Insurance companies are quick to reach out to victims of car accidents with an early offer. You may be tempted to accept the deal, especially if you are in a fix and really need the money. However, your actions could come back to haunt you later on.
Even if an insurance adjuster makes it seem like a good deal, rushing into an early settlement is not advisable for several reasons.
It is likely skewed to favor the insurance company
Keeping in mind that an insurance company is in business to make money, any deal offered is most likely to benefit their financial position. For instance, if you accept a settlement that is less than you deserve, it is good business for the insurer. Therefore, you need to take any offer from the insurer with some hesitation since it may not be in your best interests.
You cannot bring a personal injury claim in court
When you accept a settlement, your case is done. It means that you cannot bring a personal injury claim against the other party in a court of law, even after you experience damages that you had not anticipated in the settlement package. If the amount cannot cover all your damages, you will bear those costs alone.
What is the true value of your car accident claim?
The actual value of your claim should consider every damage you suffered from the accident, not only the medical bills or lost wages. For instance, you also deserve compensation for the pain and suffering, emotional anguish, or loss of consortium caused by your injuries.
If you make the mistake of rushing into an early offer, the insurance company will likely have one over you, and it could be a costly financial mistake in the future.