If you’ve ever been involved in a car accident, you have a lot on your plate and mind. The defendant’s or your insurance company knows this and that’s why the adjuster has wasted no time in giving you an offer. Whatever you do, don’t take it. It will be very low and usually not enough to cover your property damage and bodily injuries/medical bills. Your Personal Injury Lawyer in Waterdown would tell you the same.
Why do Insurance Companies Offer a Ridiculously Low Settlement Anyway?
When insurance companies offer you a ridiculously low settlement, they are lowballing you. Why do they do it? Well, it’s because some people fall for it. They also do it so that you won’t be tempted to hire a personal injury lawyer. The good news is that you can completely ignore them and seek legal counsel. In fact, you should do that.
You May not Have Presented Enough Evidence
If you haven’t given the insurance adjuster all of your medical bills and other documentation that would justify a higher settlement, expect to be lowballed from the beginning. Since you may not be aware of all of the documentation that you will need to provide the insurance adjuster with, you should hire a personal injury lawyer. That professional will provide complete copies of:
● Medical records
● Surveillance and GPS data associated with the car crash
● Information about improper or negligent hiring
● Detailed calculations of past, present, and future medical expenses resulting from the accident.
● Other liable parties
The Adjuster doesn’t think You have a Strong Case
This can and does occur if the adjuster thinks that your case is flawed. You just may not have incurred substantial property damage and/or bodily injuries. You also may have had a pre-existing condition or may have delayed seeking medical help. You should hire a personal injury lawyer ASAP after the accident. He or she will guide you as to the documentation you will need to present to make your case strong. You’ll also be advised as to the deadlines for providing the documentation.
The Insurance Company Wants to Save Money
Insurance adjusters keep their jobs and make money by making their employers as much money as possible. Part of this means minimizing their (the insurance companies’ expenses.) Unfortunately, the settlement that they have to pay you is part of the insurance company’s overall expenses. This means that insurance adjusters have a strong incentive to lowball you, especially initially!
How to Counter a Lowball Offer
There are certain steps that you can and should take if you think you’re being lowballed. The first step you should take is to hire a good personal injury lawyer. That person will guide you through the process of filing a personal injury claim or case. He or she will also represent you well either in or out of court. This increases your chances of winning a good personal injury settlement.
Never Rush to Accept an Offer
Instead, you should remain calm and ride it out. You’ll get the offer that you want and need if you’re patient and wait. Your lawyer can help you delay bills if money’s tight for you!
Come up with a Counteroffer
It will be easier for you and your lawyer to come up with a good counteroffer after you’ve provided all necessary documentation and reviewed the initial offers carefully. Be sure to take the defendant’s policy limits and his or her other personal assets into account when making a counteroffer. You and your lawyer should decide which offer is acceptable for you. Be prepared to go to court if you can’t.