400 N Walker Ave #130, Oklahoma City, OK Phone: 405-605-2426
You’re dealing with the aftermath of a car accident in Oklahoma. Medical bills are piling up, you’re missing work, and your car is in the shop. The at-fault party’s insurance company has offered you a settlement, but you’re unsure if it’s enough to cover your losses. You don’t want to settle for less than you deserve, but you also don’t want to face the uncertainty of a trial.
Accepting a settlement offer is a big decision. Oklahoma law entitles you to compensation for your medical expenses, lost wages, pain and suffering, and other accident-related losses. However, insurance companies often try to minimize payouts to protect their bottom line. To ensure you receive a fair settlement, you need to understand how to value your claim and negotiate effectively with the insurance company.
The Components of a Fair Settlement Offer
A fair settlement offer should cover all the damages you’ve suffered due to the accident, including:
- Medical Expenses: All current and future medical bills related to the accident, such as hospital stays, surgeries, medication, physical therapy, rehabilitation, and therapy expenses.
- Lost Wages: Compensation for income lost due to missing work and any future earning capacity reduction caused by the accident if your injuries prevent you from returning to your previous job.
- Property Damage: The cost of repairing or replacing your vehicle and any other personal property damaged in the accident.
- Pain and Suffering: Compensation for the physical pain and emotional distress experienced due to the accident, such as anxiety, depression, or post-traumatic stress disorder (PTSD).
- Permanent Disability or Disfigurement: Compensation for long-term or permanent effects of your injuries and any necessary adjustments to your lifestyle and work capabilities.
What is considered a fair settlement offer for a car accident in Oklahoma?
A fair settlement offer adequately covers all the damages you’ve suffered due to the accident. The specific amount considered fair depends on the unique circumstances of your case. Review our Settlement Case Summaries with different settlement ranges based on unique facts of cases.
Factors That Influence Your Settlement Amount
Several factors can impact the value of your car accident settlement in Oklahoma:
- Severity of Your Injuries: More severe injuries often result in higher settlement amounts due to higher medical bills, longer recovery periods, and a greater impact on your quality of life.
- Fault and Liability: The clarity regarding the fault and liability of the parties involved and the strength of the evidence supporting your claim significantly influence your settlement amount.
- Insurance Policy Limits: The at-fault driver’s insurance policy limits can affect your settlement amount. If your damages exceed these limits, you may need to pursue additional legal action to recover the full amount owed.
How do I know if my car accident settlement offer is too low?
Red flags that may indicate a settlement offer is too low include offers that don’t adequately cover your damages, pressure to accept the offer quickly without allowing time for review, attempts to minimize the severity of your injuries, incomplete or inaccurate assessment of your damages, and refusal to negotiate or consider additional evidence.
Dealing with Insurance Companies
Remember that insurance companies are businesses, and their primary goal is to minimize payouts. They may use various tactics to reduce your settlement amount, such as offering a low initial settlement, attempting to shift blame for the accident onto you, downplaying the severity of your injuries, or requesting unnecessary information to delay the process.
To protect your rights and ensure you receive a fair settlement, work with an experienced Oklahoma car accident attorney who can handle communications with the insurance company, negotiate on your behalf, and advise you on the best course of action.
Should I accept the first settlement offer from the insurance company?
Generally, it’s not advisable to accept the first settlement offer from an insurance company without carefully reviewing it and consulting with an attorney. Insurance companies often make low initial offers in hopes that you’ll accept them without negotiating for a higher amount that more fairly compensates you for your damages.
Steps to Take When Evaluating a Settlement Offer
To properly evaluate a settlement offer:
- Review the offer carefully and consider all aspects of your claim
- Gather and organize all relevant documentation, including medical records, bills, and repair estimates
- Consult with an experienced personal injury attorney to assess the fairness of the offer
- Negotiate with the insurance company if the initial offer is insufficient
- Be prepared to provide additional evidence to support your counteroffer
How long do I have to accept a car accident settlement offer in Oklahoma?
In Oklahoma, you generally have two years from the date of the accident to file a personal injury lawsuit (Okla. Stat. tit. 12, § 95). However, review the offer carefully and consult with an attorney before accepting, as settlement offers can have deadlines attached.
Can I negotiate a higher car accident settlement amount in Oklahoma?
Yes, you have the right to negotiate a higher settlement amount if you believe the initial offer is insufficient. Provide evidence to support your counteroffer and explain why the initial offer doesn’t adequately cover your damages.
What happens if I accept a car accident settlement offer in Oklahoma?
If you accept a settlement offer, you typically sign a release waiving your right to pursue further legal action against the at-fault party. Ensure you understand the terms of the settlement before signing.
What if the insurance company refuses to offer a fair settlement for my car accident in Oklahoma?
If the insurance company refuses to offer a fair settlement, you may need to file a personal injury lawsuit to seek appropriate compensation. An attorney can guide you through this process and represent your interests in court.
Remember, every car accident case is unique, and the fairness of a settlement offer depends on your specific circumstances. By understanding your rights, gathering strong evidence, and seeking the guidance of a skilled personal injury attorney, you can work towards securing a settlement that adequately compensates you for your losses.