If you are involved in a collision, you may have devastating injuries that have the potential to impact you in the long term. After a crash, you will want to keep good documentation of your injuries and what happened, so that you can make a claim.
Keep in mind that making a claim is more than just showing that you were injured and need to be fairly compensated. While you may hope that the insurance company will be fair and pay out appropriately for all you’ve been through, the reality is that the insurance company may not actually have your best interests at heart.
An insurance agent’s job is to save the company money
While the insurance agent may feel bad about your situation, their job isn’t to pay you out the maximum. Instead, they will look closely at your claim and may even try to pay you less than you’d expect.
Initially, many agents prepare lowball settlement offers. They do this because victims dealing with medical bills and expenses may accept a settlement to help them get through a difficult financial period without really understanding how extensive their injuries are or the costs that they’ll accrue in the future.
What happens if you accept a settlement?
When you accept a settlement, you are agreeing that the amount offered is fair. You’re agreeing to stop pursuing the personal injury claim and that you won’t litigate.
If that settlement isn’t what you expected, you may have limited, or no, further options to get more out of the insurance company or at-fault driver. That’s why you should never accept a settlement without going through your financial losses closely. You should also fully understand your medical situation and wait to accept a settlement offer until you know how much you’ll be able to recover from the injuries you suffered.
It doesn’t serve you to accept a settlement too early in your case, nor does it serve you to accept one that isn’t high enough to cover your losses. Many victims do need to negotiate for fair compensation, which is something to keep in mind as you review offers sent your way.