What Happens If You Verbally Accept A Settlement Offer From The Insurance Company?

After suffering injuries due to the negligence of another party, you need to be careful when dealing with the negligent party’s insurance company. For example, you need to be careful not to say things to the insurance company that can be used against you. Also, if the insurance company reaches out to you soon after your incident and makes you a settlement offer, you need to think carefully before accepting the offer. Insurance companies usually make quick settlement offers to personal injury victims with the hope that a victim is desperate for compensation and will accept the offer. You should remember that the initial settlement offers from insurance companies do not take into consideration all of a victim’s damages. Accepting a quick settlement offer might result in you losing out on the compensation you deserve. But what if the insurance company makes you a settlement offer over the phone, and you verbally accept the offer? Will the verbal agreement be binding?

What Happens if You Verbally Accept a Settlement Offer From the At-fault Party’s Insurance Company?

Soon after you are involved in an accident due to the negligence of another party, the negligent party’s insurance company might call you and make you an enticing settlement offer over the phone. If you’re dealing with substantial medical expenses and have been out of work, it can be tempting to tell the insurance company that you will take the offer. If you verbally tell the insurance company that you will take the offer, will that agreement be binding? The answer to this is not as straightforward as you might think. Verbal settlement agreements can be a complex matter. Depending on several things, a verbal agreement between you and an insurance company might or might not be binding.

If you verbally accept a settlement offer from an at-fault party’s insurance company and then have second thoughts, it is best to speak to a qualified attorney. For example, if you verbally accept a settlement offer and then afterwards realize you will need more money for your ongoing treatment, you should speak to an attorney to find out if the verbal agreement you entered into with the insurance company is binding or not. You should speak to an attorney to determine if you can renege on the verbal agreement and withdraw your acceptance.

What Happens if You Sign a Settlement Offer?

Unlike verbal agreements, which may or may not be binding, written agreements are binding. Once you sign a written settlement agreement, you cannot back out of it. For this reason, when dealing with a personal injury case, you should avoid signing a written settlement agreement until you talk to an attorney. It is also best to avoid verbally agreeing to an agreement before talking to an attorney to be on the safe side.

Contact a Personal Injury Attorney Today

Verbally accepting a settlement offer from an at-fault party’s insurance company may not be the end of your case. So, after accepting a settlement offer verbally, do not assume your case is over. Instead, reach out to an attorney for guidance.

If you have a pending injury claim, our Fort Lauderdale personal injury attorneys at The Pendas Law Firm are here for you. Contact us today to schedule a consultation.

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