Accepted a Settlement Offer, but I Need More

I Accepted a Settlement Offer, but I Have More Damages, What Now? 

This Is a Big Problem 

In most cases, insurance companies make accident victims sign papers before they get the settlement check. If you’ve sustained injury in a car crash, you’ll probably be signing a lot of papers, and you might not understand exactly what each document means. One document you’ll almost certainly be signing when resolving your claim is often referred to as a “Settlement Release Agreement.” This is usually signed before you get your settlement check. In the most simple terms, when you sign the settlement release agreement, you agree that the claim is settled and that you’re waiving your right to pursue any additional claims related to that incident. So, if you get into a car accident and break your leg, then you immediately accept the insurance company’s settlement and sign the agreement, you won’t be able to get anymore compensation from the insurance company, even if you have more injuries from that accident. If it turns out that you also injured your spine in that accident, you won’t be able to go after the insurance company a second time, even though you would have had a claim for that injury. 

Suing Someone Else 

A settlement release agreement will include not only the person liable for the accident, but their family members, the insurance company, and anyone acting on their behalf related to the crash. If you accepted a settlement check, or sign off on the release, you agree not to go after the person who caused the accident individually. If there is more than one party responsible for your crash, you can make a claim against all responsible parties, but it’s best to do that all at the same time, otherwise it could have problems down the road. 

What about Verbal Acceptance? 

As long as you haven’t signed the settlement release agreement, you can change your mind. Changing your mind, however, may be difficult if you don’t have an attorney representing you. Even though you do have the right to change your mind since you haven’t formally agreed to the terms in writing, insurance companies may attempt to use your verbal acceptance to bully you into accepting the lower settlement offer. The insurance companies know what they’re doing, and they may be less willing to work with you after you’ve verbally accepted an offer. If you’ve verbally accepted an offer, but you’ve changed your mind, it’s not too late to consult a personal injury attorney. 

Accepting a Settlement Offer too Soon 

Personal injury attorneys almost always get their clients more than the client would have gotten without an attorney—and this is true even after the legal fees are subtracted from the settlement. These findings are supported by studies from insurance research companies who acknowledged they pay people with attorneys 3x more than they pay people without. This is so common, that most personal injury attorneys go their entire careers without ever seeing a client who would have gotten more if they’d just taken care of the case without a personal injury attorney’s help. Insurance companies will tell accident victims things such as, “we can resolve this without attorneys” to make the injured person think that they don’t need attorneys because they know that if the injured party hires an attorney, the insurance company is very likely going to have to pay more—about three times more, according to a study. The reality is that insurance companies start with low ball offers and their goal is to get you to accept them as soon as possible, ideally without the help of an attorney. Some insurance companies are promising to give injured parties money up front with the promise of paying an additional $10,000.00 or some other amount in medical expenses down the road. While that may sound like a great idea, if your medical expenses are more than $10,000.00 down the road, you would be out of luck if you signed the release already. In some cases, personal injury attorneys may be able to void this agreement, but it is very fact sensitive and would depend on the language the adjuster used during your recorded call with them at the time they extended the offer. 

The Consultation Is Free 

Consulting with a personal injury attorney is free and hiring an attorney will cost you nothing out of pocket. If you’ve sustained an injury and the insurance company isn’t offering a settlement that you’re happy with, it may be a good idea to explore your options with a personal injury attorney.