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What are the risks of settling a personal injury claim too soon?

On Behalf of | Feb 28, 2024 | Personal Injury

A car accident can turn your life upside down. If you are involved in one, you may feel eager to settle the matter as fast as possible so you can move on with your life. And this is absolutely understandable. 

However, it is important to note that settling your personal injury claim quickly has its share of merits and demerits. On the one hand, you will receive the finances you need to take care of the most pressing issue – your medical bills. On the other hand, you will be setting yourself up for a lot of uncertainties. 

So, what is a quick settlement and why would you accept one?

Basically, this is the financial resolution the injury victim reaches with the defendant’s insurance carrier. Most often, the defendant’s insurance will offer a lump sum payment on the condition that you drop your claim. Of course, this can be appealing, especially if you fear that your contribution to the accident could have been greater than 50 percent. But is this always a good idea?

Understanding the dangers of settling your claim too soon

A quick settlement may seem attractive. However, it comes with certain downsides. Here are some of them:

You could be unsure of the severity of your injuries

The moments following an accident can be confusing, to say the least. While some injuries like bruises and cuts can be easily visible, others like head and spinal cord injuries might take days or even months to fully manifest. Accepting a settlement before establishing the full extent of your injuries can mean that you will be receiving less compensation than you actually need to take care of your short-term and long-term medical needs. 

You will be waiving any right to future compensation

As soon as you accept a settlement, your case will be closed. This means that should your injuries turn out to be more severe than you initially thought, you cannot pursue the insurance company for additional compensation. 

A quick settlement of a personal injury claim may save you time. However, it’s important that you make an informed decision. Find out how proper legal guidance can help you protect your interests when deciding whether or not you should accept a settlement offer.