When you are involved in a car accident, you may be eligible for compensation from the other driver’s insurance company. If their policyholder injured you and caused damage to your vehicle, they should compensate you. However, you don’t have to accept the first offer – and you probably shouldn’t.
Here are three reasons why you should turn down a quick settlement:
1. You don’t know the extent of your injuries.
When you are involved in an accident, you may not know how seriously you are injured. Some injuries may take days or weeks before showing symptoms. Thus, you should get medical attention from a doctor to help you understand the degree of your injuries. You also need to take time to heal so you can determine if you have any permanent damage. Taking a settlement sooner may disadvantage you, as you may pay future medical costs from your pocket.
2. It’s usually not a fair offer.
Insurance companies are businesses that make money from premiums. As long as cash doesn’t leave their accounts, they have more. Thus, an insurer may try to pay out as little as they can to avoid losses. Due to this, their initial offers are usually “bait,” to see if they can get you take less than you’re really due.
3. The damages from car accidents are hard to quantify on your own.
Accidents cause more than injuries and car damage. They cause:
- Loss of wages
- Loss of future earnings /career opportunities
- Pain and suffering
- Loss of enjoyment
- Property damage
- Mental health issues
- Future medical expenses, and so on
You need time to figure out all these potential parts of your claim to receive the compensation you deserve.
Quick settlements are a way for insurance companies to protect their profits, that’s all. It is best to learn more about your case and legal options with some experienced help.