There is a lot to deal when after an accident occurs. There’s the nursing of your injuries and there’s also the insurance companies that would try to evade payment.
The facts of your claim would determine the kind of compensation you would get. Insurance companies are always trying to pay as little money as possible. If your claim requires a big settlement, the insurance company may try to force you into receiving a settlement immediately.
Receiving your compensation as fast as possible can be tempting. However, these settlements that your insurance company would love to give you are less than what you deserve.
Why You Should Reject The First Settlement Your Insurance Company Offers
The insurance company would knowingly lowball with an extremely low offer expecting you to negotiate just like a buyer may negotiate with a seller. While negotiating the price of a product is fine, lowball settlement offers are predatory, targeted at you when you’re vulnerable.
When you are offered the first settlement by the insurance company, there is a possibility that you are still in the process of recovering and paying medical bills. If you accept, the money might be exhausted even before you complete your medical treatment. You deserve to be adequately compensated to move on with your life after an accident, and the insurance company aims to convince you otherwise.
Accepting the first offer from your insurance company deprives you of the right to seek further compensation. If your injuries refuse to heal and you are unable to return to work or if you have to get surgery after accepting the settlement, you would be unable to reopen your claim you can no longer reopen your claim and seek the compensation that is rightfully yours.
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Lowball Settlement Strategies Used By Insurance Companies
While negotiations are going on, the insurance company will try to use some strategies to explain why the lowball offer is exactly what you need. Some of these strategies are:
Denying/Limiting Liability: Questioning your right to a claim
The fastest way for the insurance company to evade a fair payment is to question the claim itself. They may go as far as denying your claim entirely, arguing that the person that you were hit by wasn’t the negligent one and as such, they do not owe you compensation.
Insurers often try to make you feel that you’re not even entitled to the little money they are willing to give you. So, you’ll be tempted to accept the money and let the matter go.
Do not be caught unawares when the insurance companies argue that the accident was a result of your negligence. Through this, they’ll be able to reduce your settlement while making it seem like an attractive offer.
Downplaying Injuries: Arguing that your injuries are exaggerated
While trying to get your compensation, the insurance company has other plans. They may argue that your injuries are exaggerated; hence, you do not deserve as much payment as you’re requesting.
Pain is a very tough thing to measure, and it is difficult to place a monetary value on it. So, the insurance company may say your injuries are not bad and your payment should not be much.
Medical History: Arguing that past injuries are the real cause of your pain
One other area that insurance companies would not mind using to convince you to take the lowball offer is taking a look at prior injuries you may have had and claiming the injuries are a result of your medical history.
Let A Skilled Car Accident Attorney Examine Your Settlement Offer
Before you accept any settlement offer, ensure that it is first of all examined by a car accident lawyer. Don’t be tricked into accepting any offer that is below what you deserve. At Lobb Law, we specialize in auto accident personal injuries and will fight for the compensation you deserve! If you need help, please call us today at 248-591-4090!
