Are There Risks in Settling My Car Accident Claim Too Quickly?

James Law Office, LLC

After being injured in a car accident, you may be hurting both mentally and physically. You probably want to move on and try to forget it ever happened, so when an insurance company offers you a quick and easy settlement, you may feel like jumping for joy. However, settling a car accident claim too quickly can be detrimental. If you were recently involved in a car accident and are on the verge of accepting what seems like a great offer from an insurance company, stop and contact a Darlington County, South Carolina car accident lawyer to find out what next steps you should take.

What Is a Quick Settlement?

A quick settlement is exactly what it sounds like. An insurance company and an individual who was injured in an accident come to a swift agreement. It sounds great in theory, but you could be getting taken advantage of.

An insurance company will offer the injured party a lump sum of money so that the individual will drop their claim. The individual may assume that they are getting a great deal and be glad that they can close this chapter of their life with a quick and easy resolution. However, it is always best to be hesitant to take the first offer from an insurance company and reach out to a lawyer to find out what compensation you truly are owed.

What Are the Downsides of Settling a Car Accident Claim Too Quickly?

A quick offer from an insurance company when it comes to personal injury claims will likely be unfair to you, even if you don’t realize it at the time. The following points are reasons to avoid settling your claim too quickly.

  • Underestimating your injuries
    • If you agree to settle too soon, you are probably not yet aware of the true extent of your injuries. In some injury cases, symptoms do not appear for days, maybe even weeks. If you settle too soon and later find out that the accident caused more injuries than you originally believed, it will be too late to get the insurance company to cover you.
  • You are closing your claim
    • When you accept a settlement you are closing your claim and therefore giving up your right to further compensation. You may not understand the full extent of your property damage, medical bills, or injuries and could wind up with heaps of costs that you cannot cover.
  • Not getting the compensation you deserve
    • An insurance company is always going to try to settle as quickly as possible so that they won’t have to spend as much money. They will start with an offer as low as possible. By taking the first settlement offered you are missing out on compensation that is rightfully yours.

Seeking legal advice is the best first step you can take after being in a car accident or filing a personal injury claim. Having legal representation could allow you to retrieve so much more than what an insurance company will ever offer you on your own. By hiring an experienced attorney you can maximize your compensation so that you will walk away with the fairest amount of money to help cover your expenses and damages.

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