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What is the Purpose of Release After Car Accident Settlements?

 

After experiencing a car accident, those involved are typically concerned with their health and damages. It is important that medical bills and property damages are covered, allowing a victim to move forward from the accident. In some cases, insurance companies want to settle quickly, especially when their insured is responsible for the accident. Upon agreeing to a settlement offered by the insurance company, you will be required to a sign a release form, which waives your rights to sue the other party in the future or bring any additional claim regarding the accident.

When deciding whether to accept a settlement and agree to a release, one should consider whether their expenses will be covered. Does the settlement amount cover all of your damages? In some cases, the settlement will cover property damage at least, but what if medical expenses are not covered? Lost wages? Pain and suffering? If the settlement amount does not cover all expenses associated with the accident, agreeing to the settlement may not be the best option, as you will waive your rights to further receive compensation for the accident. Also, it is important to confirm that your insurance provider allows you to sign a release, because if the settlement does not cover your expenses, your insurance company may be responsible for paying the difference.

Whether the decision to sign a release form will benefit you depends on the circumstances of your case. Consult with a personal injury attorney at Darfoor Law Firm to determine if a settlement is in your best interest. Call 1-833-DARFOOR for a free consultation to determine your options after an accident.

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