Victims of a car accident are entitled to compensation for injuries and damages from the driver at fault. If it’s clear that the other driver was responsible, the insurance company might move quickly and offer you a settlement. If not careful, the settlement might be a trap for the accident victims to get under-compensated.
Recent research shows the amount offered by the insurance company the first time round is nowhere near the required compensation. In Florida, car accident settlements range from $300,000 to $6,100,000, depending on the accident’s circumstances. Although it may seem like a terrific deal, visit this Vero Beach law firm and find professional advice.
Immediately you receive the car insurance company’s release, do the following:
Request for Signing Permission from your Car Insurance Company
Subrogation requires you to get permission from your car insurer before signing the release form. This legal procedure helps prevent victim exploitation and allows individuals full compensation.
For example, if you’re involved in an accident where the other driver is underinsured, you have underinsured motorist coverage. Your insurer will make up the difference and use the subrogation provision to recover their money directly from the driver. Note that signing the release form without informing your car insurance company robs them of their ability to pursue the driver for compensation.
Understand the Release Form Terms
Legal documents can appear intimidating, especially since nobody is mentally prepared to read dozens of pages they won’t understand. However, perusing the document will help you understand the form better. Terms like the settlement amount are simple but very crucial in the release form.
It’d also help to have your lawyer review the document for a more insightful take. Don’t rely on the advice from the car insurance company representative as to the details of the contract. The more you know about the release, the better your chances of making the correct decision.
Does the Settlement Cover All Damages and Injuries?
Having a settlement covering all your medical bills and repairs doesn’t necessarily mean you are fully compensated. In some instances, some injuries are discovered weeks after an accident. Your lawyer will help ensure the settlement offered is enough to cover any future injuries.
For example, you get compensated $20,000 to pay your medical bills and restore your vehicle. Two months after the accident, you discover spine complications that’ll cost $25,000, but you have already signed the release form. Note that signing the release form disqualifies any further compensation from the driver or their insurance company.
Find a Lawyer to Review the Release
After notifying your car insurance company of the release document, it’d help to find a lawyer to review the document. These professionals will help explain the terms of the release form and answer all your questions. They’ll also point out specific legal rights you need to know before signing and help guide you on the best approach.
Is Anyone Else Responsible for the Accident?
It will also help to confirm if any other parties are responsible for the accident before signing the release form. It is a critical issue and can significantly affect your compensation.
For example, the insurance company provides a clause applying only to a commercial driver who hit you. The settlement offered might be inadequate to compensate you fully. However, if the driver’s employer also has responsibility for the accident, the compensation will increase, and you’ll be more willing to sign the release.
Insurance companies know that most victims are unaware of their legal rights regarding car accidents and often exploit them. This article shares everything you need to know before signing the car insurance company’s release form and what to look for.