You may receive a seemingly generous settlement soon after an accident, and it may appear like a lifeline in a particularly challenging time. However, it’s best to pause and consider the implications of accepting such an offer.
Settling your claim too quickly could leave you short-changed and in financial straits once the dust settles. In most cases, that initial settlement offer is a fraction of what your claim is worth or the compensation you are entitled to. You risk undervaluing the actual cost of your injuries and potential future expenses by hastily accepting an insurer’s initial offer to settle.
A quick settlement may not cover all your damages
Beyond the immediate losses and expenses like medical bills and lost wages, which are the primary focus during settlement negotiations, there is more than meets the eye. These damages are just the tip of the iceberg and you may be entitled to recover others like the emotional anguish, pain and suffering you endured.
Besides, your injuries can have far-reaching implications beyond what’s immediately evident. There could be ongoing medical treatments, therapy sessions or long-term rehabilitation requirements that extend well beyond the initial recovery phase. It’s easy to overlook such costs when you settle too soon.
Accepting a settlement offer closes your claim
It’s crucial to recognize that you forfeit any further rights to pursue additional compensation once you agree to a settlement for your personal injury claim. The negligent party or their insurer will no longer be legally liable for your damages. It means dealing with any unforeseen or emerging complications without any financial assistance.
Make an informed decision
Take the time to comprehensively assess the full extent of your injuries and ensuing damages before accepting a settlement offer. It could help you gauge the value of your claim and avoid offers that do not equate to your damages.
Equally prudent is seeking legal guidance to navigate the intricacies of insurance negotiations, understand your legal options in the face of a lowball offer and protect your interests.
