Even minor injuries from an auto accident can create major hardships for both you and your family. You could have to take time off work while you recover, making it difficult to keep up with your monthly bills.
Meanwhile, you may have medical expenses that feel overwhelming. You might feel desperate to receive whatever compensation you can. However, there are a few things you should keep in mind before accepting a fast settlement offer from an insurance company.
1. Insurance companies want profits
Insurance companies are usually in the business to make money. You may have a valid claim, and the insurer may deny it to avoid paying out. In other cases, an agent may offer you a low settlement to avoid paying more than absolutely necessary.
2. Your claim may be worth more
An insurance agent may contact you soon after the accident with a fast settlement that seems fair. However, insurance companies often make quick offers when they know that a claim could be worth much more.
3. You may not know how serious your injuries are
No matter how minor or serious your injuries are, it may be weeks or months before you really know how much medical treatment you will need and how much your recovery will cost. You might end up with a permanent disability or chronic pain. You may find that you can no longer do the same work you once could, making it difficult to keep supporting yourself and your family.
Once you accept an insurance settlement, you will not be able to ask for more compensation, even if your injuries end up costing much more than you expected. That makes it important to think carefully about whether the amount the company is offering truly meets both your present and future financial needs.