Insurance documents on a table
Share on Facebook
Share on Twitter
Share on LinkedIn
By Richard Obiol
Principal Attorney

In the aftermath of an accident or injury, dealing with insurance companies can be overwhelming. Amidst the stress and uncertainty, insurance adjusters may offer a quick settlement to resolve your claim. While the prospect of immediate compensation may seem enticing, accepting the insurance settlement impulsively can have long-term repercussions that may not adequately address your needs. Here’s why we advise against accepting an insurance settlement immediately.

1. Underestimation of Damages

Insurance companies often employ tactics to minimize their payouts, including offering settlements that fail to fully compensate for your damages. In the immediate aftermath of an accident, it can be challenging to assess the full extent of your injuries, medical expenses, lost wages, and other damages. Accepting a quick settlement may result in undervaluing your claim and leaving you financially vulnerable in the long run.

2. Waiving Your Right to Legal Recourse

By accepting an insurance settlement, you may be required to sign a release agreement, waiving your right to pursue further legal action against the at-fault party. This means that if you later discover additional injuries or unforeseen expenses related to the accident, you will be unable to seek additional compensation through a personal injury lawsuit. Once you accept a settlement, the matter is considered resolved, regardless of any future developments.

3. Pressure to Settle Quickly

Insurance companies often exert pressure on claimants to settle quickly, hoping to minimize their liability and close the case expediently. They may use tactics such as offering a limited-time settlement offer or emphasizing the need for immediate financial relief. It’s essential to recognize that these tactics are designed to serve the insurer’s interests, not yours. Taking the time to thoroughly evaluate your claim and explore all available options is crucial to ensuring you receive fair compensation.

4. Lack of Legal Guidance

Navigating the complexities of insurance claims and settlements can be challenging, especially if you’re dealing with injuries and medical treatment. Insurance adjusters are trained to protect their company’s bottom line, often at the expense of your rights. Without legal representation, you may be at a disadvantage when negotiating a settlement. An experienced personal injury attorney can assess the true value of your claim, negotiate with the insurance company on your behalf, and advocate for a fair outcome.

5. Potential for Future Complications

Accepting a quick settlement may seem like a convenient solution in the short term, but it may lead to unforeseen complications down the road. If your injuries worsen over time or you encounter unexpected expenses related to your accident, you may find yourself facing financial strain without recourse for additional compensation. It’s essential to consider the long-term implications of accepting a settlement without fully understanding the extent of your damages.

The Attorneys at Civardi & Obiol Help Those in New York Who Have Been Injured in an Accident

If you or a loved one has been injured in an accident, it’s crucial to understand your rights and the potential legal remedies available to you. A knowledgeable and experienced personal injury attorney can advocate for justice. At Civardi & Obiol, our qualified New York personal injury attorneys will help walk you through the process every step of the way. To learn more or schedule a free consultation, contact us today!

About the Author