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Accepting an Early Settlement Offer Can Cost You

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

Accepting an Early Settlement Offer Can Cost YouYou 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?)

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Why Choose Willens Injury Law Offices

Millions in Case Verdicts & Settlements

Over the past two decades, Mr. Willens and his team of Chicago personal injury lawyers have been instrumental in obtaining numerous million-dollar-plus recoveries on behalf of clients in a wide variety of injury cases. One of the personal injury verdicts he was involved in was recognized by The National Law Journal as one of the Top 100 Verdicts in the country in the year in which it was tried. One of the verdicts he helped secure set a state record.

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