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The risks of settling your car accident claim too soon

On Behalf of | Aug 7, 2023 | Car Accidents

If you were involved in an accident caused by a negligent driver, you may be inclined to settle your car accident claim quickly and move on from the incident. The immediate need for compensation is understandable, but you may unknowingly expose yourself to unnecessary risks by settling too soon.

Settling your claim means accepting the insurer’s compensation offer and releasing the negligent party from further liability. In other words, your case is effectively closed. Here are some reasons why rushing to a settlement offer for your car accident claim is not in your best interests.

You may receive inadequate compensation

The true extent of your injuries and other damages may not be immediately apparent soon after an accident, even weeks or months later. The settlement you agree to may not adequately cover all your damages, like future medical expenses, which can leave you with a considerable financial burden.

It’s best to wait until you fully understand the extent of your damages, especially if you haven’t reached maximum recovery from the injuries sustained.

There will be no opportunity for settlement negotiations

A settlement offer is merely a proposal from the insurance company to settle your claim. It is not binding until you accept it. Once you do, you lose the opportunity to negotiate and, hopefully, secure a more favorable settlement.

You will not have legal recourse

Once you settle your car accident claim, you cannot file a personal injury lawsuit against the negligent party. Should you discover your injuries are more severe than initially thought or there were damages not covered by the settlement, you cannot seek the court’s involvement to claim additional compensation.

Maximizing your recovery will help you recoup your losses and cope with the accident’s aftermath. As such, you cannot risk accepting a raw deal. Seeking the necessary assistance can help you make informed decisions and receive fair compensation for your damages.