Most car accident victims expect to be fairly compensated for their injuries and losses, but that doesn’t always happen. Many end up settling for far less than they deserve, often without realizing they could have received more.
If you’ve been in an accident, it’s important to know why this happens and how to avoid falling into the same trap. Here are some common reasons.
Financial stress and urgency
Accidents bring unexpected costs – medical bills, lost wages and car repairs to name but a few. For someone struggling financially, a quick payout may seem better than waiting for a fairer amount. Insurance companies know this and may use delays or pressure tactics hoping the person accepts before understanding the full extent of their injuries or damages.
Lack of knowledge about the value of their claim
Many people don’t realize what their claim is truly worth. Compensation goes beyond medical expenses, lost wages and car repairs; it also includes future healthcare-related costs, pain and suffering and lost earning potential. Without understanding these factors, accident victims may think an offer is reasonable when it’s not.
Fear of a long legal battle
Some people worry that fighting for more compensation will take too long or require a lengthy court battle. Insurance companies sometimes use this fear to their advantage, suggesting that taking the offer on the table is the only way to avoid stress and uncertainty. The reality is you are better off going through the court process to get a deserving settlement than shortchanging yourself and suffering in the future.
Know your rights before you settle
Settling too soon can mean losing out on the compensation you need to deal with the difficult aftermath of a crash. Remember, you do not have to take a settlement offer, despite what the insurance company claims. Seeking legal guidance can help you understand your rights and options for securing a favorable resolution of your claim.