Should I accept a quick settlement of my motorcycle accident claim?

Woman Holding a Settlement Offer in an EnvelopeWhile it can be tempting to accept the insurance company’s first offer if you suffered injuries in a motorcycle collision that was not your fault in Virginia, it is rarely in your best interests to settle your case so quickly. Here are reasons why you should be extremely wary when you receive a first settlement offer from the insurance company—especially if you get it right after your motorcycle accident.

Why Does the Insurance Company Want You to Accept a Quick Settlement of Your Claim?

You need to understand why the insurance company may offer you a quick settlement of your case. They are most likely doing this because they realize that the value of your claim is high, and they want to save money by trying to get you to accept their first offer. They know that you may find it difficult to pay your expensive medical bills when you cannot work due to your injuries and may want to take advantage of you.

Reasons Not to Accept a Quick Settlement of Your Case

To obtain all the compensation you deserve under Virginia law, you need to wait to settle your claim. Here are three reasons why you should reject the insurance adjuster’s first offer:

  • Low-ball offer. The insurance company’s first offer will most likely be for far fewer damages than you are entitled to under Virginia law.
  • Your maximum medical improvement. You should not settle your claim until you reach maximum medical improvement (MMI). This is the stage in your medical treatment where you have recovered from your injuries or have recovered as much as possible. You won’t know the amount of future compensation you deserve until you reach your MMI.
  • Final settlement. The insurance company's settlement will be a complete settlement of your case. If you accept the insurance company’s first offer, you will not be able to reopen your claim if you later discover that your injuries are more severe than you thought or realize that the settlement does not fully compensate you.

You should never settle your motorcycle crash claim without first consulting with an experienced motorcycle accident lawyer. To learn how we can assist you, call our Norfolk office at 877-960-3441 or complete our online form to schedule your free initial consultation today.