The insurance company is offering me a quick settlement. Should I take it?

The promise of a quick settlement offer may come as a relief. Your car accident has left you with injuries and expenses, and the insurance company is offering you money to help you pay your bills. However, settlement offers that come quickly after auto accidents are not always fair settlements.

The Potential Danger of a Quick Settlement

The insurance company may be counting on the fact that you need money quickly. Accordingly, it may offer you a fast settlement with the promise that you will have the money quickly and that you will not have the headache of a pending settlement claim or lawsuit.

However, there are likely a few things that the insurance company is not telling you. Specifically, a quick settlement can be dangerous because:

  • You may not yet know the full extent of your damages. You should only settle your claim after you know the full extent of your injuries. This means that your doctor has made a diagnosis, treatment plan, and prognosis. With this information, you can find out what your accident injuries will really cost you by getting a realistic estimate of your future medical expenses, lost income, pain, suffering, and other damages.
     
  • Once you agree to the settlement it is binding. The settlement contract will prevent you from pursuing any other financial claim for accident injuries.

For these reasons, it is important to get all of the information that you can prior to settling your claim. A fast settlement may appear to be the easiest way to resolve your claim, but in the long run it may not be the best settlement for you.

Talk to a Lawyer Before You Agree to Any Settlement

There is no magic time when it is suddenly right for all car accident victims to settle their claims. Instead, the time is right when you are offered fair compensation for all of your accident injuries. An experienced car accident lawyer can help you identify a fair settlement and make sure that the insurance company does not pressure you into a quick settlement that does not fairly compensate you for all of your injuries.

There are ways to make the wait easier. For example, your healthcare providers may agree to defer payment until your claim is resolved.

If you would like to speak with a lawyer who will help you get the fast and fair settlement that you deserve, please contact attorney Ben Crittenden via this website or by phone for a free, no-obligation consultation.