New Jersey is a no-fault insurance state. After an auto injury, your insurance policy may help to cover your medical bills and a portion of your lost earnings, regardless of who caused the accident.
Unfortunately, as a business, your insurance company may try to deny or undervalue your claim to protect its own bottom line. While a quick settlement offer may be tempting, it may also be a sign that the adjuster knows that your injury entitles you to a higher amount.
An agent may try to rush the process
In the aftermath of a collision, you may be facing rapidly mounting medical bills, forced time off work and untold emotional stress. An insurer may try to capitalize on your situation by offering a fast settlement as a quick fix.
First offers are often purposefully low
First offers are often low by design. If you have crunched the numbers and settlement seems inadequate, know that you can negotiate the amount. Insurers know that, after you accept an offer, you waive your right to pursue further compensation later.
You may not know the extent of your injuries
If your injuries are extensive, you may have weeks, months or even years of recovery ahead of you. You may not know when or if you will be able to return to work, and you may not know whether the accident will have permanent consequences.
The bottom line: A fast settlement may leave you short of the amount you need to cover both present and future medical costs.