Should I Take the Settlement from the Insurance Company?
Following a serious car accident, you’ll most likely have to negotiate with insurance providers to obtain compensation for your injuries. Based on the specific circumstances of your injury claim, you might be entitled to recover a substantial amount. The insurance provider will likewise know that, so it can’t just deny your claim completely.
However, insurers are intent on paying out as little money to claimants as possible and will deliberately take their time to drag out the claims process. This is especially true if they know that they might be on the hook for paying out a massive settlement, which you’ll likely be awarded if you take your claim to court. In turn, the insurer may shift gears and try to pressure and entice you into accepting their settlement offer right away.
Why You Shouldn’t Accept the Insurance Company’s Settlement Offer
Yes, receiving money as fast as possible is very tempting. Having the funds to pay for all your medical bills and related losses can be an immense relief. This is what the insurer is counting on. The issue is that settlement offers, without fair negotiations, are always worth less than the value that claimants truly deserve.
Insurers will always start with low settlement offers, similar to how buyers of secondhand vehicles try to haggle a lower price for a used car. In settlement talks, however, the insurer has all the power and is targeting you at a time when you are very vulnerable. So when the insurer makes you an offer, it’s possible that you’re still undergoing treatment or recovering with no idea of when or if you can even go back to work, if you’ll be left with permanent complications, or how much your overall medical expenses will be or if you’ll need future treatments.
You deserve and need sufficient compensation to rebuild your life following your accident. But if you accept the insurer’s settlement offer, you will be signing away your legal rights to seek more compensation if the need arises. For example, if your injuries fail to heal completely, leaving you incapable of going back to work, or if you need more medical treatment, but you’ve already accepted the insurer’s settlement, you won’t be able to recover more compensation.
It won’t matter how little money you received in the settlement or how much the accident has negatively affected your life. When you accept a settlement offer, the insurance provider will be off the hook and is not legally required to give you more money.
Consult with an Experienced Windsor CT Car Accident Lawyer Today
When negotiating with insurance companies, you will find that they’ll attempt various tactics to justify why their low offer is the best you can get and why you must accept their offer now. Our experienced car accident lawyers are highly trained to negotiate with insurance providers and know how to counter their ridiculously low offers.
Let Berman & Russo do all the legwork for you. We can negotiate a fair settlement amount that will be sufficient to cover all your losses. Reach us online or by phone at 860-644-1548 to arrange a free case review with one of our Windsor car accident lawyers.