Once you sign a settlement offer, it's highly unlikely that you'll be able to withdraw. Settlement offers often contain clauses that exempt insurance companies from any future liability for the accident in question. Once you have accepted and signed the agreement, you will not be able to renegotiate the offer or file another personal injury claim. Whether or not you can retract your acceptance will depend on how the original offer was drafted.
If the insurance company's original offer was still open at the time you accepted the agreement, you may not be able to retract, you will need to contact an attorney. However, if the offer closed when you originally rejected it, you may be able to retract your current verbal acceptance, as long as the insurance company has not accepted your agreement with the agreement or has done something that depends on your acceptance. You should collect all the information that your insurance company has provided to you and consult an attorney before moving forward. There are a number of factors that could influence what your next step should be and, without careful consideration of the wording of the offer and the terms of acceptance, retracting your agreement could leave you in breach of contract.
When policyholders file claims under their policies, insurers often seek to first determine if they can terminate the policy, stating that the policy should be considered null and void as if it had never been issued in the first place. As we explained in a previous blog article, termination makes the contract legally as if it never existed and exempts both parties from their obligations under the contract. Often, an insurance company can terminate a contract when there is a material misrepresentation in the insurance application. Often, the omission was an honest mistake or the broker or agent excuses it as immaterial.
Regardless of the purpose of the omission, the insurance company may still be entitled to terminate the contract.