Picture this scenario: You’ve been involved in a car accident, and negotiations for a settlement for your damages are underway. The insurer’s settlement offer on the table seems fair, and the prospect of a swift resolution while avoiding a lengthy court battle seems appealing. Can you accept the offer and seek additional compensation later on?
Most car accident claims are resolved outside the courtroom, where the involved parties agree on a settlement. However, it’s advisable to understand the implications of accepting an out-of-court settlement for your claim, especially when it comes to seeking additional compensation. Here is what you should know.
Accepting a settlement offer could limit your options
In most instances, accepting a settlement offer means releasing the negligent party from legal liability related to your car accident claim. This effectively closes your claim since you forego any further legal action related to your claim. As such, you cannot seek additional compensation from the insurer even if your condition deteriorates. You cannot seek legal intervention by taking your claim to court either.
It highlights the need to avoid rushing into a settlement offer after a car accident without having a clear picture of the extent of your injuries and the damages you are entitled to. You may unknowingly settle for a lowball offer and end up dealing with the aftermath of the crash without adequate financial support.
Make an informed decision
It’s worth noting that not all car accident settlements are similar. Some might include provisions for seeking additional compensation under specific circumstances. Understanding the terms of your settlement offer is essential, given the possibility of unforeseen complications.
Seeking legal guidance before accepting a settlement offer can help you make the right call, protect your legal rights and get the compensation you deserve.