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Premature Settlement: How It Can Affect The Compensation Value

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Premature Settlement: How It Can Affect The Compensation Value

Getting injured in an accident can put your life off track. While there can be major and minor injuries, you could suffer from emotional trauma as well. For more serious injuries, you can expect to lose your job temporarily or permanently. With so much trouble around, you have only one solace- the compensation you can expect with your personal injury claim. An early settlement seems like a stroke of good luck but remembers that a premature one can do you more harm than good. In fact, this is something that your lawyer wouldn’t recommend because being too quick to agree with a settlement can have a dire impact on your compensation value. Let us explain how.

Some injuries may show up after you accept the claim

The worst thing about accepting a quick settlement is that you cannot file additional claims in case some injuries show up later. This is something people often do for the sake of getting money to pay their treatment expenses or cover other costs of living. Bur, unfortunately, many times some injuries may not be evident right after the accident but come up weeks later. You may even discover that you have a permanent impairment or need additional surgery. Always wait till the completion of medical treatment and get an impairment rating from your doctor to determine the full extent of your injuries before you accept a settlement offer.

The adjuster will prioritize the interest of the insurance company

Although the insurance adjuster may seem to be the most sympathetic person in the world, remember that he represents the insurance company after all. Obviously, he will protect the best interest of the insurance company only, rather than ensure that you get the maximum amount in compensation. You can expect a lowball offer even without knowing that you are being taken for a ride. Surely, you may even never understand what the fair settlement in your case is unless you hire a personal injury attorney to handle negotiations or file an injury lawsuit if there is a need. These expert professionals can actually help you assess the claim value by considering elements such as cost of medical treatment, property damage, job loss and pain, and suffering.

The offer for compensation is final once you accept it

By accepting a settlement at any point in time, you end up releasing the insurance company from any liability for injuries, losses and damages you may face in the future. Once you sign on the dotted line, the offer is deemed as final and that’s all you will receive. It is best in your interest to ensure that you are getting the settlement value you deserve. Just because the insurance company is paying you off quickly does not mean that they have your benefit in mind. This is a tactic meant to settle the claim for good- at an amount that works in their favor.

Opting for an early settlement is not always the right decision. The best thing to do is to consult an expert attorney who can guide you about the best choice at any stage of your case.