Semi-truck collisions can generate many costs while leaving crash victims unable to work and cover those expenses. Medical bills and vehicle repair expenses start accruing while someone is likely unable to work due to their injuries, which can cause significant stress. Those affected by collisions caused by semi-trucks are often eager to seek compensation as quickly as possible to reduce the financial harm caused by the collision. Unfortunately, insurance companies often take advantage of people’s vulnerability and uncertainty after crashes.
The professionals working for insurance providers may aggressively negotiate with those filing claims. The goal is often to convince an individual to settle their claim. A settlement may seem like an ideal solution, as it means receiving a check to cover all relevant crash costs. Those filing claims for compensation following a wreck caused by an 18-wheeler often fail to recognize how accepting a settlement after a semi-truck crash could put them at a disadvantage.
What are the risks of settling?
The main issue when settling an insurance claim after a semi-truck crash is the lack of future compensation. A settlement typically entails agreeing to absolve the company of any future responsibility for the incident in return for a single lump-sum payment. The amount agreed upon in the settlement is the only payment the injured party can receive. Even if they have additional costs in the future, the insurance company is likely not liable after a settlement.
Insurance companies are often eager to negotiate settlements well below the policy limits that apply. Commercial trucks typically have at least $750,000 of coverage, if not substantially more. Insurance professionals try to push people into settling for a fraction of what they could receive and may deserve given the extent of the injuries and other losses created when the crash occurred.
Someone who is already coping with the stress of an injury and the financial strain it inspires may not be in a position to give their full attention to the insurance negotiation process. Having assistance when communicating with insurance professionals and reviewing any settlement offers could be beneficial for those involved in commercial truck collisions. Those who understand the risks of accepting a settlement may be more careful when reviewing offers made by insurance companies.
