What Are the Risks of Settling a New York Car Accident Claim Too Quickly?

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If you’ve been injured in a car accident, an insurance adjuster will likely be quick to make a settlement offer. While receiving a settlement offer soon after your accident may appear like a lifeline during such a difficult time, it’s best to avoid rushing into accepting an offer until you understand the implications of accepting such an offer and learn the full scope of your injuries. Settling your car accident claim too soon could leave you in a financial bind when the dust settles, as the initial settlement may be a fraction of what your claim is worth. Please continue reading to learn more about the potential consequences of hastily accepting an insurer’s initial offer to settle and how a proficient New York City Car Accident Lawyer can help you fight for the just compensation you need to get your life back on track. 

Why Do Insurance Companies Want You to Accept an Early Settlement Offer?

Following an accident, it’s crucial to understand that insurance adjusters don’t have your best interest. They want to capitalize on your vulnerable position when approaching you after a collision. They know that you’re probably stressed about the financial ramifications of your damages and will try to exploit the situation by persuading you to accept an early settlement far less than you deserve. Insurance companies only offer early settlements to minimize their financial liability.

If you accept a settlement offer, you forfeit further rights to pursue additional compensation. Once you agree to a settlement, the negligent party will no longer be legally liable for your damage. If any unforeseen complications arise, you will wind up footing the bill for these costs. Many injuries can have long-term effects beyond what’s immediately apparent. This means ongoing medical treatments or long-term rehabilitation costs could extend beyond your recovery period. Insurance companies use this tactic in the hopes you’ll overlook these costs.

Why is Accepting an Early Settlement Offer Risky?

When it comes to settling a car accident claim, it’s crucial to take the time to ensure you comprehend the full extent of your injuries and damages. In most cases, the initial settlement offer presented by the at-fault party’s insurance company will not reflect the actual value of your claim. It’s crucial to avoid waiving your rights to pursue further compensation until you’ve consulted an experienced attorney who can help determine if the offer is reasonable and ensure you understand your rights. You may sacrifice the opportunity for a larger settlement without quality legal representation.

If you’ve been offered a quick settlement, it’s essential to consider your options carefully. Speaking to an experienced New York City car accident lawyer is advisable before relinquishing your right to pursue further compensation for your economic and non-economic damages. At the Law Offices of Brian J. Elbaum, we are prepared to help you fight for the maximum compensation you’re entitled to.

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