After an accident, insurance adjusters of the at-fault driver may reach out with an early offer to settle your claim. Given that you may be in a vulnerable state and worried about your hospital bills and lost income, you may be tempted to accept the offer without a second thought. It could be a costly decision in the end.
Early settlement offers are crafted in the insurance company’s interests. Therefore, the amount offered tends to be less than the actual value of your claim, and if you accept it, the insurer will end up saving money which is pretty much their end goal. This is why you need to be very careful before agreeing to any early offers made to settle your claim.
You may not recover compensation for all your damages
The thing with accepting an early offer is that you may not have the full scope of your injuries or damages. Should your situation get worse and the settlement package you accepted is not enough, you will not be able to get additional compensation since your case is considered closed.
A higher offer could be made
Rejecting an initial offer could take the insurer back to the drawing board. They will likely come up with an improved package to sway your decision. Even then, you should not rush anything. Instead, ensure that the revamped offer is sufficient to fully compensate you for your injuries, lest you end up with less than what you deserve.
Protecting your interests after a car accident
You have a right to be compensated for your damages if a negligent driver caused your accident. Therefore, you need to be aware of your rights and options when negotiating your compensation.
It is equally advisable to be prepared for anything, including seeking the court’s intervention, should compensation talks stall.