Truck accidents can be traumatizing and overwhelming to deal with. In most cases, they result in severe injuries and car damages that can be hard to finance by yourself, which is where insurance comes in. If involved in a truck accident that leaves you with injuries or car damages, you can file a compensation claim with the fault party’s insurance company or file a lawsuit in court.
In most cases, pursuing the claim with the insurance company is advisable to save valuable court time. If you disagree, you can file a truck accident lawsuit in court. But if you consider accepting a settlement offer from the insurance company, you must be careful. It is a big decision, and you want to understand what happens next.
The verbal settlement can be legally binding.
First, keep in mind that some verbal negotiations with the insurance adjuster are legally binding while some are not. If the agreement is legally binding, you risk losing your right to negotiate further or file a lawsuit in court to pursue the claim further.
Therefore you should be wise enough to seek the counsel of an Atlanta truck accident lawyer before speaking to an insurance adjuster. They can advise you on whether you have enough room for negotiations, and they can even negotiate for better compensation on your behalf. All in all, familiarize yourself with the possible circumstances associated with verbal agreements.
You are probably giving up your rights to sue
By accepting a verbal settlement offer following a truck accident, you are potentially giving up your right to sue. That means you cannot file a lawsuit in court if the settlement offer turns out not enough to finance your injuries and damages. Even if you experience further injuries or damages due to the truck accident, you cannot sue for future expenses. Therefore, do not accept a settlement offer if you are not comfortable giving up your right to sue.
You may have to sign a release agreement.
When you decide to accept a verbal offer from the insurance company, you may have to sign a release agreement that states you release the defendant from any future liability. That means you cannot file any other claim against them in the future. It is crucial to think carefully before signing such a form and understand all the terms.
The insurance company may back out on its initial offer.
Note that the insurance company or the defendant can back out on a verbal settlement offer. Some come up with a lowball offer to make you go away and not pursue the claim further. Others rescind the initial proposal and present you with a low one. Therefore it is vital to ask for everything in writing and ensure it covers all your economic and non-economic damages.
It may take time
After accepting a verbal settlement offer, it may take some time for the insurance company to process the paperwork and wire you the money. Most importantly, speak with an experienced attorney to help you understand the implications before accepting a settlement offer verbally or in writing.
