Settling your personal injury claim as soon as possible sounds great. After all, it will save you the hassles of settlement negotiations and potential court dates, allowing you to move on with your life.
However, accepting an early offer just because it’s on the table may not be in your best interests. Insurance companies are in business, and agreeing to an early settlement offer might leave you shortchanged. It can be hard to get the compensation you deserve if you decide to settle too soon.
Things to consider before accepting a settlement offer
Accepting an offer to settle essentially closes your claim because it releases the negligent party from further liability for your damages. You cannot reopen the claim in the future and seek additional compensation.
Therefore, it is best to have a complete picture of your damages before taking the offer. Have you reached your maximum recovery? Is there a chance that your injuries will worsen? Does the offer include all the present and future damages you suffered, such as lost earning capacity or pain and suffering? Is the offer reasonable?
Remember, you do not have to accept an insurer’s offer if you feel you deserve more or if the amount offered does not measure up to your damages. It is why settlement negotiations exist.
Understand your legal options
Although most claims are settled out of court, you can always file a personal injury lawsuit if you think you stand a better chance at trial and negotiations with the insurer have failed. Before you settle, it’s wise to reach out for an informed assessment and valuation of your personal injury claim. You will significantly increase your chances of maximizing your settlement if you have the proper legal guidance and representation.