Don’t Lose Money By Settling Too Soon
Attorney
(866) 735-1102 Ext 645
Some insurance companies, particularly Nationwide Mutual Insurance Company, have made it a practice of appearing on an injured person’s doorstep within one or two days after a collision. Sometimes, they appear on the very day of the collision.
The pitch that these insurance companies make is, in some ways very appealing.
They may waive a $5,000.00 check in front of a victim’s face and offer to pay that “today” for the victim’s personal injuries. In addition, they will agree to pay up to a set figure (usually $5,000.00) to pay all “reasonable and necessary” medical expenses incurred within one year from the date of the injury. Now doesn’t that sound fair?.
The problem is, in a large number of cases, the victim of a motor vehicle collision will not learn until weeks and sometimes months the true nature and extent of their personal injuries.
Many victims learn months after the collision that they have suffered for instance a herniated disc which requires surgery, extended recuperation time out of work, and $30,000.00 or $40,000.00 in medical expenses. Fortunately this does not happen most of the time, but it does happen frequently enough that it is a serious mistake for a personal injury victim to settle too quickly.
Another flaw in the “quick buck” settlement is that insurance companies oftentimes will not pay the full amount of the bills even though the victim’s doctor and hospital is demanding payment in full from the victim. The insurance company will argue that the bills were for services which were not “necessary” and that the amount of the bill was excessive and was therefore not “reasonable”.
In short, there are too many holes in the Nationwide type of agreement set out above.
A victim of a motor vehicle collision has three years from the date of the collision to file suit for personal injuries. There is no need to rush into a settlement agreement. We advise clients to wait at least two or three months after the collision and even longer if they and their doctors are not sure about the full nature and extent of their injuries.
Of course, insurance companies want you to settle quickly and want you to be the party at risk if it turns out that your injuries are more serious than you had first thought. Sometimes, to coerce an early settlement, an insurance company will tell the victim that if they don’t give them an answer by next Monday they will “close your file”. So what! The fact that an insurance company closes its file has absolutely nothing to do with your ability to make a claim at any time within the three-year statute of limitations.
Another mistake victims of motor vehicles sometimes make is to call the first TV lawyer they see on their television. There is no need to rush to hire a lawyer. You may not even need a lawyer to handle your case.
The most important concern after the collision is getting well and being sure you have all the medical and chiropractic treatment you need. You should not have to add to the burdens of a motor vehicle collision and the resulting injuries by worrying about collecting money for your claim. There is plenty of time for that after your recovery.