Think Twice Before Accepting An Initial Personal Injury Settlement Offer
So you’ve unfortunately gotten in an accident of some kind. But not even 24 hours later, you begin getting bombarded with phone calls and emails from insurance companies. You’re hurting and feeling confused, and the last thing you want to do is interact with pushy adjusters. They’re already talking about a personal injury settlement they can extend to you. Well, we’re here to say that that’s the last thing we recommend you do. Pay attention to these 4 reasons we will expand upon in this article. We feel it is in your best interest to wait, even if taking the first settlement offer sounds like a sweet deal. This is especially true and more important if you’re stressing about medical expenses, time off work, and potentially lost income. Read on to hear an experienced personal injury lawyer and former insurance adjuster’s take on why you should take your sweet time with an insurance claim and personal injury settlement.
Lowball Offers Are Common
Insurers may call themselves good neighbors and tell you that you’re in good hands in an attempt to befriend you. However, at the end of the day, don’t let these claims and catchphrases fool you. Insurance companies are in the business of making money, and it’s highly profitable for them. The National Association of Insurance Commissioners (NAIC) explains more in-depth how insurers operate. This can be useful in understanding your own policy and the coverages you have. Their main objectives are to sell as many policies as possible while keeping the number of payouts as low as possible. Based on these objectives, the initial settlement offer extended to you is typically much less than the true value of your claim. A good portion of how adjusters are graded at their jobs is rooted in how quickly and how little money they can offer to settle your claim. This means they aren’t ashamed to take advantage of your vulnerability by making a quick call right after your accident and feeding you an insufficient settlement offer. Tragically, they’re usually reading scripts that are carefully crafted to make it sound urgent and that this is the “best offer” they can extend and that you may miss out on. If you accept this offer, you could be passing up a much larger sum of money.
Time Will Reveal The Truth With A Proper Personal Injury Settlement Amount
Following an accident, it’s common to think and say that you’re fine and go on your merry way. This is the tricky part of injuries because your body pumps out endorphins and adrenaline due to the stress to kick your fight or flight response into gear. Most people don’t fully feel the depth of their injuries for several days or even weeks afterward. Certain types of injuries, such as psychological trauma or soft tissue damage, have slower onsets. If you call your insurance company right after the accident, you’ll likely be talked into accepting an offer that doesn’t factor in current or future medical needs. The best place to turn is to your doctors to hear more about injury symptoms and long-term recovery, as well as a trusted personal injury attorney which is crucial in assessing your situation. Future damages, such as continuing medical care, rehabilitation, or loss of earning capacity, aren’t even discussed with a speedy settlement. Accepting premature offers usually robs you of the ability to seek additional compensation for the accident. Don’t make it difficult on yourself and take away the rightful compensation that pays for treatment if your illness gets worse or if you require long-term assistance.
A Better Resolution May Result From Negotiation
As frustrating as it may be, insurance companies are expecting some pushback and haggling. They actually make room for it, coming in super low with that first offer. The fact that frequent negotiation is the norm and results in a greater settlement is the strongest argument against accepting. A knowledgeable personal injury lawyer can assist you in building a stronger case that accurately represents the extent of your claim. This also involves education and understanding by breaking down the offer when you’re ready and identifying all damages. Our legal team fights hard for you to make sure you get fair compensation. We are well-versed in the American Bar Association (ABA) dispute resolution process and use it to your advantage. It is also an added bonus to be aware of the strategies insurance companies employ because our attorneys once started on the insurance side!
Take It From A Former Insurance Adjuster Turned Injury Attorney
Rick Martindale wants to see how the initial proposal stacks up against the actual value of your case. Let our team assist you in making sense of all current and future aspects of your claim. Non-economic damages such as pain and suffering are also something to consider. When you hire us to safeguard your best interest, we consider all aspects of your case prior to action. Just remember, no matter how much you’d like to, taking the initial offer from an insurance company could lead to shortchanging yourself and missing out on future projected expenses. Take our advice and consult with us prior to making any choices. We’ll help you navigate the legal process with ease and secure the rightful compensation you deserve.
The Martindale Law Group
Our personal injury and litigation attorneys help accident victims file claims to recover damages for many types of clients. Some that we specialize in are auto accidents, motorcycle accidents, truck accidents, wrongful death, aircraft accidents, boating accidents, sexual abuse, and brain and spinal cord injuries. We provide legal services to the residents of Florida, tourists, and visitors who receive unfair treatment from their insurance companies. It does not matter whether an insurance claim has been denied, delayed, or mishandled. We help our clients obtain the insurance coverage they need to repair their property. No matter your injury or wrongdoing due to the negligence of others, contact us today. We are more than happy to discuss your case, call now for a free case evaluation.