If you get hurt in a car accident and try to manage things by yourself, you’ll likely end up talking to the other driver’s insurance company. They might offer you money to settle the case quickly.
While you might want to get it all over quickly, agreeing to a settlement without legal help is a big mistake.
It could end up costing you a lot later on. Before you agree to any offer from an insurance company, it’s a good idea to contact an experienced car accident lawyer. They can look at your case and tell you what it might be worth.
What to Do If You’re Offered a Settlement by the Insurance Company?
Following an accident, you might feel tempted to agree to whatever the insurance company suggests without questioning. You may urgently require the funds to cover mounting medical expenses and believe that accepting the initial settlement offer is the best course of action.
However, insurance companies can take advantage of the stress and confusion you’re experiencing, resulting in lower initial offers.
It’s crucial not to accept any offers from your insurance company without consulting an attorney first. An experienced attorney knows about personal injury law. An attorney can assess whether the offer is reasonable and, if not, can assist in negotiating a higher settlement on your behalf.
Why Do Some Insurance Companies Rush to Offer a Settlement?
It might surprise you to get a quick settlement offer from the insurance company. You may have heard that dealing with insurance adjusters can be tough and that they’re not always looking out for your best interests. Why was the initial offer so simple?
If you agree to the first offer, you won’t be able to ask for more compensation later on if you realize your damages are worse than you thought. The insurance adjuster understands that if you talk to a lawyer before accepting a settlement offer, you might get an idea of how much your claim is really worth.
So if the insurance adjuster can get you to agree to an offer before you speak with a lawyer, you’re more likely to accept a much lower offer than you deserve.
Why You Should not Accept the Insurance Company’s Initial Offer
When the insurance company presents its first offer, it may seem like a significant sum, especially if you’re unsure how long it will take for you to fully recover.
However, if you anticipate needing extensive medical care or facing permanent damage or chronic pain, the initial settlement offer is unlikely to cover the costs of necessary treatment.
Here are a few reasons why you should hesitate to accept the insurance company’s initial offer:
- The insurance adjuster is not acting in your best interest: The adjuster’s primary goal is to save money for the insurance company, which may not align with your needs. Be cautious in your conversations with the adjuster, and seek advice from a car accident attorney before accepting an offer.
- The offer may not consider your pain and suffering: Compensation should account for more than just medical expenses, property damage, lost wages, and other economic damages. Even if the offer seems sufficient for these losses, remember that you are also entitled to compensation for non-economic damages like pain and suffering.
- The offer is likely too low: Almost every initial offer from an insurance adjuster is insufficient. Consider it a starting point for negotiations rather than a final offer for your losses and injuries.
- You could potentially receive more: Most insurance companies are open to negotiation and prefer to settle without going to court. Therefore, there is usually room for a better offer during the negotiation process.
