Is A Quick Settlement Offer A Good Sign After A Car Accident?

A car wreck can turn your life upside down in an instant. It doesn’t usually take very long before victims are drowning in medical bills, worrying about their lost wages and more.

When the insurance company involved seems to take a proactive approach and “steps up to the plate” with a quick settlement offer, it can be very tempting to accept – but you need to look a little closer at exactly what’s happening.

Insurance companies are not acting out of altruism

A quick settlement offer only gets made when an insurance adjuster sees an advantage to it. It’s always key to remember that adjusters want to minimize their company’s liability and close out their cases as fast as possible. They don’t really care if the victim is fairly compensated.

Here’s why the sense of urgency you may feel about accepting the offer probably doesn’t line up with your best interests:

1. Your case may be worth quite a bit more. Even if you try, you may not have a clear grasp of exactly how much money it will take to make you financially whole again. A quick, early offer is unlikely to have carefully or fairly calculated all your medical bills, lost wages and property damage.
2. The insurance company may hope to avoid additional liability. Once you accept a settlement, you cannot reopen the case and ask for more – even if you discover that the “back strain” you suffered in the wreck is actually a herniated disc in your spine that needs surgery. The insurance company may be in a hurry to get you to settle because the adjuster suspects that your injuries are significant or long-term.
3. You probably aren’t being fairly compensated for pain and suffering. Pain and suffering, the loss of enjoyment of life and other intangible consequences of the wreck also have their value, and you deserve fair compensation for them.

It can be hard (or impossible) to effectively negotiate for yourself for a fair settlement. Insurance companies and their adjusters excel at finding ways to minimize their financial losses, and they likely aren’t the least bit concerned about your future. That’s why it’s always better to seek experienced legal guidance in order to more effectively protect your interests.