After a motor vehicle accident, an insurance company might contact you almost immediately. While their goal is to resolve your claim quickly, moving too fast can be a costly mistake. Under Indiana law, once you sign a settlement agreement, you generally lose your right to pursue further compensation. So before you sign a release, consider these three serious legal risks.
You may not know the full extent of your injuries
Some injuries, such as traumatic brain injuries, do not always show their full symptoms in the days following an accident. If you accept a settlement too soon, you lock in a specific dollar amount before your medical team understands your long-term prognosis.
In Indiana, once you sign a release, it is nearly impossible to reopen your case, even if your medical condition gets worse. To protect your rights, it is often best to wait until you reach Maximum Medical Improvement (MMI). This ensures your claim reflects the total cost of your recovery.
You could be leaving money on the table
Insurance companies are businesses focused on minimizing costs. A fast offer may cover your immediate hospital bills but fail to account for other damages allowed under Indiana law.
According to Ind. Code § 34-51-2-7, you may be able to recover both economic and non-economic damages. This includes medical bills, lost wages, future treatments and pain and suffering. A lowball offer rarely reflects the true value of these long-term losses.
Your signature is legally binding
When you accept a settlement, you sign a document called a release of all claims. Indiana courts view this as a binding contract. While there are rare exceptions for fraud or mutual mistakes, the general rule is that you cannot go back for more money if complications arise later.
Protect yourself with legal help
An experienced Indiana personal injury attorney can evaluate your case. They can help you navigate modified comparative fault rules, which can impact your total recovery. Before you sign away your rights, consult a professional to ensure your settlement is fair and final.
