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3 things to know before accepting an auto insurance settlement

by | Apr 7, 2021 | Car Accidents |

From emergency medical care and ongoing treatment during recovery to lost wages and emotional trauma, even a relatively minor motor vehicle accident may result in steep costs for you and your family.

After a collision, you may want to access needed compensation as soon as possible. Unfortunately, either your own insurance agent or the adjuster for another driver may try to take advantage of your position by pushing a quick settlement that does not account for the full extent of damage done.

1. You can wait to give an official statement

Adjusters are often savvy negotiators, and they may try to pressure you into giving an account of the incident before you have had time to consider all the details. If an agent contacts you, know that you can put off giving a full statement until you have had an opportunity to review the facts accurately.

2. First settlement offers are often low

Since insurance companies often prioritize their own bottom line, they may offer a low initial offer to minimize a potential payout. While it may seem convenient to accept a fast settlement, keep in mind that there may be more bills to pay down the road.

3. Insurers may devalue the true cost of your claim

From broken bones, burns and fractures to traumatic brain or spinal injuries, you may not know the full extent of your medical situation until weeks after a crash. In addition to health care and vehicle damage costs, you may be eligible to receive compensation for lost wages, temporary or permanent disability, pain and suffering and more.

If your injuries are extensive, you may want to wait until you have the full picture before accepting an amount that may fall short of your long-term needs.