When an insurance company presents you with a lump sum offer after a car accident to settle the case, it may seem like a straightforward solution. However, there may be more than meets the eye, and you should be careful about accepting the quick settlement offer.
Taking time before settling your car accident claim is essential to protecting your interests as a car accident victim. Here’s why.
You risk settling for less than you deserve
A lump sum offer might seem sufficient initially, but what if your condition or injuries worsen? What if you require long-term treatment or therapy? Settling your car accident too soon without assessing the full impact of your injuries could leave you without the much-needed financial support and compensation for your damages.
It may be impossible to reopen your claim
Once you settle your car accident claim, you typically waive your right to pursue further compensation. Most settlement agreements include a clause that releases the insurance company from any future liability. This means you cannot go back and claim additional damages after taking the settlement offer, even if your injuries turn out to be more serious than you thought.
Understand your rights after an accident
You do not have to agree to a settlement offer if you think it is insufficient or unfair. You have the right to negotiate for a settlement that fully covers your medical expenses, lost wages, pain and suffering and other damages you suffered.
Additionally, Oklahoma law provides a two-year window within which you can take the matter to court if necessary. This ensures you are not forced into an unfair settlement. Seeking legal assistance after a car accident or before agreeing to any settlement can help you make informed decisions and protect your rights through the claims process.