When seeking compensation for damages arising from negligence, accepting the first settlement offer that comes your way can be tempting. It could be due to the desire to move on from the ordeal coupled with mounting medical bills and lost wages.
Either way, rushing to settle your personal injury claim is not in your best interests. It is a common mistake many make, and by the time the consequences finally sink in, nothing much can be done to make amends.
Settling your claim closes it, and you cannot seek additional compensation in the future. As such, taking your time before accepting a settlement offer is advisable. Here is why.
You may not understand the full extent of your injuries
Some injuries take time to manifest, sometimes weeks or months. In addition, it is not easy to tell the potential impact on your life at first glance. Settling your claim before understanding the long-term consequences could leave you under-compensated for medical treatment, ongoing therapy, rehabilitation or future complications arising from the injury.
Some damages may not be accounted for
You are entitled to more than medical bills with your personal injury claim. You can recover other damages like lost wages, a diminished earning capacity and even the pain and suffering you endured. You risk accepting a lowball offer that leaves out some of these damages when you hurriedly settle your claim.
You will have no legal recourse
As mentioned, accepting an offer to settle releases the negligent party from liability. It means you cannot file a lawsuit or seek the court’s intervention regardless of the strength of your claim because your case is as good as closed.
Does the settlement offer measure up to your damages?
You should only accept a settlement offer if it covers all your damages. If you are unsure about how much you should expect, seek legal guidance to get an informed assessment of the value of your claim and understand your options if settlement negotiations fail.
