Why you should be wary of quick settlement offers
Accidents of any kind, whether it’s a slip and fall or a motor vehicle collision, can be traumatic experiences. It is only natural that you would want to resolve the issue as quickly as possible.
Accepting a quick settlement offer from an insurance company, however, could cost you big time. An injury that may seem “minor” at first could turn out to be very serious in the months to come. But if you’ve already settled your claim for a small amount of money, then there is nothing you can do – you simply have to pay for the additional medical expenses yourself.
The wiser course of action is to wait and see how your injuries are going to affect you before you agree to any settlement. Only then will you know how much your claim is actually worth. An experienced Texas personal injury attorney can advise you on the appropriate amount of time to wait in order to evaluate the full extent of your injuries.
Insurance companies try to settle claims quickly because it is to their advantage to do so. The sooner the insurance company gets you to settle, the less they’ll have to pay because they won’t have to compensate you for medical treatments you receive after the settlement has been reached. Plus, your damages for pain and suffering will be less the earlier you settle.
Remember, you cannot go back and “reopen” a settlement claim. When you cash that settlement check, you are agreeing to release the insurance company from any further claims related to your accident. In lawyer speak, “you only get one bite at the apple.”
Before accepting any offer from an insurance company, it is in your best interest to speak with a Texas personal injury attorney who can evaluate your claim and determine whether the offer is fair.