Accepting an Early Settlement Offer Can Cost You

When you have been injured in a car accident, you are likely overwhelmed with medical bills, repair costs, and other expenses.

You may be eager to receive an insurance check, and insurance companies will often try to take advantage of your situation. Insurance companies use various tactics to minimize the amount paid.

Settlement Offer Delayed

A common tactic that insurance companies use is to delay the settlement offer. They are aware that your medical bills and other costs are piling up and that you may feel pressured to accept the first offer. In most cases, the offer will be too low and will not cover all costs.

The Value of a Settlement Offer

Instead of delaying the settlement offer, the insurance company may make a settlement offer quickly after the crash. The idea is to get the claimant to accept less compensation than they actually deserve. The insurance company will offer to make a cash payment up to a certain dollar amount or to cover costs up to a specific time period if you accept the offer immediately. You will be asked to sign a release form to lock you into the agreement. However, do not sign the first offer that you receive.

Reminders When Dealing with the Insurance Company

• The insurance company is a business for profit. They will always put their interests before your interests whenever possible, including denying or delaying compensation.
• You may be entitled to more compensation than the insurance company is offering. A car accident victim is entitled to recover all medical bills resulting from the car accident injuries and not just those incurred within a specific time. You may also be entitled to compensation for pain and suffering, which may be quite high depending on the seriousness of the injuries.
• Consult a Chicago car crash attorney before you accept a settlement offer. You do not have to sign and return the offer on the deadline set by the insurance company. You are required to file a claim before the statute of limitations expires, which is two years from the date of the car accident. (Learn more – How Much Does a Lawyer Cost?)