After a serious collision, insurance can be your financial lifeline. In most cases, the other driver’s insurance company will pay for the damage to your car if they were at fault. They are also responsible for paying your medical bills, which are impossible to determine right after a crash.
Insurance companies have an interest in keeping their losses as low as possible. An early settlement offer may not be as beneficial as it first seems for someone after a crash. It can take weeks, months, or sometimes even years to determine the extent of your injuries and your bills.
You will not know what the crash will cost you yet
A quick response to a claim is definitely not a good thing when you’re hurt. You can’t let the immediate financial pressures of your situation keep you from looking at the big picture. Insurance companies know many people are in dire straits financially and therefore they try and take advantage of this.
If you receive a settlement offer just days after the crash, this is always too early to understand the full extent of its impact on your life. In addition to the amount and cost of future medical care you’ll need and the duration of your time off of work due to your injuries, there are other unknown factors such as pain and suffering, mental anguish, and inconvenience due to the crash.
The settlement offer will always require some negotiation to obtain an amount that will fully cover your expenses and damages. Once you accept the settlement, you cannot ask for more money from the insurance company later.
They will try to offer you less than you deserve
A settlement offer ends the company’s liability for a claim. Their job is to get you to accept less money than they might expect to pay out An experienced attorney, such as one of ours at Bowen Ten Long & Bal, PC, can work to help you get the best possible settlement from the insurance company. Never accept a settlement offer from an insurance company without speaking with a lawyer first.