While you should file your injury claim in a timely manner because of the time limitations imposed by the law, you should not rush to settle your claim. Timing is vitally important when settling a claim. Settling too early could result in a smaller settlement.
The full extent of your injuries may not be known early in treatment, especially in a serious accident. Knowing this may encourage insurance adjusters to settle your claim early to save their company money.
Sometimes people rush to settle their claim and accept payment when they question the role they may have had in causing their accident. It may be necessary to pursue tests, investigations, or re-enactments to determine who is actually at fault for the accident. Victims often discover they could have received a larger settlement by waiting until the investigation process is complete to settle their claims.
Once you have accepted payment for your claim, you cannot renegotiate the settlement – even for lasting injuries or an injury that may have worsened with time. In many instances, a person may settle for a very small award, only to discover the injury progressed to a debilitating or incapacitating level. Please do not get swept away by the immediate gratification of cash in hand. It is in your best interests to be patient and make certain you have taken care of your health before deciding you are ready to settle your claim.
Of course, waiting too long can hinder your ability to recover damages at all. There is a “statute of limitations” or an expiration date for filing a claim. If you exceed this time, you may not be able to recover anything from the insurance company despite your injuries. In Nevada, the time limit to file most injury claims is just two years.
