Many people rush to settle their car accident claims because they are unaware of their rights or are in dire need of money. Insurers are also aware of this and are quick to offer an initial offer.
However, accepting a quick settlement of your claim can sometimes backfire, and you may be left dealing with the aftermath on your own. Before you agree to settle your claim, you must ensure the compensation is enough to cover all the damages you suffered.
In most cases, the first offer by the insurer is lower than what you actually deserve, and accepting such a deal would be getting a raw deal. It may be hard to recover additional compensation after settling your claim.
Understanding the value of your claim
Knowing how much your claim is worth will help you avoid lowball offers. To do this, you need to factor in all your damages, both economic and non-economic.
For instance, if you won’t be able to work for a considerable period, you will miss out on wages and other work benefits for which you ought to receive compensation. You also need to be compensated for the lower quality of life, emotional anguish, pain and suffering arising from your injuries
Importantly, have your eyes on the future. Some injuries could permanently affect your life or require long-term care. The associated costs and other effects must be factored into the settlement package.
Safeguarding your interests after a car accident
It is worthwhile to learn more about what to expect in the settlement negotiation or lawsuit phase of your claim. It will help you make the most of your claim and ensure you get deserving compensation following a car accident.
Should you have any doubts or are intimidated by the process, it is advisable to seek proper guidance in handling your case. It could be just what you need for a positive outcome.