If you are a victim of a crash caused by a negligent driver, you are likely to get an initial offer from their insurance company to settle your car accident claim. This can happen during settlement negotiations or even shortly after the accident.
While the temptation to accept a quick settlement and land some money may be strong, it is important not to rush into such an agreement without considering all your options.
The offer may be less than what your claim is worth
Insurance companies often make low initial settlement offers in the hope that you will accept them to resolve the claim quickly. However, these offers may not fully cover all your damages, including medical expenses, lost wages and pain and suffering. As such, you could end up receiving far less than you are entitled to, which could leave you dealing with the aftermath of your injuries alone.
It is crucial to consider the long-term effects of your injuries before settling your claim. Some injuries may require ongoing medical treatment, which can be costly. By settling too quickly, you may not receive enough compensation to cover these future expenses.
Accepting a settlement offer closes your claim
You cannot seek further compensation for the same accident once you agree to a settlement offer. You will not be able to reopen your claim and request additional compensation if you later discover that your injuries are more severe than you initially thought or that your recovery will take longer than expected.
If you have received an early settlement offer, take your time and consider all your options. Does the offer measure up to your damages? If not, you can reject it and request for more. Should you hit a deadlock, you can escalate the matter to court.
Seeking qualified legal guidance can help you understand what you are entitled to as a settlement for your car accident claim and represent your interests during negotiations with the insurer and/or in court proceedings.