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Why Settling Too Quickly on a Claim is such a Bad Idea

by Rebbeca Binder on October 26, 2013

Whether you have been injured or simply incurred a lot of vehicle damage during a car accident, it is natural to want to settle your claim as quickly as possible. However, moving forward too fast can actually cause you to lose a lot of money. After all, it is difficult to know the extent of your medical injuries during the first few days, and it is also well-known that insurance companies attempt to provide their clients with the smallest settlement amount possible. Therefore, it is best for anyone who has a claim pending to consult with an attorney before signing on the dotted line.

What will Happen if I Sign too Quickly?

According to a car accident lawyer in Chicago, insurance settlement data indicates that people who choose to move forward without utilizing a lawyer will receive 3.5 times less money. When you consider how expensive your medical and vehicle repair bills could be, you will easily be able to understand why so many people opt to have an attorney on their side. Keep in mind that signing a settlement check will bring your case to a close, and it will be extremely difficult to negotiate for any additional assistance after this point.

Why do People Wait for a Settlement?

Even if you are not planning to increase your odds of receiving a large settlement by hiring a lawyer, you should still wait long enough to ensure that you receive an in-depth analysis of your injuries and their anticipated medical costs. Keep in mind that most it life-altering injuries will not be conclusively diagnosed during the first couple of days, so you do not want to inadvertently waive your right to seek enough money to take care of all of your future related medical needs. Additionally, it is important to consider all of the anticipated wages that you will lose throughout your life if you are never able to work again.

Can I File a Lawsuit after I Receive a Settlement?

You will be required to sign a waiver as a condition of receiving a settlement check. Because of this, you will no longer have the legal right to file a lawsuit against the insurance company or the driver who was at fault. In other words, any additional medical expenses or lost wages that you suffer as a result of the accident will become your financial responsibility.

This is the most compelling reason to delay accepting a settlement offer until you have received enough medical attention to have a firm idea of whether or not you are going to recover quickly. However, the law does not enable you to wait for an extremely long period of time to make a decision. For example, if you are seriously injured in a car accident in Chicago, you will only have two years to file a personal injury case. If you fail to do this, you will lose the ability to take legal action.

In some cases, a car accident can be easily settled if you do not have any major injuries or damages to deal with. In all other situations, it is important to take enough time to ensure that all of your related expenses will be taken care of, whether it is with help of a car accident lawyer in Chicago or Dallas. It is always a good idea to contact a car accident attorney to help you determine whether or not you should take legal action instead of accepting a settlement offer.

 

Rebbeca Binder

Rebbeca Binder

Rebecca Binder is a stay-at-home mom to two daughters. She has been a freelance writer for five years and enjoys writing on topics relating to law and consumer information. Aside from her writing and family, her hobbies include playing piano and fitness.
Rebbeca Binder

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