What Are the Dangers of Accepting a Quick Settlement Offer?

After suffering injuries in an accident because of another party’s negligence, you have the right to file a personal injury claim against the negligent party and recover compensation. After filing a personal injury claim, it can be tempting to accept a quick settlement offer. While you can settle your personal injury claim at any time, it is not advisable to settle a claim too quickly. There are several dangers to accepting a quick settlement offer. If you settle your personal injury claim too quickly, you will almost certainly regret your decision. Before accepting a settlement offer from an insurance company, you should speak to an attorney.

Why Do People Settle Their Personal Injury Claims Too Quickly?

Personal injury claimants settle their claims too quickly for several reasons. First, a personal injury victim may accept a quick settlement offer because of financial pressure. Medical expenses, lost wages, property repair costs, and other expenses and damages can lead to an individual settling their personal injury claim too quickly. Second, some personal injury claimants settle their cases too quickly so they can put the incident behind them. Other personal injury claimants settle their claims too quickly because of pressure from insurance companies. Insurance companies employ tactics to pressure claimants to settle quickly, such as suggesting that the offer presented is the best.

Accepting a quick settlement offer may provide immediate relief. However, personal injury plaintiffs should carefully consider the long-term consequences of such a decision. It is important to consult with an attorney before accepting a quick settlement offer from an insurance company to ensure you recover fair compensation for your injuries and damages.

Dangers of Accepting a Quick Settlement Offer

Quick settlement offers are usually lower than what a claimant may be entitled to. Quick offers often do not take into consideration the full extent of the victim’s injuries and damages. It is usually best to wait until you have reached Maximum Medical Improvement (MMI) before settling your personal injury claim. MMI is that point where you have fully healed, or your condition cannot improve even with continued medical care.

If you accept a quick settlement offer, you cannot seek compensation in the future if you incur unforeseen damages, such as medical expenses. After you accept an offer from an insurance company, you will sign a release. Signing a release means you waive your legal right to pursue future legal action related to the incident. If, in the future, you suffer or incur unforeseen costs or damages, you will not be allowed to seek additional compensation. You should wait until you can determine the exact value of your case. Then, negotiate with the insurance company and fight for the compensation you are entitled to, preferably with the help of a qualified attorney.

How Long Do You Have To Settle Your Personal Injury Case?

There is a time limit for filing personal injury claims. The statute of limitations governs how long you have to file a personal injury claim. However, there is no law that governs how long you have to accept an insurer’s settlement offer once you have filed your claim.

Talk to Us Today

Our Orlando personal injury attorneys at The Pendas Law Firm can help you recover the maximum possible compensation for your injuries and damages. Contact us today to schedule a consultation and discuss your case.

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

Source:

dol.gov/agencies/owcp/energy/regs/compliance/PolicyandProcedures/proceduremanualhtml/unifiedpm/Unifiedpm_part0/Chapter0-0500Definitions