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Why you should reject an early settlement offer after an accident

On Behalf of | Mar 8, 2022 | Car Accidents

The few days after an accident can be harrowing, especially if you suffered extensive injuries. Uncertainties about the future can lead you to make rash decisions, such as accepting an early settlement offer from insurance adjusters.

Taking the money and moving on with your life may seem like a good move, especially if you are financially stretched, but it may not be your best option. Here is why.

You will release the other party from liability

If you agree to a settlement package offered to you by the at-fault party’s insurer, it means that you are, in essence, closing your case. As a result, you may no longer be in a position to pursue further compensation if your condition deteriorates, and you may have to do with the amount of compensation you accepted.

The initial offer is not usually in your best interests

The insurance adjusters may appear caring and empathetic of your situation, but it could be a ploy to sway your decision. Insurance companies are in business, and any initial offers are well calculated to protect them from financial losses. You might even find that the initial offer could be revised upwards if you reject it.

It may be too early to know the actual value of your claim

It is important to let everything play out for the next couple of weeks while preparing your claim. That way, you will have a complete picture of the damages you should pursue, given that some of them may not manifest in the initial stages of your injuries.

In the aftermath of the accident, you should be keen to protect your legal rights. While you deserve compensation for your injuries if they arose from another person’s negligence, how you navigate the claim will determine the settlement package you will receive in the end.