In the aftermath of a motor vehicle accident, the insurance company of the at-fault driver may quickly approach you with a settlement offer. When you face medical costs and time out of work, getting money right away often seems like the best solution.
There are several reasons why you should consider refusing that initial settlement offer instead.
1. The first offer is often low
Insurance companies are businesses, so profitability is their goal. They achieve this with low settlements. By presenting a quick, low offer, they hope that you will accept it without considering the full extent of your damages, including current and future medical expenses, lost wages or pain and suffering. Remember, once you accept a settlement, you typically cannot go back and ask for more money later.
2. You may not know the extent of your injuries
Some injuries, such as whiplash or traumatic brain injuries, may not present symptoms until days or even weeks after the incident. By accepting the first settlement offer, you risk not having enough money to cover your medical expenses if your condition worsens over time.
3. You might qualify for additional damages
Depending on the circumstances of your accident, you may qualify for damages beyond medical expenses and lost wages. For example, if the at-fault driver was behaving recklessly or driving under the influence, you might consider seeking punitive damages. By accepting the first settlement offer, you may give up your right to these additional damages.
Before accepting any settlement offer after your accident, consider the long-term consequences and the unknowns of your situation. Advocate for the compensation that you deserve for your injuries and losses.
