Unfortunately, insurance companies may not always put the needs of their customers first. To save money, they often offer an initial settlement far lower than they should be offering. If you don’t know how to navigate the claims process, you may end up accepting a much lower settlement than you deserve. Here’s why you should never accept the insurance company’s first settlement offer and how an attorney can help.
Calculating Your Losses
Before determining whether or not you should accept a settlement offer from your insurance company, it is important to calculate your total losses. This includes the following:
Medical bills associated with the accident,
Lost wages from missing work due to injury,
Travel expenses related to medical visits or therapy sessions, and
any other expenses caused due to the accident.
You should also consider any pain and suffering endured as a result of your injuries or loss of property. Once all these costs have been calculated, compare them with the amount offered in the insurance company's initial settlement offer. In most cases, their initial offer will likely fall short of covering all your losses due to their desire to save money on claims payouts.
Seeking Legal Guidance
If you believe your insurance company’s settlement offer is much lower than it should be, you need an experienced personal injury attorney in your corner. Our team at Suzuki Law Offices, L.L.C. can review all evidence related to your case and provide guidance on how much compensation you should receive from your insurance company for them to cover all of your losses adequately.
They can also leverage legal tactics such as filing lawsuits against the at-fault party to ensure you receive fair compensation for your losses without risk being taken advantage of by an insurance provider who wants you to accept a lowball settlement offer.