There are three big reasons to support holding off on that fast cash insurance settlement.
Car accident injuries rank among the leading causes of devastating personal injuries in The United States. Florida saw more than 380,000 car accidents and 245,000 resulting injuries during 2017. Those accidents cost insurance giants considerable payouts, which can negatively impact their bottom line. In many cases, greedy insurance companies will go to great lengths to underpay injury claims, while making sure to line their own pockets.
Here are three major reasons to wait on accepting a cash settlement from an insurance company after a car accident, no matter how tempting the offer:
- Quick Payout Offers Can Cheat You Out of Future Compensation
- You Don’t Know the Full Extent of Injury from Whiplash Head Trauma, Brain Injuries, or a Concussion
- You Can Still File a Lawsuit for Compensation with No Fault Insurance In Many Cases
Quick Settlements May leave You Hurting
One of the reasons that insurance giants offer fast monetary settlements is to sidestep future payouts. A key stipulation in a quick settlement often includes you signing away the right to return for additional compensation. Insurance industry representatives are very familiar with the nature of soft-tissue injuries that show up days, weeks or even months later. By getting you to sign quickly, they avoid any responsibility for injuries that pop up later.
You may have a cartilage tear or ligament damage. The critical thing about such injuries is that you may feel fine until you climb a flight of stairs or turn at an angle that inflames the problem. Either you will have to foot the medical bills or endure the pain. Once you sign off on a claim, there is generally no way to get compensation for injuries that cause pain and suffering later.
Head Trauma Is Still A Mystery
The medical community is just starting to understand the nature of traumatic brain injuries. We know that NFL players suffer long-term harm, but no one really knows how many concussions or blows to the head it takes to cause long-term debilitation.
What we do know is that the health issues involved with a traumatic brain injury can manifest after many years. Insurance companies are acutely aware of the fact that treatment and rehabilitation costs can be expensive. Don’t let them off the hook for that financial obligation by taking quick cash.
Don’t Be Fooled By “No-Fault” Insurance
The idea that Florida is a “no-fault” car insurance state where everyone takes care of their own costs is somewhat of an illusion. Most car accident insurance covers a high percentage of the losses, but often not 100 percent. That creates a coverage gap. Also, there are several exceptions that allow an injured party to file a claim or civil lawsuit against the other motorist’s insurance carrier.
It is common for insurance company officials to attempt to give a quick cash settlement. Don’t be surprised if they make it seem like they are doing you a favor because the no-fault system protects them. What they are commonly worried about are the costs of going to trial and “intangible” damages that you have suffered.
In addition, losses that exceed $10,000, or where a permanent injury has occurred, open the door for additional personal injury litigation. That’s why it’s important to work with a personal injury attorney.
It’s hard for the average person to determine whether a car accident settlement offer from an insurance company is fair. That is why it’s so important to work with an experienced car accident lawyer and avoid being short-changed by quick settlements. At the Armando Personal Injury Law Firm, our experienced legal team will fight to get you full and fair compensation.