Posted on: 12 October 2018
Getting in a car accident is not an uncommon event in life. In fact, car accidents happen all the time, and when they occur, the parties involved must settle them in order to receive compensation for their damages and injuries. If you want to settle your recent car accident case and are working directly with the insurance company, there are some important things you need to know before you sign a settlement agreement with the company.
What a Settlement Agreement Is
A settlement agreement offered by the insurance company, who is handling the claim, is a statement that shows the settlement details. It will state the date, time, and details of the event it is about. It will also show all the names of everyone involved in the accident, as well as the amount of money the insurance company is paying you for the settlement.
When you sign this document, you are agreeing to this settlement. If you change your mind in the future, there is nothing you can do about it. It is a legal agreement between you and the insurance company, and you cannot change it once you sign it and send it back.
Why the Insurance Company Wants to Settle Quickly
Insurance companies can be quick to wanting settlements between victims of car accidents and the policyholders they represent. They do this primarily because they are often able to pay lower amounts when they can settle quickly. If they can settle directly with a person and not have a lawyer involved, they know they will be getting a better deal. This is the incentive they have for wanting to settle as quickly as possible.
What You Need to Know Before Signing It
The first thing to understand is that you do not have to sign the agreement, but you can if you are overly happy with the amount they are offering you. If you sign it, though, you will lose every right you have to ever ask for any additional compensation for the accident. Therefore, before you sign the agreement, you should make sure you fully understand the following things:
- The amount of damage your car incurred from the accident.
- The full amount you will pay for medical bills, including any you might have in the future.
- The amount of money you lost from not being able to work.
- The types of punitive damages you are entitled to, and any other types of damages you might be able to claim.
You will need to make sure you fully understand what you are agreeing to before you sign this document.
Why Talking to a Lawyer Is the Best Way to Handle The Settlement
If you receive an insurance settlement and do not understand it or know if you should sign it, contact a law firm, such as Hoffman, Larin & Agnetti, to set up an appointment with a lawyer. Talking to a lawyer is the best thing you can do to protect yourself. Your lawyer will review the entire accident case and the insurance settlement letter and will give you advice about it. You might learn that you can receive a higher settlement package than what the insurance company is offering, and this would make visiting a lawyer a worthwhile event.
If you are like most car accident victims, you want to settle your case, so you can move on with your life. There is nothing wrong with wanting to settle your case, but you should always make sure you are receiving a fair settlement before you settle. To learn more about this, talk to a lawyer who handles car accident cases in your city.Share