Settlements are a good way to keep a case out of court, and they can be beneficial when an insurance company or individual is being fair with what they’re offering. However, there are definitely times when settlements actually hurt your ability to get the full amount of compensation that you should.
As the victim of an accident, you should know never to settle unless you have had the opportunity to discuss your case with your attorney and go over the value of going to trial instead.
Insurance companies don’t have your best interests at heart
You should know that insurance companies don’t always want to do what’s best for you. Why? They’re focusing on their own bottom line. If the insurance company is able to get you to settle for $25,000 when your case could be worth $100,000, then it will be satisfied that it didn’t have to pay out more even if you could have used that money to help support yourself as you focused on recovering.
If you’re offered a settlement, you should never accept it without going through all your options. Remember, you should be looking to recover all of your expenses and to get compensation for the pain and suffering you’ve been put through. Some of the damages that you may want to collect could include:
- Property damage costs
- Lost wages
- Medical bills
- Pain, suffering and noneconomic losses
These and other losses should be recovered by anyone who has been injured in a car crash or other accident. If you accept a settlement too soon, you may miss out on an opportunity to get more out of your claim and to really recover all you need to make yourself financially whole again.
Avoid settling when the settlement isn’t fair
Don’t think that a settlement is your only option. You can take action to protect yourself and make sure you get the right compensation for all you’ve been through. Your attorney may suggest going to trial, which will help you get as much compensation as possible.