The desire for a speedy resolution and financial compensation soon after an accident can be overwhelming. After all, you want to put the ordeal behind and move on with your life as quickly as possible.
However, taking a step back and carefully considering the consequences is crucial. Rushing into a settlement can have far-reaching implications that may cost you dearly in the long run, as explained below.
You may not have the full scope of your injuries and damages
Some injuries may take weeks or months to heal or require additional treatments or surgeries. As such, your damages, such as lost wages, reduced earning capacity or emotional distress, may not be apparent until later. If you settle too soon, you may be unable to recover these costs.
You may not get the compensation you deserve
One of the primary risks of rushing to settle your personal injury claim is underestimating its true value. Remember, most insurers aim to pay you as little as possible and close your case quickly. When you’re eager to reach a resolution, accepting an initial settlement offer without fully considering the extent of your injuries and the associated costs is easy.
You may lose your right to sue
Accepting a settlement offer and signing a release means giving up your right to pursue legal action against the liable party. If you discover new injuries or damages later, or if your condition worsens, you cannot go back and ask for more money or sue the negligent party. You will be stuck with the amount that you agreed to.
Take a measured approach and minimize any risks
If you have a personal injury claim, it’s best to seek legal guidance to evaluate your case and the damages you are entitled to receive. That way, you can navigate the personal injury claim process more effectively and increase your chances of getting a deserving settlement.