Insurance companies have a strong desire to protect their profits when injury claimants seek compensation. As such, they manage claims with the focus on their own benefits instead of helping claimants during their times of need.
A settlement offer is one of the ways that insurance companies try to take advantage of claimants. Below, we will explain what a settlement means for you and the insurance company and your rights moving forward.
The Purpose of a Settlement
Insurance companies know your situation. They recognize how bills may begin piling up and the need for money increases. They might offer you a settlement because they know you are dealing with financial hardship. Unfortunately, the settlement offer is hardly ever as much as you need to cover all your losses. Instead, it gives you minimal money and prevents you from seeking further legal action.
If insurance adjusters can get you to accept a settlement, you might be unable to pursue any additional compensation in a personal injury lawsuit. Typically, insurance companies offer these settlements because they know you’re in a vulnerable situation, and it helps them in the long run.
What You Should Do First
Before you accept any offer from the insurance company, be sure to speak with a lawyer. Hiring a lawyer prevents insurance companies from taking advantage of you during a stressful situation. You can get information regarding the settlement offer and whether you should accept or proceed with further legal action.
At Scott Law Firm, we work to help you every step of the way. Trust our team to stand by your side and guide you through the process with your best interests in mind. Our Conroe car accident lawyers have helped countless people maximize their compensation, and we aim to help you too.