Insurance companies are businesses, and their primary goal is to minimize payouts. So why the sudden generosity?
Quick car accident settlements are attractive to insurance companies because they allow them to close the case quickly and cheaply. They often come into play when the full extent of your injuries isn’t yet clear.
Also, these initial settlements are rarely for the full value of your claim. Insurance companies know that people are eager to move on after an accident, and they exploit this by offering a fraction of what you’re truly entitled to.
Accepting a lowball offer is problematic if some undiagnosed health condition pops up. If you ever need to pursue further compensation, it becomes significantly harder to argue for a fair settlement once you’ve already accepted a lesser amount.
Why You Should Wait
The insurance company wants you to settle quickly because it benefits them. They’re counting on you not being aware of the full extent of your injuries or the true value of your claim. Taking your time allows several crucial things to happen.
In the days and weeks following an accident, seemingly minor injuries can develop into more serious problems. Let’s say you accept a quick settlement to cover the immediate costs, such as a few doctor visits, and some car repairs. But what happens if, weeks later, you’re still struggling with chronic pain or limited mobility?
The quick settlement you received likely won’t even cover the cost of ongoing medical treatment, lost wages, or physical therapy. You’ll be left on the hook for these expenses, facing a financial burden you never anticipated.
Waiting allows you to get a clearer picture of your medical situation and ensures your claim reflects the full scope of your injuries.
Also, having a clear understanding of your medical expenses is crucial for a fair settlement. Waiting allows you to gather all the necessary documentation to support your claim. Aside from this, the impact of your injuries on your ability to work might not be immediately clear. Waiting allows you to calculate the true cost of lost income.
The Peace of Mind That Comes with Knowing You Have Options
Taking the time to properly evaluate your claim with a lawyer empowers you to make informed decisions. In many cases, a lawyer can negotiate a settlement that’s significantly higher than the initial offer from the insurance company. This can make a world of difference in your recovery, both physically and financially.
Even if you decide to ultimately settle your claim, having a lawyer on your side ensures you do so from a position of strength, not desperation. The peace of mind that comes from knowing you’ve explored all your options and received fair compensation is invaluable.
The aftermath of a car accident is challenging enough. Don’t let the insurance company add financial stress to your plate. By saying no to a quick settlement and seeking legal counsel, you’re taking control of the situation and ensuring you have the resources you need to heal and move forward.
