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Why do I need to sign a release before I'm paid out a car insurance claim?
"The at-fault driver's insurance company sent me a release form to sign. They said once I signed it, they would pay out the settlement.
It seems weird that I'd need to sign something before receiving the settlement. Should I sign it?"
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“When you sign a release form for a
car insurance
company, you’re releasing them from any further lawsuits or damages once the settlement is paid out. This is a common practice, as you are receiving a settlement and waiving your right to seek further action against the at-fault driver. Once you sign the release, you are agreeing to the amount and the contract is legally binding.
Once the insurance company receives the form, they’ll be able to pay out your settlement.
Before you sign, just be sure that you’ve received all the medical bills for your injuries and that the settlement amount will cover them. Once you sign, you won’t be able to negotiate for additional money.
“
View full answer
- Gregory R.
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