After a serious car accident, you have to err on the side of caution if the at-fault driver or their insurance company is rushing for a settlement. While a fast payout might seem like the right choice when medical bills are piling up, acting too quickly usually serves against your interests. Here is what you should know.
Why do they rush?
One of the crucial reasons why an insurance company may resort to this behavior is that they want to cap their liability. In other words, they want to free themselves from the shackles of future financial liability. Furthermore, they may be trying to take advantage of your vulnerable condition. In either case, accepting their settlement without a proper and thorough legal review can free them from paying you what they owe you.
What are the dangers of signing the early settlement offers?
Early settlement after a car accident offers come with hidden dangers that may backfire if you aren’t careful enough. Among the many dangers, the two major ones include:
- Losing the opportunity to demand more money if your condition worsens or you discover hidden injuries in the future.
- Underestimating the total damage you have suffered if your medical diagnosis is not complete.
An early settlement offer is rarely favorable to you, even if it appears to be.
Connecticut’s cooling-off period
Making important decisions right after suffering a car accident can be overwhelming. That is why Connecticut law has established a 15-day cooling-off period. Under this rule, any settlement or liability release obtained within 15 days of the accident is voidable at your option.
Why a legal guide may help
Before you engage in any kind of dialogue with the at-fault driver or their insurance company, you should hire a legal representative who is experienced in personal injury cases. They can help you determine when to settle, how much to settle for or if you should settle at all.
