After reaching an agreement with an insurance company following a car accident, the company will ask you to sign a release. Although signing means that you will finally receive payment for your injuries and damages, it can also mean that you are giving up certain rights that could be important in the future. Before signing the release, here is what you need to know.
What Is in the Release?
The release basically outlines what you and the insurance company have agreed to in the settlement. It also restricts your right to file a lawsuit in the future and releases the insurance company and the insured from any liability for your injuries and damages going forward.
The release is typically prepared by the insurance company. However, if you have legal representation, your attorney can prepare the form. If your case did end up in court before a settlement was reached, it is likely that the defense attorney will prepare it.
What Should You Look For?
Before you sign the release, there are several things you need to consider. For instance, you need to ensure that you are not required to get your own insurance company's permission before signing. Your insurance company's permission might be required to protect its right to pursue damages against the defendant in the future.
If you have expenses that are related to the accident in the future and file a claim on your insurance to pay for it, your provider wants to be sure it still retains its right to go after the defendant for what has to be paid. If you sign the release though, you are not only waiving your right to sue in the future, but also your insurance company's.
When reviewing the release, you also need to ensure that all of your damages are covered. Remember, the release is final. Once you sign, you cannot ask the insurance company to cover any damages that you might have forgotten.
If there is the possibility that you will have future damages related to the accident, such as the need for additional medical care, your settlement needs to include a provision for this. If not, you could be left responsible for those expenses.
To ensure that your release includes provisions for all of your damages and that it is factually accurate, you need to work with a personal injury attorney, such as those at Law Office of Daniel E Goodman, LLC. If there are issues, the attorney can not only negotiate further with the insurance company, but create the final release.Share