Aim to Claim: Things to Know Before Calling Your Insurer - 4th Point

4.      DON'T SETTLE TOO QUICKLY

Sometimes, you just want to get the incident behind you.  But resolving a claim too quickly could mean an inadequate settlement.

Generally, for injuries where pain and damage can linger, don't settle until "the point of maximum medical improvement," says St. John's, N.L., lawyer Ches Crosbie.  With other types of claims (such as fire, where you might not be certain of the property loss), give yourself time to gather all the necessary information.  Then take time to consider the offered settlement to determine if it's fair.  If not, go back to the insurer.

Remember, insurance is not for a quick cheque, "it's to reimburse you for what you've lost," says General Insurance OmbudService's Maltman.