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Is a quick auto injury insurance settlement a good thing?

On Behalf of | Jun 13, 2022 | Motor Vehicle Accidents

In the aftermath of an auto injury, you may be facing both physical and financial challenges. You may need to take a substantial amount of time off work while you recover. Meanwhile, medical bills and other expenses keep piling up.

If another party caused the collision, you may be able to collect needed compensation through his or her auto insurance company. Unfortunately, an insurance agent might try to take advantage of your position by offering a fast but intentionally low settlement amount.

Insurance agents are often trained negotiators

As businesses, insurance companies are primarily interested in protecting their own bottom line. While agents may come across as friendly, they are often trained negotiators looking to pay out the minimum needed to resolve a claim. A fast offer may be a sign that the company knows that your injuries may entitle you to significantly more.

You may not know the full extent of your future medical needs

Depending on the nature of your injuries, you and your doctor may not know the full extent of the damage done until weeks or even months after the incident occurred. It may take time for your physician to fully assess your condition, the speed of your recovery and the likelihood of your being able to return to work.

The impact of a severe auto injury can extend far beyond physical pain and suffering. In addition to living with chronic pain or a potentially permanent disability, you may not be able to return to your career or enjoy the activities you once did, including spending quality time with loved ones.

Before accepting a fast insurance settlement, make sure that you and your family have had a chance to determine the full amount you need to maintain financial security well into the future.