Regardless of whether you’re involved in a vehicle accident or fell down some steps in a poorly lit area on another person’s property, there is one burning question that must be explored. Should you accept a settlement from the insurance company?
Below, a truck accident lawyer takes a look at five criteria you understand before you accept a settlement.
The Insurance Company Is A For-Profit Business
Drivers have the legal obligation of carrying a minimum amount of insurance. The reason for this is that the insurance companies can provide financial compensation for the victim. The goal is to put the injured party back to where they were before the accident. For example, if you’re in an accident that caused $5,000 in property damage and another $5,000 in medical bills, this plus the pain and suffering is your damages, but insurance companies often don’t want to pay.
Yet, insurance companies are for-profit businesses. What does this mean to you? It means that insurance companies are more concerned about profit. And while that in itself isn’t terrible, they often low-ball claims so that they can keep more money.
The insurance company may offer you a settlement. It’s important to keep in mind that they may not be offering you a fair settlement. It may be helpful for you to hire a personal injury lawyer to represent you. They can act as a liaison while also protecting your legal rights and advocating for your best interest.
What Happens If You Accept A Settlement?
If you accept a settlement offered by the insurance company, you’ll sign the settlement agreement as our friends at Herschensohn Law Firm, PLLC can explain. You’ll receive the money mentioned, but you’ll sign over valuable legal rights including suing the defendant and/or the insurance company. Before you sign a settlement agreement, you should at least have it reviewed by an attorney. They can tell you whether the settlement offered is fair.
Recorded Statements
Any time you call an insurance company, you’ll hear a disclaimer about how the conversation may be recorded. While this may be acceptable if you’re calling for a new quote or to ask a question about your policy, you must be careful with what you say during a recorded statement about your claim. They may ask you questions that could trip you up and endanger your claim. Before talking with an insurance company to provide a recorded statement, talk with an attorney about doing so even if you plan to represent yourself. Remember, they record all communication so do not speak with them in any form until you have spoken with legal counsel.
Independent Medical Exam (IME)
The insurance company may decide that they want you to see a doctor of their choice to determine if you’re injured. This is known as an independent medical exam (“IME”). This is a crucial component to some claims. Remember that this exam may negatively impact your claim.
If you have any questions about any point listed in this blog post, speak with an attorney who is licensed in your state.