I’ve Accepted My Insurance Settlement, Can I Still Sue?
Once a settlement agreement is reached, this typically means that the victim and the insurance company have reached a resolution. However, personal injury claims are complex and certain situations call for a change in circumstances. Some situations may allow for a victim to pursue a lawsuit even after they have agreed on a settlement offer with the insurance company.
Many victims believe that there are no options left after they have agreed to the settlement offer with insurance. However, even after entering into this agreement, there are some ways that you can still bring a claim, and be successful. Explore your legal options by speaking with an experienced New Mexico personal injury attorney as soon as possible.
Suing After Settlement Has Been Reached
There is a legally binding document that you will sign after settlement with the insurance company that is known as the ‘release of liability.’ When you sign this document, you are giving up your right to bring a lawsuit against the negligent party because you have received the settlement amount that you have agreed to. Although the release of liability applies to the majority of situations, there are some scenarios that are considered special circumstances and may allow you to bring a claim even after you have made an agreement.
Fraud: Insurance fraud happens when an insurance company or one of their personal agents commits deception to attempt to keep you from obtaining the compensation you deserve. This is actually a crime, which means that you will be entitled to losses as a result. If you suspect that an insurer acted fraudulently, you should speak with a personal injury attorney to assess your case and attempt to discern your next options.
Bad Faith: Bad faith goes hand in hand with fraud and is when an insurance company intentionally acts dishonestly. They might not keep their promises within the parameters of your contract or might attempt to mislead you when it comes to what you agreed upon. This is a breach of contract, which means that you will be able to move forward with a lawsuit against the insurance company in these cases.
Multi-Party Accident: You might discover that another party is actually negligent for your accident, which means that you have a multi-party claim. If you accept a settlement offer from one negligent party’s insurance company, you are still able to pursue a claim against the other party’s insurance. However, in New Mexico, you must abide by the strict two-year statute of limitations. If you do not file a claim against a second or third party within that timeframe, you will be barred from doing so.
Speaking to New Mexico Legal Representation
Your injuries might impact you well into the future, which means considering the long-term effects you could face before moving forward with a settlement offer. The first offer that is thrown at you might not be the one you were hoping for, which is why it is imperative to take the time to consider all of your options. You may be able to recover additional compensation after accepting an insurance offer in your personal injury claim. Speaking with a skilled car accident attorney can clear up your options and set you on the right path toward compensation. Please contact us at Will Ferguson & Associates for more information on how we can help you retain your rights at (505) 243-5566.