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Responding to a settlement offer on your no-fault insurance claim

After a car crash that leaves you or a member of your family with serious injuries, you will definitely feel grateful for your no-fault insurance policy. While many people in Michigan bemoan the expenses associated with no-fault insurance, for those who need medical coverage, the protections of no-fault insurance are invaluable.

In the aftermath of a major collision, your insurance provider will have to cover your medical expenses, regardless of who caused the crash. In some cases, they may offer you a lump-sum settlement. Before you accept their offer, you need to do some careful research to determine whether the amount they offer you is reasonable given the extent of the injuries involved.

There's no cap on no-fault benefits unless you settle

Unlike many states, Michigan has insurance laws that do not limit the amount of medical coverage someone hurt in a crash can receive. This is particularly beneficial for those who suffer spinal or brain injuries in a motor vehicle collision. As long as you continue to need the benefits and care, the company will have to compensate you.

However, if you do agree to a settlement, that potentially limits or ends the company's liability for your future medical needs. You need to very carefully review a settlement offer before you sign it because doing so could actually leave you financially vulnerable in the future.

Compare the amount of the settlement to your current medical expenses and lost wages, and then extend those figure out through the likely duration of your life and medical condition. Countering or refusing the offer can sometimes be in your best interests, even if you do feel like you need the insurance funds as soon as possible.

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