When Should I Accept an ICBC Settlement Offer?

Serving Greater Vancouver and Nearby Areas of British Columbia

One of the most important decisions you will make regarding your ICBC auto accident claim is when to settle. The answer to this question will depend on the specific facts involved in your claim. Remember, ICBC will attempt to settle your claim as soon as possible after your car accident, because it saves administrative costs for them to close files quickly. Additionally, since initial settlement offers are always low, the earlier you settle your claim, the less money ICBC has to part with.

Once you settle an ICBC claim, you are not entitled to further compensation from ICBC for your injuries. Part of your settlement involves signing a final Release that will end your entitlement to future compensation for your claim. This means that if your injuries end up being more serious than you thought when you first accepted the settlement, it is unlikely you will be able to re-open your claim.

If you want to settle before you have fully recovered from your injuries, you should only do so if ICBC agrees to pay you for future anticipated costs associated with your injuries. Unfortunately, unless an attorney is involved, ICBC will rarely pay out future costs in a claim. This is why it is essential to have an experienced British Columbia auto accident attorney on your side while you are negotiating your settlement with ICBC.

If you have been seriously injured in a car accident anywhere in British Columbia, make sure you receive the full amount of compensation you are entitled to. Please contact Stephens & Holman today or call toll free 604-730-4120 for free advice on your car accident injury claim. We represent injured accident victims in Vancouver, Delta, Langley, Surrey, and throughout British Columbia.