Wednesday, January 20, 2021

Everything You Need to Know About an Auto Accident Release

Auto accident claims can turn into a very involved process and, in some instances, injured motorists will be asked to sign an auto accident release form. But before doing anything, it is important to be fully aware of what you are signing and exactly what it means.

An auto accident release form is issued by an insurance company. On most occasions, the release will be accompanied by a check. However, there may be some intricate details that are best interpreted by a local auto accident attorney. Because singing that release prohibits you from making any further requests for compensation.
The auto accident release form is a legal agreement that releases all parties from any further responsibility. That includes the person responsible for causing the accident and his/her insurance company. Insurance companies are quick to try to get this form signed because it relinquishes them from all liabilities. Different insurance companies call it by different names, which may include a liability form, an auto release form and other variations.

It is important to know that you are not obligated to sign that release. It may seem favorable, but there is no rush for you to sign it and here is why.

Signing an auto accident release means that you are finished with the claims process. It means you are accepting some form of compensation to be done with the process. Insurance companies often dangle a check in hopes that an injured party will accept and sign the release form. In many cases, that check is far below what an injured motorist deserves. That is why it is important to take the necessary steps before signing a release. Your signature on that release forfeits your right to file a lawsuit against the other driver or insurance company. Some of the clauses within a release form include the following:

•    Forfeiture of your right to file any future lawsuits
•    Relinquishes insurance company obligation to pay out compensation
•    No admission of any fault for the accident

The auto accident release will include the details of the accident, any personal injuries or claims and it will also recognize all the involved parties. The release may also include any local or state laws as well as the total payment involved between the payee and insurance company.

Before you sign any type of release, it is best to consult with an auto accident attorney. LEIP Law is ready to be your auto accident release lawyer in Columbia, SC.