Major motor vehicle collisions can produce massive expenses. Parties often need compensation to repair their vehicles or buy replacement vehicles. They might need money to cover their medical expenses. They may also have lost wages to consider. These costs can be exceptionally high and worrisome after a truck crash.
As such, after reporting a crash to an insurance company, parties can be eager to get the compensation they need for all these expenses. And it can be tempting to accept a lump-sum payment offer from an insurance company to cover the collision costs, especially if the insurance company is quick to offer a settlement.
However, accepting an offer too quickly can be a costly mistake.
Why quick settlements can be misleading
Insurance companies want to settle to limit company costs. Technically, those affected by a crash can ask for compensation up to the applicable policy limits. In a semi-truck crash scenario, the policy may provide $750,000 of liability coverage or even more.
By settling early with the injured party, the insurance company can prevent paying out the maximum amount possible. They get the upper hand in negotiations for a few reasons:
- People in desperate need of financial support often do not yet know the full extent of their losses.
- The settlement offered may seem reasonable at first, but it could leave the injured person with thousands of dollars in uncovered expenses.
- Investigating a crash and determining the full extent of a person’s injuries can take weeks or even longer.
The process of settling typically absolves the insurance company of future liability, making it financially beneficial to settle early if possible. People reviewing a truck crash settlement offer may need help.
Taking time to understand victims’ rights
Figuring out if a settlement offer is fair after a semi-truck accident can be tough. It is hard to anticipate a person’s future expenses, and insurance companies might push people to take a deal that isn’t in their best interests.
That’s why it’s wise to talk to a lawyer if you’re trying to get compensation after an accident. An attorney can help you understand your options and protect you from unfair pressure from insurance companies.