Receiving the first settlement offer from an insurance company after an accident can be a huge relief, especially when you have bills to pay and your injuries prevent you from working. However, avoiding accepting a lowball settlement offer is essential, as you may be entitled to substantially more than what is offered. Insurance companies are in the business of making a profit, so they may try to take advantage of your vulnerable position, where you may not be fully aware of your rights and the actual value of your claim. Knowing how to respond to a lowball settlement offer is crucial. Please continue reading and contact our knowledgeable Bradenton Personal Injury Lawyers, who can help you negotiate for the total and fair compensation you deserve.
Why Do Insurance Companies Offer Lowball Settlements?
Following an accident, an insurance company may propose a lowball settlement offer to maximize profits and avoid a lawsuit. While insurance adjusters may act as though they have your best interest at heart, it’s crucial to understand that they are not on your side. During your interaction, they wait for you to slip up and say something that could minimize your award or justify a claim denial.
In addition to maximizing their profits, insurance companies offer lowball settlements to avoid a trial. Once you sign an insurance settlement agreement, you will relinquish your right to pursue damages. You won’t be able to pursue a lawsuit for additional funds from the insurance company once you accept a lowball offer. If you hastily take a lowball settlement, you may be stuck covering the remainder of your losses out-of-pocket. In most cases, lowball settlement offers only cover a fraction of damages. Therefore, if you forget your rights and your injuries worsen over time, you won’t be able to pursue legal action against the at-fault party to recover additional compensation. It’s crucial to avoid accepting a settlement offer until you know the full scope of your injuries.
How Should I Respond?
Insurance companies will utilize various strategies to reduce the actual value of your claim. Fortunately, you can challenge a lowball settlement offer by enlisting the help of an experienced personal injury lawyer, who can help you build a strong case. With years of experience, they know what to expect when interacting with insurers and can use their negotiation skills to fight aggressively for the maximum compensation they are entitled to.
If you have received a lowball settlement offer, please don’t hesitate to contact Becker & Lindauer, LLC, who can help you fight for the just compensation you deserve.
