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Settling your car accident claim too soon can cost you

On Behalf of | Apr 30, 2024 | Motor Vehicle Accidents

You may find yourself in a tight financial situation after a car crash, unable to work due to your injuries, yet bills keep coming. It can be tempting to settle your car accident claim as soon as possible in such difficult times and get your hands on some money. However, this is not in your best interests.

First, you may settle for less than you deserve. Accepting a settlement offer too soon without fully understanding the extent of your damages can leave you financially exposed in the future. Your injuries or condition could get worse over time or you may require ongoing medical care, which may not be factored into your settlement.

It could also limit your options for legal action. You typically give up your right to seek legal redress or bring up the claim for additional compensation once you accept a settlement offer. As such, you may have nowhere to turn to when you realize your compensation was inadequate.

Consider these factors before accepting a settlement

The settlement offer should compensate you for the harm and losses you suffered from the accident. Factor in the economic and non-economic losses like your current and future medical needs, lost wages, emotional distress, pain and suffering, among others. All these will inform the value of your claim.

It is equally important to consider other aspects that can impact your compensation. For instance, your contribution to the crash and the strength of your case can help you decide whether a settlement offer measures up or not.

Seeking legal guidance can help you understand the value of your claim and help protect your rights. It can help you make the most of your claim to recover compensation that will help you deal with the aftermath of an accident.