When motorcyclists are injured, it can result in damages that can cause enduring physical, emotional, and financial damage. Often, insurance companies come to injured riders early with a motorcycle accident settlement. If you are offered a lump sum settlement, it might seem easiest to accept so you can pay your current medical bills and recover lost wages, but it might not help you in the long run. But if you put that signature down too early, you could end up signing away your rights to further compensation.
Our Tampa car accident attorneys at Car Accident Lawyer know that insurance companies when it comes to settle claims. It is important to know the risks and complications you are getting into before going into an agreement. The following are five critical facts that every Tampa injured rider should understand about settling motorcycle accident cases.
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What Is a Motorcycle Accident Settlement Agreement?
A settlement is an agreement that a hurt person reaches with an insurance company. The injured passenger agrees that he/she will not file further claims against the insurer and equally negligent responsible parties in return for the insurer paying an agreed-upon sum of money. This would include claims for medical expenses, loss of wages, property damage, and pain and suffering.
Life settlements certainly offer a more expedited solution than litigation, but they are also permanent. Once you sign, you can’t usually go back and ask for more money — even if new injuries emerge or unanticipated expenses crop up. This is why it is so important to talk to a lawyer before accepting a motorcycle accident settlement.
1. Settlement Agreements Are Legally Binding
Accepting a settlement means entering into a contract that Florida courts will enforce. Injured riders often are under pressure to sign quickly because they need money to cover immediate costs. But a judgment reached at a time of financial duress can affect the rest of your life.
In other words, if the compensation amount does not cover all of your future medical treatment, you can’t go back and ask for additional compensation later on. The finality fees frequently end up being paid by insurance companies, not accident victims. An experienced attorney can determine whether you are being offered the appropriate amount for your claim.
2. A Settlement Releases Liability
When you sign, you waive the insurance company and all other parties in the collision from any responsibility – both now and in the future. This waiver can even encompass people or businesses you didn’t know were connected to your accident.
Consider finding down the line that a faulty motorcycle part helped cause your injuries to begin with. If you have already signed a release, you may no longer have a course of action to pursue compensation from the manufacturer. But that’s why a thorough review is key to any motorcycle accident settlement agreement before you agree to it.
3. Hidden Injuries May Not Be Covered
Motorcycle accidents often have injuries that do not show up right away. A rider can get up from the incident with only a little pain, but be found to have a herniated disc or cognitive damage diagnosed later. Those are costly conditions to treat, sometimes with regimens that span years or a series of surgeries — expenses that might not be covered in an early settlement.
After an agreement is signed, you cannot force the insurance company to compensate you for recently discovered injuries. Agreeing too quickly could also make you responsible for thousands in medical bills that should have been paid for by the other party.
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4. The Initial Offer May Be Far Below What You Deserve
Insurance companies are for-profit companies, and their one wish is to save money. They will lowball you. The first settlement offer they make is rarely close to what your case is really worth. These offers might include some of the economic costs, such as current medical expenses and lost wages, but fail to fully address non-economic damages, such as pain and suffering, permanent disability, or emotional distress.
Florida statutes permit accident victims to seek redress for both sets of damages. In the absence of a competent advocate, many riders settle for amounts that are inadequate in comparison to the severity of their injuries.
To make things more complicated, Florida is a comparative fault state. If the insurance company says you were to blame for the accident, it can seek to lower your payout. A lawyer can dispute these allegations and full-out your side of things.
5. You Can Negotiate the Terms
A deal is not a take-it-or-leave-it proposition. Like any other contract, though, you have the right to haggle over the terms. That could mean asking for a larger settlement, modifying the release language, or making sure that future medical expenses could be considered.
However, insurance companies are well-practiced at negotiating in these situations. They’ve learned all there is to know about mitigating settlements and coercing victims into signing as fast as they can.
Why Legal Representation Matters
The aftermath of a motorcycle crash is devastating. Amid physical recovery, financial duress, and insurance adjusters, it can be easy to feel overmatched. At Car Accident Lawyer, our lawyers have collected millions on behalf of Floridians hurt by other individuals. We know the strategies insurance companies employ and how to construct strong cases that can withstand the questioning.
Attorney Zachary D. Armocida, Esq., a former prosecutor in the state of Florida, takes years of experience in trial and negotiation into every case. His experience with million-dollar litigation serves the victims of motorcycle accidents in Tampa and throughout Florida.
Our firm is paid on a contingency fee basis; we do not collect a fee unless we win your case. This means that there is no risk of losing out on experienced legal representation for any injured rider who cannot afford to pay up front.
Final Thoughts
If you are thinking about a motorcycle accident settlement, it is critical to realize the implications of your decision. Once you sign, there is no backing out, and you forfeit the right to pursue additional compensation.
Car Accident Lawyer attorneys are available 24/7 to discuss unresolved issues, assess your case, and pursue the highest recovery. Call 844-970-4370 for a free consultation with a seasoned Tampa motorcycle accident lawyer.
There is too much at stake to leave your recovery, your financial well-being, and your future to chance with an unjust settlement.