It feels like just yesterday, but it also seems like a lifetime has passed. Your crash left you in pain, damaged your vehicle and upended your life. You have mounting medical bills and the repair estimates for your vehicle are astronomical. You’ve just received the first settlement offer, should you take it?
Dealing with insurance companies is frustrating, even under the best of circumstances. The adjuster’s job is to give you as little as possible. First, they’ll try to find information they can use against you to avoid paying you anything. If that doesn’t work, they’ll offer you as little as possible.
However, it’s normal to wonder what amount is fair. If you turn down their offer, will you lose your chance of getting even that much? How do you negotiate, and how do you know when you should agree to what they offer? Here’s what you need to know.
Don’t Settle Before You’ve Recovered
Sometimes it takes a long time to recover from injuries you received in a car accident. You’re hurting and you can’t do the things you used to enjoy. Your work and your relationships might be impacted by the physical and emotional trauma the wreck caused. The doctor bills that come almost every day only add to your stress.
The first settlement offer sounds low, but it’s tempting to take it so you can feel like you’re doing something to get out of the hole. But if you’re still receiving treatment, there’s no way to know if what they’re offering will cover the cost of your future needs.
It’s better to wait until you’ve reached “Maximum Medical Improvement.” That’s the point where you’ve done everything your healthcare team recommends and recovered as much as you’re going to. When you reach that point, your physicians will be able to better predict any future needs for rehabilitation, surgery or pain management.
If you settle too early, you might find your injuries are worse than you thought. You could miss out on compensation you deserve for what you must go through to get better.
See also 10 Tips for Getting the Maximum Compensation in Your Car Accident Claim
First Settlement Offers Are Typically Low
There are a few things you should know about insurance companies:
⦁ They have absolutely no legal obligation to make you a fair offer. If they are able to pay you $500 for a claim that’s worth $30,000, while it seems like highway robbery, they’ll get away with it if you let them.
⦁ Adjusters typically act concerned and caring when they make their first offer. They’re not on your side and their job isn’t to be fair. Their job is to save their company money by keeping it from you.
⦁ If you’ve been shifted around, had your calls ignored, received delayed responses or been told your claim will probably be denied when you know it’s valid, know they’re using frustration tactics to wear you down so you’ll accept anything you can get.
⦁ Insurance companies know after a wreck people are hurt, vulnerable, afraid and stressed. They use those emotions to pressure them into a decision.
⦁ They don’t want you to hire a lawyer because they know if you do, their costs will go up. They’re offering a fast settlement in part to keep you from doing so.
Once you accept their offer, you can’t come back later and ask for more. If you reject it, they lose nothing. It’s common practice to come up with a low number, throw it at the wall and see what sticks.
An Experienced Personal Injury Attorney Negotiates for You
If you don’t accept the first offer, what comes next? How do you get more, and how do you know what amount you should accept?
An experienced personal injury attorney can walk you through the process, and he or she will deal with the insurance adjusters for you. That means you don’t have to put up with their fear tactics, their fake concern or their empty threats. You don’t have to worry they’ll find a way to use what you say against you to reduce your settlement amount or find a way to deny it altogether. When you do settle, you can be confident you didn’t leave money you deserve on the table.
Instead, the best personal injury lawyers have the experience to know what’s reasonable, because they’ve helped people in similar situations and dealt with insurance companies long enough to have a good grasp of what your case is worth. They’ll compile information to support your claim that includes items like the following:
⦁ A description of the accident including evidence the insurance company’s driver is at fault
⦁ A summary of what medical treatment you’ve received that includes a breakdown of your injuries, what appointments, procedures and therapies you’ve required, the cost you’ve incurred for each and the cost of any future treatment needs
⦁ A list of other expenses like the cost of vehicle repair or replacement, the cost of a rental car and lost wages
⦁ Evidence of other ways the accident caused emotional or psychological distress
At that point, he or she can help you prepare a counter offer and submit it to the claims adjuster. Note that it’s common to go back and forth several times before both sides come to an agreement. The good news is, that’s something your attorney can handle for you so you don’t have to go through the stress of being caught in the middle.
Talk to A Personal Injury Attorney Right Away
You don’t need to wait until you’ve received an offer or reached maximum medical improvement to talk with a personal injury attorney. In fact, the sooner you get legal advice, the better. Schedule HYPERLINK "https://monsourlawfirm.com/schedule-a-free-consultation/"your HYPERLINK "https://monsourlawfirm.com/schedule-a-free-consultation/" free, no obligation consultation with Monsour Law Firm attorneys today.
