What to Know Before Signing an Insurance Settlement

Sep 12, 2017 | General Personal Injury, Insurance Information

If you’ve recently been in a car or truck accident, you know how traumatic it can be. Between the physical and financial damage that often follows an automobile or tractor trailer accident, it can be tempting to try to put the incident behind you as fast as possible.

But before you sign your settlement agreement with the insurance company, it’s important that you take the time to properly evaluate your case by discussing it with a personal injury and truck accident lawyer. That way you can be sure the settlement is in your best interests.

In this post, we’ll examine some important things to know before signing an insurance settlement agreement.

1.Understand What Your Claim Is Worth: After any collision, whether it is a car crash or a semi-truck accident, you can expect a lot of bills. Not only is there the cost of damage to your vehicle, there are also medical expenses to consider. In evaluating your claim for compensation, you need to consider lost wages if you are prevented from returning to work and pain and suffering.
Before you agree to sign anything, it is prudent to understand how the accident has affected you, financially, physically, and emotionally. Once you have figured that out, you can begin to attach numbers to the damages and have a rough idea of what your settlement is worth. If what you are being offered doesn’t fall into that range, then consider consulting a local personal injury and truck accident lawyer.

2.Know That the Earlier You Sign Your Settlement, the More It Favors Your Insurer: It can take a long time for the total cost of your accident to become clear. Injuries might be delayed in manifesting, or unforeseen complications could arise. That is why many insurance adjusters want you to sign a settlement as quickly as possible. But doing so may severely limit your recourse should you incur more expenses related to the crash later down the road. You have two years to file a lawsuit so do not rush to settle.

3.Remember That Once Signed, Your Settlement Is Final: Except in the rarest of circumstances, once you sign your settlement, it cannot be undone. That means you will have forever released the driver of the vehicle that injured you and his/her insurance company from any additional payments relating to your accident. It is often prudent to wait as long as possible before agreeing to a settlement and always consult with a personal injury attorney.
While it can be tempting to try to sign your insurance settlement as soon as possible and move on with your life, there are very important reasons to wait. Remember, that if you feel you are being treated unfairly, you can always turn to your local personal injury and truck accident lawyer.