Don't Take the First Offer the Insurance Company Gives You
Sept. 15, 2022
When involved in a negligent car accident, among the available options to seek damages is by filing an insurance claim or lawsuit. Generally, insurance carriers prefer paying settlements to claimants in order to avoid pursuing a court case. Unfortunately, these insurers often lowball by offering claimants settlement amounts that are absurd or lower than the exact value of their injury claim.
According to a personal injury 2017 study by Martindale-Nolo Research, claimants who held out for a better deal received injury settlements that were, on average, $30,700 more than plaintiffs who accepted the first settlement offer of the insurance company. In order not to be a victim of an insurer's bad faith tactics, it is advisable that you reject their first settlement offer.
The Law Offices of Mitchell R. Friedman, P.C. enjoys providing experienced legal services and advocating for the best interests of personal injury victims. As a strategic New Jersey personal injury lawyer, Attorney Mitchell Friedman can review the terms of the settlement offer and help negotiate an improved amount. The firm is proud to serve clients across West Orange, Newark, East Orange, Jersey City, and the rest of Hudson County, New Jersey.
Insurance Company's Response to an Accident Claim
When an injured person or policyholder files an insurance claim, the insurance provider is expected to fully investigate, negotiate, and settle the claims in good faith. However, this is not often the case. Some insurers employ various bad faith tactics, such as lowballing or offering less money than a claim's actual worth. They do this to frustrate you or test your resolve, hoping that you'll eventually give up pursuing your claims. Regardless, this shouldn’t stop you from seeking your deserved compensation.
Reasons You Should Refuse
The financial implications of a personal injury or accident usually make claimants feel pressured into taking the insurance provider's first settlement offer. Even if you need to settle medical bills, repair vehicle damages, and achieve financial stability, here are some reasons to refuse the first offer:
The offer is much lower than the exact value of your claims.
Singing an insurance release form absolves the insurer of any potential liability.
You may not know your cumulative expenses yet.
You must attain your maximum medical improvement to determine all medical costs.
You may not know the long-term ramifications of the injury on your health, daily life, and ability to work.
However, some injuries often require ongoing or future medical treatment. Hence, if you still need medical treatment, you should wait until you reach maximum medical improvement (MMI) or full recovery before accepting the insurance company's offer.
Maximum Medical Improvement (MMI)
The Maximum Medical Improvement (MMI) is the stage at which your health condition can't be improved any further using the available medical treatments. Your doctor will monitor your condition and inform you when you have reached MMI or full recovery. At this point, you will have a more accurate estimate of your medical expenses – past, current, and future – and other accident-related costs.
What Happens Next?
Upon reaching the MMI or full recovery, you may consider accepting the insurance company's settlement offer. Your attorney can help you take the following steps:
Demand Letter: Write a demand letter stating your side of the story, the damages incurred, and the total amount of compensation you are seeking.
Settlement Negotiations: Also, your lawyer will review the settlement offer of the insurance company and help negotiate an improved amount.
Don't be pressured into accepting the first offer from the insurer. A knowledgeable attorney can help protect your rights, negotiate a better offer, or take additional legal action if necessary.
Take Legal Action Today
Dealing with the insurance company after a personal injury or negligent car wreck can be extremely frustrating and complicated. If the insurance provider is negotiating using bad faith tactics or offering you a low settlement offer, you are entitled to negotiate a better deal or take necessary legal action against them. A competent personal injury attorney can help protect your legal rights and help pursue fair compensation for your car accident injuries.
Attorney Mitchell Friedman has the comprehension, resources, and diligence to direct, support, and represent clients in their injury claims. As your lawyer, he will examine all of the points of your case, determine the extent of your injuries, and estimate the case value.
Never leave your fate in the hands of insurance companies that wouldn't protect your best interests. Contact the Law Offices of Mitchell R. Friedman, P.C. today to schedule a simple case assessment with a reliable personal injury lawyer. Attorney Mitchell Friedman will battle vigorously on your side and show you the loyal representation you need to seek your rightful financial compensation. The firm proudly serves clients across West Orange, Newark, East Orange, Jersey City, and the rest of Hudson County, New Jersey.