In the moments after two cars collide, the first instinct is to check everyone in the car to see if they’re hurt. Then you check yourself. If you’re able to get out of the car, you’ll want to see what kind of shape the other motorist is in. That’s when reality begins to set in.
Who is going to pay for the trip to the ER and car repairs? What if you need surgery and physical therapy? What if your car is totaled? Even a minor fender bender is going to start to generate financial losses. Hopefully, a claim filed with your insurance company can make you whole.
If another driver’s negligence caused the accident, you’ll have to file a claim with their insurance carrier.
That is where things get complicated. Insurance companies are in the business to make money. They can only do that if they keep their claims payments to a minimum. That is why they will often make a lowball settlement offer.
This is also when you need to consult with an experienced College Park car accident attorney.
At GDH Law, we have a long and successful history of taking on major insurance carriers to secure the maximum benefits available to our clients. Those insurance companies will attempt to close out the claim by making an initial settlement offer, but that offer comes with risks.
Here are some reasons why you should never accept the first settlement offer after a wreck:
Uncovered Medical Bills
You will have immediate medical bills such as your first trip to the ER, X-rays, follow-up exams, and prescriptions. Unfortunately, those might be the bills for just the first few days after the accident.
That first settlement offer might not include any of those additional bills, and that can put you in serious financial harm.
Lost Wages and Diminished Earning Capacity
Your doctor might tell you that the injuries you suffered from the car accident will keep you out of work for six weeks. You will know exactly what you would make in those six weeks, and that could be included in the initial settlement offer. What happens if there are complications that extend your recovery time?
What if physical therapy doesn’t help and you can’t return to work? Those are lost wages that need to be covered.
Pain and Suffering Damages
It is not uncommon for insurance companies to exclude non-economic damages, such as pain and suffering, from their initial settlement offer. Pain and suffering damages apply to all the discomfort that the injury has caused you and how that has impacted your life.
You might not understand the full scope of your pain and suffering until you’ve had a chance to live through it.
What Are the Common Pressure Tactics Deployed by Insurance Companies?
After an accident, you’re dealing with a lot. You have the mounting bills and the car repairs to tend to.
If your car is no longer drivable, you have to find ways to get around and buy a new one. All of those concerns put you in a prime position for a fast resolution. The insurance company knows this, and that is why they might ramp up the pressure with these tactics:
Making it a Time-Sensitive Offer
An insurance adjuster might imply that the offer they’re presenting you with is time sensitive.
That means that unless you accept within the specified deadline, the offer will be rescinded. That’s rarely the case. Again, the insurance company wants to close the claim. They shouldn’t be imposing deadlines.
Minimizing Injuries
An insurance adjuster could put forth the argument that your injuries aren’t as serious as you’re making out that they are. Yes, there are medical bills that can be disputed, but what about your pain and suffering? That can be minimized.
Discouraging Legal Help
Sometimes an adjuster might try to discourage you from retaining legal counsel. They might argue that getting a lawyer involved will just slow things down. The opposite is true. Having a strong legal advocate can help ensure you receive the maximum benefits you’re entitled to.
Is an Initial Settlement Offer the Final Offer?
When you’re presented with a settlement offer by an insurance company, they might characterize it as the final offer. That is a strong stance to take, but there is always room for negotiations if you feel that the offer isn’t sufficient. What is “final” about an offer is your acceptance.
Once you accept the offer, you’ll be required to sign a waiver before you’ll be paid. That waiver will prevent you from returning later to request additional funds. That is why you need to get the number right.
The attorneys at GDH Law can provide you with the guidance you need to make an accurate assessment of an initial settlement offer. We understand how insurance companies operate because we’ve been dealing with them for years. We will always fight hard on behalf of our clients to secure fair compensation.
Sometimes, that might mean taking the insurance companies to court with a civil lawsuit. Our attorneys are skilled litigators with a proven track record of success.
If you’ve been involved in an accident and are dealing with an insurance company, you owe it to yourself to speak with GDH Law. Call to set up a free case evaluation today.
