If you are involved in a car crash, the insurance adjuster will make an initial offer for your injuries and property damage. Many people mistakenly believe the insurance company is on their side. This is not the case. Most of the time, the insurance company is trying to avoid paying the amount you deserve, and will try to persuade you to take an offer that is less than you need. After an accident, it is important to refuse the insurance company’s initial offer.
The Insurance Company’s First Offer Will Likely Be Low
As stated above, insurance companies typically care more about their wallets than about helping those in need. If you have been injured in an accident, you should be wary of accepting the insurance adjuster’s first offer. Even if you think you will not need a lot of compensation, it is still not a good idea to settle until you are sure of what you need.
If You Accept the First Offer, You Will Be Unable to Get More Compensation Later On
When you sign an insurance release form, you are basically releasing the insurance company of any responsibility to pay you more compensation later on. This means, if you discover injuries weeks or months after the accident, you will be unable to pursue more compensation from the insurance company. You will be left to pay the extra expenses out of pocket, which could put you in a tough financial spot. Thus, it is best to wait until you have an accurate knowledge of the amount you need before signing an insurance release form.
You Should Wait Until You Have Reached the MMI Before Accepting a Settlement
The point of maximum medical improvement (MMI) refers to the point at which you have healed as much as possible from your injuries. Your doctor will determine when you reach the MMI. Basically, even if you still suffer from residual pain or other symptoms, there are no other medical treatments available to help you recover. Everything that is possible has been done to heal your injuries, and there is nothing else your doctor can do.
Once you reach the MMI, it will be safe to accept a settlement from the insurance company. This is because you will have a clear understanding of the cost of your past, present, and expected future medical expenses. Once you sign an insurance release form and accept a settlement offer, you will not be able to get any more compensation. Thus, it is important to accept the compensation award only after you are sure you will not need more compensation later on.
Experienced Representation from Woodbridge Personal Injury Attorneys
With more than 40 years of combined legal experience, Palmisano & Goodman, P.A. provides compassionate legal assistance to injured clients. Insurance companies will try to limit the amount of compensation you receive, and they may also dispute your claim. Our Woodbridge personal injury lawyers have the necessary experience and knowledge of the North Carolina’s legal system to fight on your behalf. We will gather evidence and negotiate a settlement with the insurance company for your case.
Ready to speak with one of our knowledgeable attorneys? Contact our office today and receive a free initial case evaluation.