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Offered a settlement? Don’t sign it just yet

by | Jul 26, 2021 | Motor Vehicle Accidents

Received an offer from the insurance company after a car crash? Don’t be quick to accept it. If you accept this offer and it’s too low, there will likely be nothing you can do to fix the problem. Insurance companies are always looking out for their bottom line. That means that they will be focused on doing what they can do to minimize the risk of financial losses.

Unfortunately for you, that means that the insurance company will try to get you to settle for less than you may deserve. Remember, you shouldn’t take the first offer after a car accident, especially if you’re injured and still determining if you’ll be able to return to work or have to handle long-term changes in your health.

Insurance companies are protecting their bottom line

The first offer an insurance company makes to you following an auto collision is likely to be lower than you’d want it to be. It may not be designed to cover the full extent of your injuries and other damages that have been suffered. How could it? At this point, you may still not know how much you’ve spent or have all the results from testing. You might be surprised to find out that the company wants to settle just days or weeks after your accident, especially if you’re still seeking medical care and having to make adjustments in your life.

Don’t settle for the sake of getting money fast

Although you may feel that you need to settle to get compensation as soon as you can, it’s not a great choice in most cases. Though you may get money sooner, you’re more likely to get less than you deserve, which may mean that you have to spend more out of your own pocket later on. Waiting to settle your case could be the difference between having everything you’ve lost replaced versus having to pay for repairs or medical treatment on your own.

It’s not worth settling before you know the full value of your case. If an insurance agent tries to get you to agree to a settlement too soon, refer them to your attorney or tell them that you need more time to think and learn more about your legal options.