It can be tempting to settle a personal injury claim right away, especially if an injurious situation has inspired significant medical bills and other expenses. However, if you have a valid claim against a negligent party, it’s important to avoid rushing into a settlement.
If you agree to settlement terms before you have pursued personalized legal guidance, you may not receive enough compensation to cover all your current and future expenses related to your injuries. These may include medical bills, lost wages and ongoing treatment costs. Additionally, your injuries may result in some long-term effects, and you are entitled to compensation for those as well.
You’ll waive your right to legal action
Settling too soon without a complete picture of your current and future damages may mean accepting a settlement offer that does not fully cover your harm and losses. And, once you settle, you typically cannot reopen the case or file a lawsuit against the at-fault party. Accepting a settlement essentially the end of your claim. If your injuries worsen or new issues arise, you may have no ability to seek recourse for additional compensation.
When should you settle your personal injury claim?
Before settling your claim, ask yourself these questions:
- Have your injuries reached maximum medical improvement, meaning you have fully recovered or reached a stable point in your treatment?
- Do you understand the full extent of your injuries and how they have impacted your life?
- Have you calculated all your current and future expenses related to your injuries?
- Do you understand your legal rights and options?
You may be ready to consider settlement if your answers are all “yes.” With all of that said, it’s still in your best interests to seek legal guidance to help protect your interests and increase the chances that you don’t misstep in any way that costs you compensation to which you are rightfully entitled.