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Why You Shouldn’t Accept A Quick Settlement Out Of Desperation

Updated on: 3/18/2020

In times of distress or despair, it can be tempting to take inventory of any opportunities you might have to drum up some quick cash. If business is slow and your commission checks have been lighter than normal, you might begin to consider selling your TV or some old jewelry to help make ends meet.

In general, this certainly may be a practical approach to your financial strategy. But the attorneys at Davis Law Group do not recommend lumping your potential personal injury claim into the same category as the old knickknacks that have been lying around the house collecting dust.

The Financial Implications Of Any Personal Injury Claim

If you are injured in an auto accident or other type of incident caused by another party’s negligence, Washington state law entitles you to recover financial compensation from the at-fault party in order to be “made whole” again. The injuries you may suffer in such an accident often require medical diagnostic testing and treatment, which can cause the injured party to incur significant medical costs.

Even though another person or party may have caused your injuries, the medical bills that result from seeking testing and treatment will ultimately be the responsibility of the injured person. Medical providers will not send a bill for testing or treatment to the responsible party, even if they did cause your injuries. Instead, it’s the injured victim’s responsibility to take proper legal action to recoup the necessary expenses so that they can pay for the expenses they’ve incurred.

That’s why the general guideline we give to prospective clients and accident victims in general is that any settlement amount they negotiate should be significantly higher than the total amount of their medical bills. Accepting any settlement less than the total amount of their medical bills would be setting the injury victim up for a financial disaster.

How To Mitigate The Financial Impact During Times Of Distress

The reality is that insurance companies are known to “tighten their belts,” so to speak, when a time of economic distress or a full on economic recession hits. Insurance claims can become more difficult to negotiate, and adjusters may de-prioritize certain cases if their supervisors instruct them to hold off.

Not all cases would benefit from an attorney’s representation, and trying to make the right financial decision about your case can be a complicated endeavor. But the truth is that having an attorney on your side not only increases the chances of a favorable outcome in your case, it also takes a lot of the heavy lifting out of your hands.

Not only do accident victims who hire an attorney not have to respond to phone calls and emails from the insurance companies or deal with insurance adjusters on a constant basis, having an attorney can also make it easier to get the necessary medical treatment without having to pay medical expenses up-front out of pocket.

This is because many medical providers are more comfortable providing care and medical treatment to patients on a medical lien basis when an attorney is involved in the case. Providers are often times willing to defer payment for treatment and other services until the conclusion of the insurance claim if an attorney will be working to recover compensation for the patient. It just makes it more likely that the provider will receive payment, even if it is not right away.

Contact Davis Law Group To Learn More

We understand that during times of distress, it may be more appealing to accept a quick settlement offer from the insurance company, even if you know you may be leaving some money on the table. Our attorneys are not here to tell you how to manage your life or how to make financial decisions for you and your loved ones, but we are here to help you understand all of your legal rights and options in the aftermath of a serious accident.

Call the team of personal injury attorneys at Davis Law Group at (206) 727-4000 or use the confidential contact form on this page today to request a free case review & legal consultation with our attorneys and support staff. There are no up-front fees or costs associated with hiring us and you owe no attorney’s fees until we have successfully recovered compensation on your behalf.  

Chris Davis
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Christopher M. Davis is principal attorney and founder of Davis Law Group, P.S. in Seattle, WA.
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