Insurance companies employ numerous tactics in handling accident injury claims. There goal is to settle claims for the least amount of money possible. One tactic that is routinely used is to offer a settlement in the first two weeks following a car or truck accident.
Fair Compensation – Reason 1 Not to Accept a Quick Settlement
Handling injury claims is all about receiving fair compensation for your case. The only true way to determine fair compensation is to know about your injuries, the amount of your medical bills, your lost wages, and what you have gone through because of the accident. Unfortunately, such vital information will not be known until months, even years after a car or trucking accident. Therefore, how can an insurance company tell you what the fair value of your case is worth in the first two weeks following a wreck. Their only goal is to reach a quick settlement to pay you less than you deserve.
One Time Deal – Reason 2 Not to Accept a Quick Settlement
All injury cases are resolved for a lump sum of money. A settlement is a final resolution of your case meaning that you cannot go back and ask for more compensation from the insurance company. This may be important especially when you are still hurt and treating for your injuries. Many times it will not be known if you need costly procedures such as injections and surgery until the doctors diagnose you and treat your for your injuries. Accepting any settlement, especially a quick settlement would mean that you are now responsible for such medical costs. It is much better to wait until you are better or have a clearer idea of your situation before accepting a settlement.
Reimbursement Claims – Reason 3 Not to Accept a Quick Settlement
All insurance companies require that you sign a release when settling your injury case. As part of the settlement, they will insist that you be financially responsible for all medical bills, medical liens and rights of reimbursements. What that means is that you are agreeing to pay back such items from your settlement. Unfortunately, it is impossible to determine exactly how much you will need to pay back if you accept a quick settlement a week or two after an accident. Hospital bills and ambulance bills can run into the thousands of dollars. Likewise, your health insurance provider may be entitled to reimbursement for any bills that they paid on your behalf. It is much better to wait and figure out exactly how much you will be required to pay back before settling a case. At the end of the day this will affect the bottom line you net for your injury case.