Any accident victim would need money direly. There will be expenses like medical bills and car repair to deal with. The situation can be worse if you lose your wages or even end up without a job. Money can become a big problem when your family depends on your income. Needless to say, accepting a quick settlement from the insurance company may seem like the most sensible thing to do. But beware, you must never settle for less than what you really deserve as compensation for your injuries and any other form of damages sustained in the mishap. Rather, you should consider certain factors before accepting any offer of settlement.
The downsides of accepting too quickly
Generally, insurance companies do their best to minimize the settlement amount to the victims. What’s more, they will go all the way to prove that you don’t have a legitimate claim and shouldn’t be paid at all. As a victim, you can settle a claim quickly if you are ready to take less money than you fairly deserve. On the other hand, you can expect a fair settlement if you are ready to wait and negotiate (or take the case into the trial). Here are some reasons why the potential outcome of this decision may be worthwhile.
- There are some unresolved factual and legal issues in your case and they need to be clarified to calculate the exact claim value. For example, there may still be doubts about the liability for the accident and the circumstances that caused it.
- The case involves a significant compensation and the insurance company would rather want to close it fast by tempting you with a quick but lowball settlement.
- You are still under observation and more injuries may come to light in the near future. Obviously, the claim value will go up in an increase in the cost of your treatment.
If any of these circumstances prevail in your case, you must disregard the time factor and take the case ahead. Seasoned injury lawyers emphasize the importance of fighting to the end when it comes to getting fair compensation for your damages. Be it by negotiations or a lawsuit, you must absolutely claim what you are entitled to and a legal expert can help with the same.
Accepting a short settlement
For some victims who are desperately in need of money right now, short settlements seem like the only alternative. But it does not make sense because the offer that the insurance company makes would be significantly lower than what you should get. The best thing to do in such a situation is to consult an attorney who can help with speeding up the negotiations with the insurance company. It is advisable to hang on as long as you can, rather than give in to the pressure of a short settlement.
Without any doubt, car accidents can be hard on the victims and they can be pressed for money. But patience and perseverance can surely get you a settlement that you fairly deserve.