Some Important Things To Remember About Auto Accident Settlement Agreements In Florida

If you suffered an injury in a Florida car accident because of another driver’s fault and filed a car accident claim against the negligent driver’s insurance company, the insurance company may offer to settle your claim. If the insurance company chooses to settle your claim, it will offer you a certain amount of money and require you to sign an agreement if you accept the money.

If you have a pending Florida auto accident claim, the following are some crucial things you should know about auto accident settlement agreements before you sign one.

The Settlement Offer May Be Lower Than the Value of Your Claim

First, you should know that the offer stated in the settlement agreement may be lower than what your claim is actually worth. This is especially true if it is an initial settlement offer. Insurance companies usually make quick settlement offers that do not take into consideration all of a victim’s damages.

Remember that you are under no legal obligation to accept a settlement offer from the negligent party’s insurance company. You also have the right to have an attorney review a settlement agreement to determine if the offer is fair. Additionally, remember that if the offered amount is unfair, you have the right to negotiate a higher settlement amount. And, if the insurance company refuses to make you a fair offer, you have a right to file a lawsuit in court.

An Auto Accident Settlement Agreement Is a Legally Binding Contract

A settlement agreement is a contract between you and the at-fault party’s insurance company. When you sign a settlement agreement, you agree that you will abide by its terms and conditions, and the insurance company agrees it will do the same. If a party refuses to comply with a term or condition, the other party can go to court and ask that the agreement be enforced.

Most insurance companies prepare settlement agreements that favor them. So before signing an auto accident settlement agreement, allow an attorney to review it.

An Auto Accident Settlement Agreement Is Final

After signing a settlement agreement, you cannot ask for more money. Even if, for example, you discover that your injuries need ongoing medical care, you can’t ask for more money after signing an agreement. Because of this, you should avoid accepting a settlement offer from the at-fault party’s insurance company before consulting your attorney.

An Auto Accident Settlement Agreement Releases Other Parties From Future Liability

As hinted in the previous point, you release the sued party from future liability when you sign a car accident settlement agreement. You also release ALL other liable parties from future liability, even if you are unaware of a party’s liability. If you sign a settlement agreement and realize later that another party could have also been to blame for your accident, you cannot file that claim unless there is a term in the agreement that permits you to do so, which is highly unlikely.

Legal Help Is Available

Our West Palm Beach personal injury attorneys at The Pendas Law Firm can help you recover the compensation you deserve in your Florida auto accident case. Contact us today to schedule a consultation.

The Pendas Law Firm also represents clients in the Orlando, Miami, Tampa, Jacksonville, Daytona Beach, Ocala, Bradenton, Fort Myers, and Fort Lauderdale areas.

Source:

flhsmv.gov/traffic-crash-reports/crash-dashboard/