The moment you receive that first settlement offer from the insurance company after a crash may feel like a much-needed relief. Finally, a figure to consider. But before you jump at the chance to settle quickly, it helps to understand what accepting a settlement means.
Taking the offer means closing your claim. In other words, you cannot seek additional compensation for your damages. You are on your own if your condition gets worse or you discover new injuries. Here’s why you should not rush a settlement.
Insurance companies start low
Insurance companies often aim to minimize their payouts, which is why you shouldn’t jump on the first settlement offer made to you. They might hope you’re eager to close the case quickly or unaware of the value of your claim.
Remember, that initial settlement offer might cover some immediate bills and lost wages but leave out other expenses, like ongoing medical care or the pain and suffering you dealt with or continue to deal with.
Negotiation is part of the settlement process
A settlement offer from the insurance company is not final, and you do not have to accept it. In most cases, it’s just a starting point to see how willing you are to settle. You can push for a higher amount by discussing the facts, damages and expenses related to the accident with the insurer and presenting supporting evidence.
Don’t settle for less than you deserve
It’s easy to feel overwhelmed and frustrated dealing with insurance companies after a crash. It amplifies the need for legal guidance to help you evaluate settlement offers, negotiate effectively and ensure you’re not leaving money on the table or getting a raw deal.