The time after an injury resulting from negligence can be challenging to say the least. Not only are you dealing with the emotional trauma and physical damage of the incident, but you may also find yourself concerned with the financial losses you experience being out of work or seeking medical care.
Because of your monetary needs at this time, the insurance company is quick to offer you a settlement to help you cover the expenses. When this happens, though, you may want to think twice before you accept it and speak with an attorney who can help you make the right decision.
The Settlement Isn’t Always What You Expect or Need
You should know that a settlement is not always what you expect it to be. The insurance company is offering you monetary compensation, yes, but it’s not necessarily enough to cover your damages. It’s not always a fair amount, but the insurance company knows of your need for money.
Insurance companies are hoping that you need the money, so they’ll push a settlement in front of you. Know that this settlement is often a way for insurance companies to focus on their profits and pay out much less than you may recover should you proceed with legal action.
Accepting a Settlement Could Prevent Further Legal Action
In most situations, the moment you accept a settlement offer, you are forfeiting your rights to sue the insurance company for more compensation. You are not able to go back and request additional compensation and you are stuck dealing with the aftermath.
There are very few situations in which you want to accept a settlement without discussing first with your legal counsel. Having your legal counsel advise you regarding what to do can help you feel confident in your choice. In some situations, the settlement is adequate enough and it’s worth saving time and money to accept it. In other situations, though, it’s best to know when the insurance company is taking advantage of your rights.
When you need legal help, trust in our Chicago personal injury lawyers at Walner Law® to guide you through the process. We’ll look out for your rights, explaining when the insurance company should pay out more so you can protect yourself from their tactics.