Insurance adjusters can be pushy after a car accident. But you shouldn’t settle early. Doing so can keep you from getting the full and fair compensation you deserve, even with the help of an attorney. Understanding how settlement negotiations work can help you know what steps you can take to avoid the traps of an early settlement.
Am I Required to Accept the Settlement Offer from the Insurance Company?
You never have to accept the insurance company’s early settlement offer. It is generally much better not to.
The aftermath of a car accident can often feel overwhelming, stressful, and full of pressure. This is a time when injury victims can feel particularly vulnerable, as they may begin to panic about how they will afford to pay for their medical care and property damage. If the injury is severe enough to make them miss time at work, they might feel even more concerned.
Insurance adjusters know that people in this situation can feel desperate, which is exactly why they may contact you soon after the accident. They want to catch you off guard before you can calculate the full value of your losses. The figure they quote you in their early settlement offer might sound like a lot of money. But it is almost certainly not enough to make you whole.
Will the Insurance Company’s Offer Be Their Only One?
Many insurance adjusters lead injured people to believe their initial offer will be their only chance to receive compensation. However, this is simply a scare tactic. Insurance companies are for-profit organizations that are interested primarily in protecting their bottom line. While the insurance adjuster might want you to believe they are concerned about your well-being, their job is to avoid paying out large sums of money.
Remember that an initial offer is just that: an offer. The at-fault party has a legal obligation to pay for your injury-related losses. A personal injury attorney can help you demand what you deserve.
What Are the Dangers of Settling Too Soon?
Settling with an insurance company too early can rob you of the full compensation you deserve for your injuries and losses. Some of the key dangers include:
- You may not know the full extent of your injuries yet – Some injuries get worse over time, or new ones may emerge. Settling early could prevent you from seeking additional compensation later.
- You miss out on the fullest possible recovery – An attorney can help calculate all your past and future medical bills, lost income, pain and suffering, and other losses.
- You lose negotiation leverage – An attorney can demonstrate the strength of your claim to the insurer, but settling early forfeits that ability.
- It’s final – Once you accept a settlement, you waive your right to seek additional compensation down the road.
What Factors Can Affect the Value of My Claim?
Many elements influence the potential value of an auto accident injury claim, including:
- The severity of your injuries and their impact on your life and work
- The length of your medical treatment and recovery time
- Ongoing and future medical expenses
- Income lost from missing work due to the accident
- Pain and suffering
- Permanent disabilities or disfigurement
- Your age, profession, and pre-existing medical conditions
- The insurance coverage limits of the at-fault driver
An experienced attorney considers all these factors when calculating the worth of your claim.
How Do I Refuse the Insurance Company’s Offer If I Feel It Is Too Low?
If the insurer offers you a settlement that isn’t enough for your losses, you should politely inform them that you do not accept their offer. Even if you feel insulted by what they have offered you, remain as civil as possible. Let them know that you will consult with your attorney, who will soon be in touch to continue negotiations. When the insurance adjuster realizes that you have legal representation, they will begin to take your claim more seriously.
Will I Have to Go to Court If I Reject Their Initial Offer?
Most car accident claims settle out of court, even if the injured party rejects the insurer’s initial settlement offer. When you enlist the services of a personal injury attorney, they will investigate the accident and calculate the value of your losses. They will then send a demand letter to the insurance company detailing the amount you are seeking and why. Negotiations will continue from there. If the insurer is unwilling to offer a fair settlement, your attorney can file a lawsuit and seek your compensation in court.
How Can a Car Accident Lawyer Help Me with My Settlement Claim?
A knowledgeable car accident attorney can provide valuable help with pursuing a full and fair settlement, such as:
- Thoroughly investigating your accident to establish fault
- Gathering evidence like police reports, witness statements, photos, and video
- Proving the at-fault driver’s negligence and liability
- Consulting medical experts to review your injuries and prognosis
- Calculating all your past and future accident-related expenses
- Negotiating aggressively with insurers to maximize your settlement
- Litigating the case in court if the insurer won’t offer a just settlement
- Ensuring you comply with all legal and insurance requirements
An attorney’s legal skill and experience can make all the difference when seeking a favorable settlement.
Contact a Car Accident Lawyer
Dealing with insurance adjusters is stressful, particularly when you are recovering from an injury. When you work with an experienced personal injury attorney, you can rest assured that a skilled professional is handling negotiations while you focus on healing.
Since 1977, the skilled car accident attorneys at The Wilhite Law Firm have helped injury victims get the compensation they deserve. With offices in Colorado and Texas, we offer full-service legal representation to protect your rights and fight for the compensation you deserve. Contact us today for a free consultation to learn more about how we can help you.
