A motor vehicle accident leads to severe injuries, and you are swiftly transported to a medical facility for treatment. Then, it seems just as swiftly that the other driver’s insurance company swoops in and offers a sizable monetary settlement. Or at least it seems sizable. Wait. Did this just happen? Something does not smell right, so trust your instincts on this.
Accident victims should never accept the first settlement offer after a motor vehicle accident. Why? First of all, it may take a lengthy time for you to recover from that injury. It could take years or the injury could even last a lifetime, leading to permanent disability. And that insurance company’s low-ball offer will not cover what you really need. Reject it.
A low-ball offer not in your favor
An initial offer is tempting, especially since it may arrive within a few days of your accident. The situation has led to a major financial setback for you and your family. Having the money in your hands right away would alleviate some of those problems.
However, consider that you may have to live with these injuries for a long, long time. Ultimately, with this low-ball offer, the other driver’s insurance company is cheating you out of the money that you really deserve.
These companies do their research and have a solid idea regarding the dollar amount related to your injuries. And they will come in with a low offer as a ploy to negotiate with you and deceive you into thinking that you will get more money.
Medical costs, lost wages and duress
Do not forget that the settlement you receive must cover matters, including:
- Medical costs and rehabilitation
- Lost wages as you may be unable to work for weeks, months or even permanently
- The pain and suffering that you and your family have incurred
- Emotional duress
- Lost companionship
- Repairs to your vehicle
It is OK to talk with an insurance company after an accident, but only with your insurance company. The other insurance company is looking out for the other driver and itself because it wants to quickly resolve this matter by providing an offer that is not favorable to you.
The other driver’s insurance company wants this situation to disappear as quickly as possible. It does not have your best interests in mind. That is why you need a legal ally who will advocate for you at every step.