In the aftermath of your car accident, you’re going to need to find a way to cover your expenses. After all, your living costs and medical expenses aren’t going to be put on hold just because you’ve been injured. And your employer isn’t going to continue to support you if your injuries are expected to last a significant amount of time.
That’s why quick legal action is often needed to protect your interests after one of these wrecks. If you can successfully pursue a personal injury lawsuit, then you might be able to recover the compensation you need.
Yet, in the early stages of your case, the insurance company is likely to approach you to see if they can resolve your case without the need for litigation. You need to be careful here so that you’re not taken advantage of and lose out on the compensation you deserve. With that in mind, let’s look at the top reasons why you shouldn’t accept the insurance company’s first settlement offer.
Reasons why you probably shouldn’t accept the insurance company’s first offer
To protect your interests as fully as possible, be prepared to counter the insurance company’s initial offer. After all, here’s why you probably shouldn’t accept an initial settlement offer they present to you:
- The insurance company’s motivation: As you navigate your case, keep in mind that the insurance company representative’s goal is to get out of your case with as little liability as possible. So, they’re going to lowball their settlement offer in hopes of duping you into an agreement that’s against your best interests. So, be mindful of what your claim is worth and don’t be afraid to push back when the initial settlement offer is too low.
- Not all your expenses will be taken into consideration: Sure, the insurance company might look at your medical expenses and lost wages, but they’re probably going to turn a blind eye to other damages like your pain and suffering and lost enjoyment of life. They may not even fully consider the likelihood that you’ll suffer from permanent disability.
- There’s a good chance you can get more: In most instances, you’re safe to think of the initial offer made by the insurance company as a starting point for negotiations. In very few cases is the first offer a take it or leave it situation. Keep in mind, too, that the insurance company probably wants to avoid trial, so you can use that to your advantage as you try to find fair and favorable resolution.
Know how to analyze a settlement offer in your case
Before accepting any settlement presented by the insurance company, you need to thoroughly analyze your case in light of what’s being offered. So, consider the following:
- Your damages
- The strength of your evidence
- Any weaknesses in your case
- Your desire to quickly resolve your case
- Your negotiation strategy
By assessing these factors, you’ll hopefully be able to develop a strategy that works for you and maximizes your chances of recovering the compensation you need and deserve.
Don’t leave your personal injury negotiations to chance
A lot of car accident victims make the mistake of thinking that they can go into their settlement negotiations without a lot of preparation. But doing so is a big mistake that could be extraordinarily costly.
So, have a plan going into your case and your settlement negotiations so that you can rest assured that you’ve done everything you can to get the most out of your claim.