While you likely want to settle your accident claim as quickly as possible so you can move on with your life, an early settlement offer is likely significantly less than what you are entitled to. Many accident victims make the mistake of accepting a lowball settlement because they don’t know their legal rights, they are overwhelmed by the financial burden of a personal injury, or they don’t know the full scope of their injuries just yet. Understandably, you have bills to pay, and the accident may have left you out of work. Therefore, insurance companies will take advantage of your vulnerable position. Before accepting a settlement, consult an experienced Prince George’s County Auto Accident Lawyer, who can help you negotiate for the total and fair compensation you deserve. 

Why Do Insurance Companies Make Lowball Settlement Offers?

Like many other businesses, insurance companies are interested in making a profit. One of the many tactics insurance companies use to maximize their earnings is denying claims or offering low settlements. As mentioned above, insurance adjusters quickly approach accident victims to catch them while they’re in a vulnerable position, unaware of the full value of their claim. During an interaction, they may seem friendly. However, they don’t have your best interest at heart. They are looking to save their employer as much money as possible. Therefore, they will ask leading questions in the hopes you will say something they can use to deny your claim or justify a lowball settlement.

Moreover, insurance companies want to avoid a lawsuit. Depending on the severity of the accident, your insurance coverage may only cover a fraction of your damages. That means you must pursue legal action against the at-fault party to recover additional compensation to cover the remainder of your losses. However, you will relinquish your right to file a lawsuit if you hastily accept a lowball settlement. Accidents can result in severe injuries that worsen over time. This means you will have to pay for additional expenses out of pocket.

What Should I Do if the Insurance Company Offers a Lowball Settlement?

As you can see, insurance companies will use various strategies to decrease the value of your claim. If you’ve received a lowball settlement, the most effective way to challenge it is to enlist the help of an experienced Prince George’s County auto accident lawyer who knows what to expect when interacting with insurers. They can use their negotiation skills to fight for the maximum compensation.

Ultimately, it would be best if you refrained from accepting an initial lowball settlement offer, as it won’t reflect the actual value of your claim. To ensure your rights are safeguarded, please don’t hesitate to contact a determined lawyer from the legal team at Timian & Fawcett, LLC. We are prepared to help you fight for the just compensation you deserve.