You may have heard that settlement negotiations with insurance companies can get complicated and drag on for a long time. Therefore, the idea of settling your claim as soon as possible may sound tempting, but you need to be careful.
You could end up with less compensation than you deserve, which might not be enough to cover all your damages. Here is why you should not rush into settling your claim.
Insurance companies are in business
If insurance adjusters reach out with an early offer, they are only protecting the insurer’s interests, not yours. An early offer is usually pre-calculated with the insurer’s finances in mind because insurance companies are out to make profits just like any other business.
Your case will be considered closed
Once you accept a compensation package for your claim, you will release the responsible party from further liability. Your car accident claim will be closed, meaning that you cannot seek any additional compensation for your damages.
For instance, you will have to bear the burden alone should you develop new complications after settling your claim.
A higher offer may be made
Rejecting an initial offer may force the insurer to readjust the amount upwards. Even then, ascertain that the new offer you receive is sufficient. Otherwise, hold your ground and reject any half-baked settlement offers.
Maximizing your car accident claim
In most cases, your car accident claim is worth more than what the insurer wants you to believe. Therefore, you need to safeguard your interests and make the most out of your claim.
Establishing the value of your claim is an excellent place to start. Experienced legal guidance can help you better understand how your losses are calculated so that you understand what’s fair in your case.
