Insurance companies often determine policy amounts based on how risky it is to have someone as a policyholder. Because of this, many drivers want to maintain a clean record and avoid some of the more common situations that would increase their premiums, including tickets and crashes.
As such, one of the things that someone may try to do after a car accident is request that you settle the car crash privately without insurance companies involved. However, if you agree to settle your crash privately, you can encounter a serious problem moving forward. Here are some of the things you need to know about private settlements moving forward.
Private Settlements Don’t Have the Same Value
A person who wants to settle your crash privately will offer to pay for your losses. However, they don’t have a legal obligation to do so unless you report the crash and file a claim. Instead, you’re trusting them to pay the amount you need for your damages. You may never receive all that you deserve in these situations.
You Risk Losing Compensation
If you settle outside of insurance companies, you may not be able to recover the full amount of compensation you deserve. Private settlements won’t help you recover compensation for your pain and suffering and other damages. Remember, insurance exists for a reason, and few individuals have the financial capacity to help you with all of your payments.
You Need to Report the Crash
Reporting the crash is a legal requirement, and you deserve to protect your rights. Never trust someone to care about your well-being. Reporting the crash allows you to put you in a position to pursue the compensation you deserve.
Our Jackson car accident lawyers at 'Maggio | Thompson, LLP care about providing you with the highest level of legal care when you need it most. We put your best interests first and work to hold negligence accountable. We should be your first call after an accident.