When you’ve been injured in a car accident and the bills start to pile up, you may have been tempted or compelled to accept the settlement offered by the insurance company. However, in retrospect, you feel that you could have been compensated more. In such scenarios, the question that follows is, can I sue after settling with the insurance company? In this post, the team at Gabriel Law will step into the shoes of a car accident lawyer in Queens and explain what settling means, what you can do, and why it is important for you to consult an attorney beforehand.
What happens when you accept the insurance settlement?
In New York, if you are injured in a motor vehicle accident, insurance is your first source of compensation. Victims can get compensation for their medical expenses, lost income, and other related expenses through their Personal Injury Protection (PIP) coverage, or claim compensation from the at-fault party’s liability insurance. If the accident involved an uninsured or underinsured driver, your UM coverage can kick in, and you can claim compensation for damages accordingly.
When you accept a settlement, the insurance company will pay out the agreed amount. In exchange, the insurance company will get you to sign a waiver where you agree to let go of your right to pursue any legal action against them on the matter. If you find that your payout is insufficient afterward, you will not be able to claim more compensation from the insurance company.
When can you sue?
While you are generally not allowed to sue after you have signed the settlement, there are a few instances where you can sue after accepting the settlement. They include:
- When the settlement agreement does not contain a waiver (i.e., release of liability)
- When the insurance company has carried out fraud or misrepresentation.
- When the settlement was accepted under coercion or extreme duress
- When the party signing the settlement lacked legal capacity
- When you have settled with only one party, not all liable parties.
Should you accept the first settlement offer?
When it comes to insurance settlements, the general rule of thumb is to hold off on accepting the first settlement offer. This is because the insurance company will try their best to reduce their financial responsibility and offer a lowball settlement. Having a car accident lawyer in Brooklyn at the negotiating table can help make sure that you are receiving the compensation you deserve.
How can a car accident lawyer in NYC help?
A skilled and experienced car accident lawyer in New York is both a sword and shield when dealing with insurance and legal matters following an accident. In these matters, a lawyer can:
- Help you understand your rights, obligations, and liabilities in connection with the accident.
- Advise on your legal options and set realistic expectations about the case.
- Gather the evidence and work with experts to build a strong and convincing case.
- Calculate all the damages you have suffered and present a value
- Negotiate with the insurance company to reach a full and fair settlement
- Represent your case in trial as your legal counsel.
Conclusion
Once you accept an insurance settlement in New York, there is no turning back. However, there are rare exceptions, when a victim can take legal action against an insurance company. That being the case, it is important that we understand the long-term impact of signing these settlements and have a lawyer by your side to make sure everything is alright.
If you’re looking for expert legal help after the accident, then Gabriel Law is the personal injury law firm in NYC for you. We handle car accident cases on a regular basis and we are more than ready to help fight for your rights and help you get the compensation you deserve. Don’t sign away your future without clarity. Contact Gabriel Law and schedule your free and confidential consultation.