Semi-trucks are expensive and a seemingly small amount of damage to a big rig can cost a trucking company thousands of dollars to repair, which is why trucking companies carry massive limits on their insurance policies to protect their assets.
Even with high coverage amounts, trucking companies and their insurance carriers DO NOT want to pay out large claims or court-ordered damages after a truck accident. One strategy insurance companies use to avoid large payouts is to offer a quick settlement to injured victims soon after the accident.
These settlements are large enough to encourage victims to sign away their right to sue for damages, but they are FAR, FAR less than what a court might order (or an attorney can get you). Insurance companies are especially quick to make these offers when they know their policyholder is at fault.
Accepting an early settlement offer might be tempting, especially if you can’t work and medical bills are piling up. Even if you have started collecting disability payments, you still aren’t getting your full income. Insurance companies count on the fact that you are financially desperate and dangle a carrot in front of you. Don’t let trickster insurance companies play games with you.
If you accept the offer, you risk leaving a good chunk of money on the table. It’s in your best interest to consider one of these offers as a starting off point for negotiations, and contact an attorney to discuss your options. Lawyers are trained negotiators who are familiar with the tricks insurance companies like to employ. In many cases, your truck accident attorney will negotiate a better settlement for you.