Why You Should Not Accept the First Truck Accident Settlement Offer
The aftermath of a truck accident can be overwhelming. When the at-fault party’s insurance company reaches out with a quick settlement offer, you might be tempted to accept it, especially if you are facing significant financial hardship. However, while it might seem like a relief during a difficult time, accepting the first offer in a truck accident case is generally not advisable. Accepting the first truck accident settlement offer can cost you far more than you realize.
Below are some of the main reasons to think twice before accepting a settlement offer in a New York truck accident case;
- The First Offer Is Usually Low
Insurance adjusters might seem sympathetic or friendly. However, the truth is that these individuals are not on your side. Adjusters work for the insurance company, and their job is to save the company money. They do this by minimizing payout amounts. Since truck accidents often result in severe injuries and significant damages, insurance adjusters usually start with lowball offers, hoping you will accept before you have had time to understand the actual value of your case.
- You May Not Understand the Full Extent of Your Injuries
Truck accidents can lead to severe and life-altering injuries such as traumatic brain injuries and spinal cord damage. Understanding the full extent of your injuries before settling your truck accident case is crucial. Often, this requires a comprehensive assessment and waiting until you reach maximum medical improvement (MMI). Settling too quickly might leave you without the necessary funds if you later discover your injuries are more serious than you initially thought.
- Future Expenses and Losses Are Likely Not Included
The first truck accident settlement offer may only account for immediate costs. However, truck accident victims often face future costs, including rehabilitation, surgery, and other medical expenses. You may also be eligible for future losses, such as lost future wages or diminished earning capacity.
- You Waive Your Right To Additional Compensation
When you accept an offer from the insurance company, you will likely be required to sign a release of liability agreement. Signing this agreement terminates all your claims against the defendant. Once you sign a release of liability agreement, you cannot file further claims for the same accident, even for unknown injuries. Signing this agreement too early can be dangerous in a truck accident case because you may not yet understand the full extent of your injuries or damages. Some truck accident injuries don’t exhibit symptoms immediately, whereas others may worsen over time or require long-term medical care.
- An Attorney Can Help You Negotiate
Not taking the first truck accident settlement offer allows you to negotiate for a better deal. An attorney with experience working on truck accident cases and who has achieved good results can determine the true value of your claim, push back against lowball offers, and fight for a settlement that reflects your total damages and losses.
If you’ve been involved in a truck accident, it is understandable to want closure. However, rushing to settle your case can leave you financially and emotionally burdened in the future. Before you sign anything, consult a skilled New York truck accident attorney.
Contact Us for Legal Help
Our Long Island truck accident lawyers at Jacobson Law can help you recover the compensation you deserve for your injuries and damages. Contact us at 631-661-2030 or online to schedule a consultation.
Source:
dol.gov/agencies/owcp/energy/regs/compliance/PolicyandProcedures/proceduremanualhtml/unifiedpm/Unifiedpm_part0/Chapter0-0500Definitions#:~:text=Maximum%20Medical%20Improvement%20(MMI)%20is,or%20without%20additional%20medical%20treatment
