Insurance companies that need to settle a case will try to do so as quickly as possible. They might offer a person a settlement while they’re still in the hospital recovering or before they find out the true extent of their injuries. A person who has been injured through negligence and is entitled to compensation will want to contact a Personal Injury Lawyer in Green Bay WI before accepting any settlement.
Why Do Insurance Companies Offer Fast Settlements?
Insurance companies often try to settle as quickly as possible to minimize the amount of money they need to pay out. They will try to avoid the full amount the person might receive because they want to save as much money as possible. They will often try to offer the settlement as quickly as possible, even while the person is still in the hospital, to make it more likely the person will just accept the settlement without realizing it’s too low.
Why Shouldn’t an Injured Person Accept the Settlement?
An injured person should not accept a settlement until they’re sure it’s going to cover all of their expenses from the accident. Most of the time, the first settlement offer from the insurance company is going to be much less than the injured person will need to fully recover financially from the accident, and they will not be able to then receive more money to cover additional expenses that might occur.
What Happens if a Person Accepts the First Settlement Offer?
If the person accepts the first settlement, that is all the money they will receive. There is not much, if anything, they can do to obtain more money after they have already accepted a settlement, as they have agreed to that amount to cover the incident. If they don’t fully know the effect of their injuries, they could lose out on money to pay their future medical bills, future lost wages, and more.
If you’ve been injured and the insurance company is trying to get you to settle quickly, take the time to contact a Personal Injury Lawyer in Green Bay WI now. They’ll help you ensure the settlement offer is fair and, if it isn’t, they can advise you on the next steps you should take. Visit Brabazon Law Office LLC online today to learn more or to contact a lawyer now.