Should I Accept the Insurance Company Settlement?
It cannot be reiterated enough that insurance companies are in the business of minimizing payouts to maximize company profits. No matter how nice the insurance adjuster seems or how many details they give you regarding your compensation, the adjuster’s goal is to pay you as little as possible. In fact, the adjuster is usually rewarded for resolving claims for as little as possible and as quickly as possible.
For these reasons, it is not uncommon for an insurance adjuster to visit you very soon after an accident. To entice you to accept a settlement for far less than you could recover, the adjuster often comes ready to make a payment immediately. This is an underhanded tactic used to end a matter right away when an injured party is at their most vulnerable and has not had time to fully evaluate their options. It is important not to fall for this trap. There is no reason to make rash decisions about a settlement or offer from an insurance company. It is prudent to fully think through all legal decisions and not to sign away legal rights without being fully appraised of the consequences.
Along the same lines, there is no benefit to making recorded statements or providing material to the insurance company without first getting legal advice. In most case, these requests are made specifically to use your words against you in possible legal cases in the future. Even if you simply intend to state that you were not responsible for the accident, it is very easy for these comments to be taken out of context and used adversely. Always get legal advice first.
Please remember: The insurance company’s interest is in ensuring that you receive as little as possible. Do not deal with the company alone. Retain the services of a personal injury attorney who can ensure that the company actually pays the full value of the claim taking all of your past and future losses into account.