Being injured in an accident can be a traumatic experience, and understandably, you may want to put the incident behind you as quickly as possible. However, it is important to ensure that you receive full compensation for your damages.
First, it is worth noting that accepting an offer to settle releases the negligent party from further liability. As such, you cannot reopen your claim in the future to seek additional compensation. You will have to make do with the offer you accepted, no matter how small.
It could put you in a tight financial spot
Settling for less than you deserve can have long-term financial consequences. For starters, medical treatment can be expensive, and you may find yourself struggling to pay hospital bills. This is in addition to other damages that a low settlement offer may not adequately cover, such as lost wages, emotional distress, pain and suffering.
How much should you settle for?
There is no predetermined settlement that is ideal for a personal injury claim since every case is different. The damages you suffered should inform the value of your claim and, subsequently, the compensation you should expect.
Remember, damages go beyond the economic losses arising from your injuries. You are entitled to compensation for the non-economic harm as well. Having an informed review of your claim could help identify these damages.
Understand your legal rights
It is within your rights to reject an offer to settle a personal injury claim if you think it does not fully cover the damages you suffered. When this happens, the insurer may have to rethink the offer and, possibly, revise the figure upwards.
If you are unsure of how settlement negotiations work or have questions about the claims process, consider seeking legal counsel to help protect your interests.