An auto collision can upend every aspect of your life. From the pain and trauma of the injuries themselves to forced time off work and mounting medical bills, you may find yourself feeling overwhelmed and desperate.
Unfortunately, auto insurance companies know that individuals in your situation may be eager to accept a fast settlement, even when it may not be in your best long-term interests.
1. Insurance companies are businesses
As businesses looking to make a profit, insurance companies are often most interested in protecting their bottom line. That means an agent may try to deny your claim, even if it is a valid one. In some cases, an agent may also offer a fast payout knowing that the law entitles you to more.
2. Agents may know your case is worth more
If an insurance company does not deny your claim outright, it may try to offer a quick-but-low settlement to minimize payout amounts. This is a common tactic by companies trying to settle claims at the lowest dollar amount possible.
3. You may not know the full impact of your injuries
One of the reasons insurance companies offer fast claim settlements is that injured parties do not yet know the full cost of their injuries. It may be weeks or even months before you know when and whether you will fully recover, and the accident may ultimately leave you with chronic pain or a permanent disability that prevents you from returning to your job.
Insurance coverage is essential for providing necessary compensation after a vehicle crash. However, it is important to know that, once you accept an offer, you may not have the option to pursue further damages. Before accepting a settlement amount, make sure that you have had the opportunity to consider all your present and future needs.