What to Do When The Insurance Settlement Offer Is Too Low

Feb 28, 2020 Car Accidents    Insurance Issues    Ohio Personal Injury    Personal Injury    Slip and Fall    Truck Accidents

Making an insurance claim after a car accident should be easy. After all, you’re hurt because their client was negligent. So, why are they low-balling you?

Unfortunately, insurers are in the business of making money. They frequently make low settlement offers, hoping that you accept quickly. When you see this lowball offer, what should you do? Instead of thinking this is all you will get, contact the Ohio personal injury attorneys of Kisling, Nestico & Redick at 1-800-HURT-NOW immediately.

We offer 100% free consultations and there is no cost unless you recover compensation.

How Insurance Claims Should Work

Following a car accident you exchange personal, contact, and insurance information. This is specifically so you can make a claim against the other driver’s auto insurance policy. You may do everything correctly, from calling right away, providing an official statement, and getting repair estimates.

The insurer should pay you all the money you need for your medical expenses, lost wages, and property damage. However, they will usually propose an amount much less than you expect or think you deserve.

Insurance Settlements Are Negotiations

If you believe a settlement offer is too low or know it will not cover all of your expenses, do not agree to it.

You do not have to accept an auto insurer’s settlement offer, let alone the first one. Insurance companies want to reduce what they pay you. They will encourage or even pressure you to accept the first offer despite this actually being a negotiation. They will not say this. But you have every right to ask for more.

You deserve to seek fair compensation for your injuries and know how they came up with their figure.

What to Do After Receiving a Low Settlement Offer

When you recognize that the initial settlement offer is too low, you should:

Contact a Personal Injury Attorney

If you have been handling the situation yourself up to now, it is time to get an experienced personal injury lawyer involved.

Calculate Your Necessary Compensation

An attorney will help you thoroughly calculate your necessary compensation, including economic and non-economic damages. This will include everything from your current and future medical expenses to the mental anguish caused by the crash. An experienced attorney can ensure you understand your recovery rights and do not leave out important elements in your calculations.

Decide on the Lowest Amount You’ll Accept

When you enter into negotiations, you must have an amount you want to get as well as a lower amount you are willing to accept. Your attorney will help you understand the maximum amount you are likely to receive and an amount you should not go below.

Ask for the Driver’s Policy Limit

One of the major issues with negotiating an appropriate insurance settlement is the policy limit. An insurer will not agree to amount higher than the driver’s policy limit, which may be less than what you need. You and your attorney should find out the driver’s policy limit, which will help you understand the likelihood of obtaining what you need through the insurer or the need for a personal injury lawsuit. However, insurers do not have to tell you this.

Reject and Counter

You and your attorney will need to properly reject the low settlement offer. As the official initial offer was in writing, the rejection will also be in writing and will respond to each point made during the offer, including any findings that you were partially responsible for the crash. Additionally, you will use your calculations to provide a counteroffer amount and include arguments for why you deserve the damages requested.

Decide if You’ll Go to Court

A tough part of insurance settlement negotiations is deciding whether you are willing to go to court to gain compensation. It is likely that the insurer will not simply accept your counteroffer. Instead, they may come back with the same amount as the first offer or a slightly higher amount. Your attorney can help you continue to communicate with the insurer to negotiate an acceptable amount. However, if negotiations stall, you need to know whether you are prepared to fight in court or would rather accept a less-than-ideal amount.

KNR Can Hanlde Everything

Dealing with an insurance company after a car accident is never as simple as you need it to be. That is why it is best to call a personal injury lawyer as soon as possible. At KNR, we will explain your rights to compensation, recognize a lowball offer when it is made, and negotiate a better settlement for you. We will never pressure you into accepting an offer you are not comfortable with.

For more information on insurance settlements after a car accident, call Kisling, Nestico & Redick at 1-800-HURT-NOW and schedule a free consultation.