A low settlement offer after a car accident isn’t final.
Road accidents come with many unexpected challenges. The most frustrating issues being physical injuries and the financial burden of treatment. Severe accidents also result in lost wages, and while you can claim compensation, it is very common for insurers to offer low settlements. Accepting their offer means receiving less money than you rightfully deserve. Here are a few steps to take if the company offers an unfair settlement.
1. Understand the Settlement Offer
The first step to ensuring you get what’s rightfully yours is understanding the offer presented by the insurer. Most companies focus on settling claims quickly for a low amount. However, their quick offers may not adequately cover your expenses and losses. You should break down and compare your expenses versus their offer.
Compensation for medical bills is certainly a primary component of a car accident settlement. You should ensure the offer covers all your medical expenses–current and anticipated. Insurance companies often consider the immediate costs only, overlooking the possibility of future treatments.
Similarly, the offer should include compensation for losing income. This is important if the injuries resulted in loss of employment or reduced your ability to work. The offer should also include compensation for property damage. This may be the cost of replacing or repairing your car and items damaged during the accident.
2. Consult with an Attorney
Consulting a lawyer should be your next step. Attorneys can evaluate your damages to determine the rightful offer. They protect your rights and increase the likelihood of getting a fair settlement. Most insurers offer settlements quickly, hoping victims don’t understand their claims. Your attorney can determine if it covers your medical bills and lost wages.
Adjusters often ignore the severity of your injuries to minimize the payout. You shouldn’t bulge into their pressure and instead have an attorney review your claims. Experienced attorneys can also easily compare your offer with the average car accident settlement in North Carolina.
3. Negotiate and Consider Filing a Lawsuit
The first offer given by insurance companies is always the starting point. Claimants have a right to negotiate for a fair amount. However, negotiating requires that you understand the full extent of your damages. Gather all important documentation, like medical records, pay stubs, repair estimates, and other evidence to support your claims.
You can use these documents to support your counteroffer. Most insurance adjusters are ready and willing to negotiate, but you should know when to settle or walk away. You should only settle if their final offer covers all your expenses. If their final offer doesn’t reflect your damages, consider filing a lawsuit.
While most car accident cases get settled out of court, some adjusters are unwilling to provide fair settlements. In these situations, taking legal action is the best option to secure fair compensation. Having an attorney is also beneficial during this phase.
Endnote
A low settlement offer after a car accident isn’t final. Victims of car accidents can appeal the insurance company’s offer to ensure they receive a fair offer. However, going for negotiations or a legal path requires that you understand and can quantify your claims. Having a car accident attorney ensures your rights are protected, and you get compensated for all injuries.
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