to review the details of your situation and give you an estimation of how much money you may be entitled to receive. They can also guide you to additional supports or resources that you may not be aware of, such as Section B Benefits.  

Is my claim capped?  

Not sure what that means? In Alberta, the amount of money you can claim for certain soft-tissue injuries may be capped at approximately $5,000 (this number is adjusted yearly for inflation). While it is possible that one or some of your injuries (whiplash, for example) might be capped, it does not mean that you are not eligible for a claim for other injuries you have (such as a broken hand that prevents you from working at your typing job as a receptionist). This is a complex area of law, and some people mistakenly believe that their injuries are capped. It is best to consult an injury lawyer to find out what your options are and where you might be able to claim compensation.  

Have questions? 

Contact us today to speak with our legal team. At Litco Law, consults are always free, and you are never under any obligation to hire us. If a claim is not in your best interest, we will always tell you.