When you are dealing with a personal injury, the last thing you want is added stress. It is understandable to want a quick resolution, especially if you are facing medical bills and lost income. However, insurance companies often exploit this situation by offering quick settlements. While it may seem convenient, settling too soon can be a costly mistake. Here is why insurance companies want you to settle quickly and why you should think twice before accepting their first offer.
1. Minimizing Payouts
Insurance companies are businesses, and their primary goal is to minimize payouts. A quick settlement offer is often much lower than what you might be entitled to receive. They know that once you accept a settlement, you waive your right to pursue further compensation, even if your medical bills increase or new complications arise. By settling quickly, they save money at your expense.
2. Avoiding Full Liability
A fast settlement allows insurance companies to avoid the full discovery process. This means they do not have to fully investigate the extent of your injuries or their policyholder’s liability. By pushing for a quick resolution, they can sidestep potentially higher payouts that could result from a thorough examination of the accident and its impacts.
3. Exploiting Your Vulnerability
After an accident, you might feel vulnerable, stressed, and eager to move on. Insurance companies are aware of this and may use it to their advantage. They often present a quick insurance settlement as a “convenient” solution, hoping you will accept without considering the long-term implications. However, rushing into a settlement can leave you without the necessary funds to cover future medical treatments or loss of income.
4. Preventing Legal Action
By settling quickly, insurance companies aim to prevent you from consulting with a lawyer. They know that once you have legal representation, the likelihood of a higher settlement increases. An attorney can accurately assess the value of your claim, negotiate on your behalf, and ensure you receive fair compensation. Insurance companies prefer to settle before you have this advantage.
Why Hire Fielding Law
At Fielding Law, we understand insurance companies’ tactics to pressure you into a quick insurance settlement. Our caring and empathetic team is dedicated to protecting your rights and ensuring you receive the compensation you deserve. With our extensive experience and capable legal expertise, we fight for your best interests, allowing you to focus on your recovery. Do not let insurance companies take advantage of your situation. Contact Fielding Law at 833.88.SHARK for a free consultation and let us guide you through this challenging time.
Note: Information provided is for educational purposes and does not constitute legal advice. Always consult with a qualified attorney for legal concerns.
