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Careful review is important for any insurance settlement offer

Connecting with compensation after a car accident is often critical to your financial stability. If you suffer serious injuries during a car wreck in Michigan, you may have medical bills, car repair costs and lost wages all simultaneously impacting your finances. It only takes a few weeks for reality to sink in about how an accident can totally change your circumstances.

With less money coming into the house and more overall expenses, you are likely desperate to get some kind of reimbursement from your insurance company. However, no matter how worried you are about your financial circumstances, you should never jump at a settlement offer from your insurance company.

Doing so could mean accepting far less than you should actually receive and limiting your future ability to see coverage for expenses. You need to be wary, instead of trusting, when dealing with your insurance company after a collision.

Low first settlement offers are common

Insurance companies understand the financial strain that people experience after a crash. After all, they work with people during some of the most difficult times in their lives. That first-hand knowledge doesn't mean that insurance companies will be more compassionate with those struggling after a crash.

It means that insurance companies will leverage that knowledge against their policyholders. They may offer a low settlement that, on the surface, seems reasonable. Those who are struggling financially and who haven't researched the actual impact of their injury may unintentionally accept far less compensation than they deserve in their haste to access money for bills and other necessities.

Insurance companies count on that, with many of them making low initial settlement offers for exactly that reason. You should always be prepared to reject an initial settlement offer. When you do so, you must be polite but firm. Countering with an alternative amount could be a smart way to get a more reasonable offer the second time.

What is the minimum amount you should accept?

You can only know a fair settlement offer if you understand the impact of the crash on your finances. There are no coverage caps on Michigan's no-fault insurance policies when it comes to things like medical costs. Therefore, you should look carefully at the total medical expenses you have already incurred and will likely incur in the future.

Your ideal settlement offer should include all medical costs, property damage and a reasonable approximation of lost wages. If the insurance company isn't offering an amount close to that number, you may need help negotiating to get a more reasonable offer. Having an attorney represent you in insurance negotiations, even with your own insurance company, can help protect your rights after a serious motor vehicle crash.

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