The results of a serious auto collision can be physically, mentally and financially devastating. You may be facing a long and uncertain recovery that completely upends both your personal and professional life. Meanwhile, you wonder how you will afford to pay the mounting medical bills.
In the days after the accident, an insurance agent may offer you a quick settlement. However, before accepting any amount, it is important to consider whether the offer will really meet both your present and future needs.
Insurance agents represent their company’s interests
As businesses, insurance companies make higher profits if they can avoid paying on claims. While agents may be friendly, their job is to minimize payouts. In some cases, that can mean offering quick but purposefully low offers on claims.
If a representative offers you a fast settlement, it could be a sign that the company knows that the law may entitle you to substantially more. That is especially true if you experienced severe injuries that will require intensive, ongoing medical treatment.
It might take time to measure the impact of injuries
Your recovery may involve numerous surgeries, physical therapy and the possibility of permanent disability. It may take weeks for doctors to determine the full impact of your injuries on your ability to work and enjoy the activities you once did.
Accepting a fast settlement offer could mean missing out on the full compensation you need for both present and future injury-related expenses. Before committing to a settlement, make sure you feel the offered amount will truly cover the damage done.