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Car Crash in NY and Broke Your Bones; Do You Really Want a Quick Settlement?


A: You were hurt badly in your car accident. You broke your leg, your arm and some ribs. You might even have needed corrective surgery to fix you up again. You will likely need physical rehabilitation and physical therapy. Hopefully, you'll resume your activities and be able to get your life back together soon after.
You decide to bring a lawsuit for your injuries. You're seeking compensation for the suffering and pain you have endured and will endure in the future.
You think getting a 'quick' settlement is good for you.
Think again. It may not be and here's why.
If the driver who caused your accident has a limited insurance policy, meaning that the value of your injuries are far in excess of whatever insurance policy he had, then it may be well worth it to try and obtain a 'quick' settlement. For example, let's say the driver who caused your accident had only a $100,000 insurance policy. If your injuries are worth $500,000, then hopefully the insurance company would quickly realize how futile it would be to try and limit the amount you recover from their client. In that instance, getting the full $100,000 early may be ideal for you.
However, there are other legal considerations before you can accept such a settlement.
Were there other people who may also have been responsible for your accident? If so, they have to be considered before agreeing to settle with one wrongdoer.
Another factor is whether you have underinsured insurance coverage that may make up the difference between what the wrongdoer pays, or has the ability to pay and what additional insurance coverage is available.
Of course if you have significant and permanent injuries and the person you are suing has significant insurance coverage but they are refusing to pay what you believe your injuries are worth, then trying to obtain a 'quick' settlement will hurt you in the short term.