There’s no question that auto accidents can be extremely expensive. Vehicle repair costs are just the tip of the iceberg for many victims, as they also may face big medical bills and weeks or months out of work. That means no paychecks and rapidly depleted savings.
Insurance companies know the financial stresses that auto accident victims face, and that’s why they sometimes offer settlements right away. To victims, these settlement offers can be godsends, especially when they need money for their day-to-day living expenses. But insurance companies don’t offer these settlements out of the goodness of their heart. Instead, they offer them to save money.
When insurance companies know that victims have slam-dunk cases for big checks, they try to get ahead of the situation by offering lowball settlements right away. And when victims accept those settlements, they can’t file future claims for more money. They’re stuck with whatever amount they received upfront, which is often far less than what they truly deserve.
If you or someone you love was hurt in an auto accident and was offered a settlement from the insurance company, it’s important that you don’t accept without speaking to a lawyer first. Fast settlement offers are almost always well below the amount they should be, and they’re designed to take advantage of victims who are in shock and stressing over their financial situations.