Following a car accident, the wait for a response from the insurance company can be both anxious and hopeful. While relief may accompany the arrival of the first settlement offer, always exercise caution before accepting it. Car accident lawyers often discourage immediate acceptance, and here's the rationale behind this advice.
Insurance companies know that individuals involved in car accidents often grapple with financial challenges.
Recognizing this, they may extend a quick but low settlement offer. The objective is to persuade claimants to accept a minimal sum as soon as possible, aiming to resolve the matter with minimal expenditure of time and money on their part.
The insurance company prefers claimants to agree before consulting a knowledgeable car accident lawyer who can accurately assess the true worth of the claim.
First settlement offers are notorious for their low figures, and unfortunately, financially strained or unsuspecting claimants may accept them. Before agreeing to any settlement offer, seeking legal counsel is advisable to determine if the offer is comprehensive and equitable.
Often, these initial offers fall short, and a skilled attorney can negotiate a much higher settlement on behalf of the claimant, especially after they investigate the accident and know all the details.
Another compelling reason to resist accepting the first settlement offer is the potential for undiscovered injuries or damages. The full extent of injuries might only become apparent weeks or months later or after a thorough examination by a medical professional.
If an early settlement is accepted, there's no opportunity to revisit the agreement and request additional compensation for unforeseen complications. Settlement agreements are final, emphasizing the importance of informed decision-making and legal guidance.