The first offer from an insurer is usually not the best deal, and it's not likely their final offer. Insurance companies know you have bills to pay, and that even a small amount of money may sound attractive to someone who has just been in a wreck, but remember they are also in business to make a profit, and they want to retain as much money as they can.
This article guides you on things to do when an insurer gives you the first offer.
Do Your Homework
The first offer you get from an insurer may seem attractive because it includes your initial healthcare bills. However, you need to pay attention to your present and future financial needs as you do your calculations. The biggest risk is when you settle before you are fully healed. Keep in mind, once you enter into a full and final settlement, the claim is closed and there will be no further payments even if you need to go back to the doctor.
The injuries and the pain from the accident might take months, if not years, to heal. You may need future medical treatment if your injuries don’t heal properly. Make sure you get compensation for the pain and emotional distress, regular checkups, physical therapy, and the inability to work. You should only accept an offer that can keep you going for an extended period.
You need to present reliable evidence of your financial needs to the insurer. Remember that most insurance firms hire experienced personnel who know how to make you feel like their offer is legitimate and fair. Stick to your grounds, and pursue rightful compensation because you never know how the accident might affect your future.
Work With an Attorney
Work with a seasoned lawyer who has a history in insurance claims. The skills and experience of the lawyer can help you secure a desirable offer. The insurance company may challenge you, or dismiss your concerns if you are alone. Since attorneys are familiar with the tactics insurance officers use to devalue a claim, you should let your attorney take the burden off your shoulders.
Maintain Effective Communication With Your Lawyer
You should talk with your lawyer regularly to be on the same page as you pursue injury compensation. Never let your lawyer be caught in surprise during negotiations. Effective communication ensures that your attorney is prepared to protect your rights and interests.
Negotiate After Recovery
This is a tip that most people don't take into consideration. You may not be in the right mental or emotional state to negotiate or deal with claims immediately after the crash. Therefore, take time to recover before you commence claim negotiation. This ensures that your judgment is not clouded and you have enough time to fight for your rights.
Reject Any Unreasonably Low Offers
Your attorney knows how to reject a low ball offer with respect in a letter or during negotiations. Discuss with your lawyer a realistic settlement value. Rejecting the first offer doesn't make you look stubborn; it shows you're ready to fight for what you deserve.
Insurance adjusters are trained to negotiate claims and they do it every day. You need to trust your attorney since they know what constitutes reasonable compensation. The attorney can handle the negotiations part until you receive an appropriate amount.