No matter who is dealing with a car accident, going through the insurance or having an attorney handle your case can be time consuming and sometimes rather irritating. This is why many people who are involved in a car accident usually go for the first offer that is given by the insurance company or sometimes even want to give a cash settlement to the person who was the victim of the accident. Although this is not as common as going through the insurance, it is not at all unheard of.
Some people may feel uncomfortable with accepting the cash offer. It may feel as if something is being missed or something is not right. People may think that it is against the law to accept or offer a cash settlement for any damages caused by a car accident. Although this is not the case, there are some reasons why accepting a cash offer as a settlement is not always the best idea. In Kentucky, it is required that any crash that has a death or injury to any person that was involved in the crash, or if any damage that is greater than $500, the accident must be reported. Unfortunately, this means that almost every accident that occurs on the road must be reported.
Even though it is not illegal to accept a cash offer for the damages in Kentucky, you should be cautious when doing so. If a person is offering a cash offer to you, it is more likely that they do not want to go through the insurance company for some reason. This could be because they do not have insurance (which is a bigger problem) or because they simply do not want to go through the hassle of filing a claim with the insurance company. It is also possible that the at-fault driver does not want the accident report to be filed with the police for a criminal reason. These are all reasons to be careful when accepting a cash offer. Even though it may seem like the easiest answer, it can end up making things harder for you. You can also never be too sure what people’s intention in behind wanting to give you cash.
Another major reason why accepting a cash offer can be sketchy is because even though you can get a solid estimate for the damage, there is no real way that the person would be able to know the exact amount that it will cost to fix your vehicle. There are many times when the damage may just look like it is on the exterior of the car, but it actually causes internal damage as well. Those costs cannot be calculated until after it is examined by the mechanic. So, you could accept a cash offer for $500, but it could actually end up costing you thousands, and then you are out money. Overall, you can never be too cautious when accepting a cash offer for your vehicle damage or for an injury. It is usually smarter to get the police and an attorney involved to make sure you are covered and protected.