Do I Have to Take the First Settlement Offer After My Car Wreck?

The short answer is no, you do not have to accept the first offer. It’s important to understand that the insurance company’s first offer is often a lowball offer that’s designed to settle the case quickly and for as little money as possible. If you accept the first offer, you may be leaving money on the table that you’re entitled to.

In every state, there’s a statute of limitations or a prescription period for filing lawsuits. This law governs how long you have to file a lawsuit.

In 2024, Louisiana law extended the statute of limitations for personal injury claims occurring on or after July 1, 2024, from one year to two years. Any injuries that occurred before July 1, 2024, will still have a 1-year statute of limitation. Learn more about Louisiana’s New Statute of Limitations here.

• 1 year for injuries sustained before July 1, 2024.
• 2 years for injuries suffered after July 1, 2024.

So there is a deadline, but your car accident lawyer can help you meet it.

Typical Car Accident Settlement Amounts with No Injury

If you were involved in a car accident but did not suffer any injuries, your settlement amount may be limited to property damage. The amount of your settlement will depend on several factors, such as:

• the severity of the damage to your vehicle, 
• the cost of repairs or replacement, 
• and whether you were found to be at fault for the accident. 

In general, typical car accident settlement amounts with no injury range from a few hundred to several thousand dollars.

Why Is My Car Accident Settlement Taking So Long?

If your car accident settlement is taking longer than expected, there could be several reasons for the delay. 

• One common reason is that the insurance company is conducting an investigation into the accident to determine fault and liability. 
• Another reason could be that the insurance company is waiting for medical reports or other documentation before making an offer. 

Additionally, negotiations can be complex and time-consuming, especially if the case involves multiple parties or a significant amount of money.

Average Settlement for Car Accidents

The average settlement for a car accident will depend on several factors, such as the severity of the injuries, the cost of medical treatment, and whether the accident was caused by the negligence of another party. 

According to a 2020 study by the Insurance Research Council, the average claim for bodily injury after a collision was $20,235 in 2020, while the average property damage claim was $4,711. However, a Martindale-Nolo survey of readers who made car accident claims between 2015 and 2020 reported an average settlement of $23,900. Most received less than $10,000

Caution: It’s important to note that every case is unique, and your settlement amount could be higher or lower depending on the specific circumstances of your case.

Call a Car Accident Lawyer at Gordon Mckernan Injury Attorneys Today!

As you can see, you do not have to accept the first settlement offer from the insurance company after a car accident. 

It’s best to consult with an experienced car accident attorney at one of our many locations in Louisiana. They can help you understand your rights and negotiate a fair settlement on your behalf. If you’ve been injured in a car accident, contact our office today to schedule a FREE consultation. On top of that, you won’t owe us anything unless we WIN your case, it’s our G Guarantee!