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The risks of accepting an initial injury compensation settlement

On Behalf of | Nov 14, 2022 | Personal Injury

If you suffer a personal injury due to someone else’s negligence, then you rightfully expect to receive compensation. The process typically entails filing a claim with the insurance company, which will then review your case and contact you with a settlement offer.

After a potentially traumatic experience, it may be tempting to immediately accept the insurer’s initial settlement so you can pay for your medical bills and move on with your life. It is best to carefully review your settlement offer, however, as being hasty presents the risk of receiving less compensation than you deserve.

The insurance company may present a lowball offer

It stands to reason that, at the very least, the compensation you receive after sustaining a significant injury should at least cover your medical expenses. If you receive an insufficient offer, or if the insurer urges you to accept their settlement before you undergo a full injury evaluation, then you should suspect that something is amiss. Carefully review your insurance policy to understand the terms of the agreement so that you can take action against the company if it is in violation of its obligations.

You have options for receiving a fair settlement

While it is important to understand for yourself the actions your insurance company might take in violating your policy agreement, the legal process afterward is not something you should tackle alone. It is best to consult an advocate who can help you plan what steps to take in receiving the full compensation you are due.

While many people want to believe that their insurance providers will act in good faith, the reality is that the initial settlement might not be what you fully deserve. You should always take a practical and prudent approach before making hasty decisions regarding insurance coverage.