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The Dangers of Settling Too Soon in An Auto Accident Claim

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You recently got injured in a car accident. Now, you have lots of medical bills to pay for your treatment as well as damage to your car that you’re going to have to cover. Instead of paying for everything out of pocket, you want to seek a settlement from the other driver’s insurance company.

However, you don’t want to settle too soon. Here are some reasons why.

You Won’t Get the Settlement You Deserve

While it’s a good idea to try to get a settlement from the responsible party, you should keep in mind that their insurance company is going to offer you the lowest settlement possible. Their first offer is going to be low.

They figure that perhaps you’re worried and anxious and you’ll take whatever they provide you. Or maybe they think you are inexperienced and don’t know any better. If you settle immediately, then you won’t be able to negotiate for a higher settlement later on, even if you find out that you have to cover more costs than you bargained for.

Note: You should never settle with a driver, either. They may offer you cash to keep the insurance companies out of it. But if you accept this, you’ll definitely get less than you deserve.  

Your Injuries Could Get Worse

Let’s say you suffered from whiplash or back pain as a result of your accident. You think: this isn’t so bad. I’ll just take whatever settlement the insurance company offers me because my injuries will heal on their own.

But if you do that, you’re taking a big risk, because your injuries could get worse over time. They may seem to “go away,” but then suddenly flare up down the line. And then, you’ll be stuck with those medical bills if you aren’t actively involved in a lawsuit. You know, of course, how expensive medical treatment can be.

Instead of taking that first settlement offer, it’s a good idea to get treatment for your injuries for as long as you need. When you feel better, your lawyer can pursue a proper settlement to pay for your medical bills and associated costs.

You May Not Factor in Other Damages

You know that you could get a settlement for your medical bills and the damage to your car. But did you know that you could also receive money for damages like pain and suffering, loss of wages, and loss of enjoyment of life?

For instance, if you have to take off work to go to doctors’ appointments, you’d lose money from your job. That could be factored into your settlement. Or, if you can no longer partake in your favorite hobbies, that could be considered a loss of enjoyment of life, and you could get money to cover that as well. If you settle too early, you won’t be able to include these kinds of damages.

What If I Can’t Afford Medical Treatment?

You may want to settle because you can’t afford medical treatment. If this is the case, you could receive care through your personal injury attorney’s network of providers. They will use a medical lien to cover the cost of your care, and then when you receive a settlement, your lawyer will pay your providers back first before giving you your share. You could also choose to go through your own insurance and then reimburse yourself when your case settles.

What If You Can’t Afford a Personal Injury Lawyer?

If you’ve never been involved in a personal injury case, you may not know how payment to your lawyer works. Personal injury lawyers work on a contingency basis, which means that you won’t pay them anything unless you win. In your first meeting with your lawyer – which is typically a free consultation – you will learn about the terms and conditions involved with retaining legal representation with their firm. This way, there are no surprises later on and you won’t have to pay anything upfront.

Increasing Your Chances of Getting a Settlement

Make sure that when you meet with your personal injury lawyer, you bring all proof you have that the accident wasn’t your fault, including photographs of the scene, witness statements, and a police record. Also, hand over your medical records or let them know where you received treatment so they can collect them.

Stay on top of your care by going to your appointments, getting recommended tests done, and taking prescriptions, if necessary. This will show the insurance company that your injuries are serious.

If you have questions at any point during the process, reach out to your personal injury lawyer for help. And if you aren’t happy with the settlement you’re set to receive, you can always ask your personal injury lawyer how they came to that amount or if it’s possible to renegotiate for a higher amount.

Receiving Pre-Settlement Funding While Waiting for a Fair Settlement

For many car accident victims, the idea of waiting several months or longer to get their settlement money seems untenable to say the least. With the bills piling up and the inability to go back to work for a while, they just can’t afford to wait – they need their money now. This is exactly why lawsuit funding was created.

Lawsuit loans, also known as pre-settlement loans or pre-settlement funding, are upfront cash advances that are secured by the borrower’s eventual settlement. Lawsuit advances are non-recourse, which means that you only have to pay it back if you recover compensation from your lawsuit. If you lose your case, you owe nothing.

During auto accident cases, it always seems that the insurance companies have the upper hand. Their adjusters are professionals who handle claims week in and week out, and they know that injury victims are most often motivated to get their settlement money quickly. This is why they typically give an insultingly low offer in the beginning; because they are hoping that you will take the fast money and be done with your case.

With a car accident loan, you can turn the tables on the insurance company. By receiving a portion of your settlement upfront, you will have the money you need to cover your immediate expenses while your attorney builds a strong case on your behalf and negotiates the best possible settlement with the insurer.

If for some reason the insurance carrier is not willing to negotiate in good faith, you will be a lot less concerned about the protracted timeframe involved with going to trial. Juries can be unpredictable, but oftentimes, they rule heavily in the favor of injured parties and award large amounts in damages. A pre-settlement loan will make it a lot more feasible for you to take the time to go through litigation if that’s the direction your case goes.

Get the Best Deal on a Pre-settlement Loan through Direct Legal Funding

If you are interested in a car accident lawsuit loan, Direct Legal Funding is here to help! We provide lawsuit cash advances at the most competitive interest rates in the industry, and your funds can be in your bank account within 24 hours after approval.

There are no credit checks and there is no collateral required to obtain pre-settlement funding. You just need to be working with an attorney, and our underwriters will need to have a short conversation with your attorney to verify some information about your case.

To learn more about car accident loans and/or to start your application, call us today at (866) 941-5588 or apply online. We look forward to serving you!

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