Should You Accept the First Settlement Offer From the Insurance Company After a Car Accident?
If you’ve suffered injuries in a Kentucky car accident, it is understandable if you are in a hurry to get financial compensation for your injuries and damages. When the at-fault party’s insurance company reaches out with a quick settlement offer, it might be tempting to take the offer and move on. However, accepting the first settlement offer from the insurance company without taking time to think about it might not be a good idea. Before accepting an offer, consult a skilled car accident attorney. Keep reading to find out why it is usually wise to hold off before taking the first settlement offer from an insurance company and how an attorney can help you.
Insurance Companies Usually Start With Low Offers
Insurance companies are businesses like any other. And like all businesses, their goal is to maximize profits. One way to do this is by minimizing payouts. When insurance companies make settlement offers to car accident claimants, they often start with low offers to reduce their payout. The at-fault party’s insurance company might be hoping that you accept the offer before you speak to an attorney or understand the full extent of your injuries and damages.
The First Offer Might Be Based on an Incomplete Assessment of Damages
Often, when an insurance company makes an initial settlement offer, the victim is still receiving medical treatment or waiting to understand their diagnosis. This means that when you receive the first offer from the at-fault party’s insurance company, you may not understand the full extent of your injuries or the long-term financial impact of the accident, and neither does the insurance company. As a result, the offer may not take into account ongoing medical treatment, future medical costs, rehabilitation, or lost earning capacity. If you accept the first offer, you may be left without the resources you need to fully recover physically and financially.
Negotiation Leverage
One of the most crucial reasons not to be quick to accept the first settlement offer from the at-fault party’s insurance company is to preserve your negotiation leverage. Even insurance companies make initial offers, expecting claimants to reject the offer and negotiate for a higher amount. If you accept the first offer too fast, you give up the chance to push for a higher amount.
How Can an Attorney Help You?
A qualified Kentucky car accident attorney can play a crucial role in ensuring you don’t settle for less than you deserve. Just like insurance companies have lawyers and adjusters working to protect their interests, you also deserve a dedicated attorney to help protect your rights. First, an attorney can help evaluate the actual value of your claim. This includes not only calculating your economic damages, but also non-economic damages. An attorney will include not only your past damages, but also future damages. Second, a skilled car accident lawyer can handle negotiations with the insurance company, ensuring you don’t say things that could hurt your case. Additionally, having an attorney sends a message to the at-fault party’s insurance company that you are serious about your claim and ready to go to court if necessary. Often, this can result in better offers.
Contact a London Auto Accident Attorney
Our skilled London and Southeast Kentucky auto accident attorneys at Cessna & George Law Firm can help to protect your rights and help you avoid costly mistakes that can jeopardize your case. Contact us today to schedule a consultation.
