You may think that settling your personal injury claim as soon as possible is in your best interests. The insurance company may even offer you money soon after the accident.
Such an offer may seem tempting given the time it may take to conclude your case and get compensation for your injuries. However, it is often advisable to take your time as doing so is often necessary ensure the best outcome to your claim.
The amount may not be enough to compensate you fully
In the immediate aftermath of a collision, your injuries may not be fully apparent right away. In the days following the collision, you may not know whether you will have any long-term problems as a result of your injuries.
Accepting an early settlement offer when you do not have a complete picture of the value of your claim might leave you shortchanged. In such cases, you could find yourself bearing the burden of your injuries alone if the amount you accepted is insufficient.
When you accept a settlement offer from an insurance company, it means that you are content with the compensation being offered. In exchange for the compensation, the at-fault party and their insurance company will require you to release them from liability for your injuries, both known and unknown. Generally, such a release makes it impossible to seek additional compensation even if you later discover your injuries are more severe than you thought.
How long should you wait?
It all depends on the nature and circumstances of your case. While there is no definite answer as to the time you should take to settle your claim, it is necessary to keep an eye out on the statute of limitations. This is the maximum time the law allows to seek legal intervention if your settlement negotiations with the insurer do not work out.
Put simply, you should not deny yourself adequate compensation by rushing into an early settlement. The experienced personal injury attorneys at Sutten Law Group, LLC, (505) 990-RICK (7425), can help guide you through the settlement process, including the best time to reach a settlement in your case.