Should I Accept the Insurance Company's Settlement Offer?
Following a car crash, you may receive a quick settlement offer from the insurance company. Insurers often make quick settlement offers after an accident, but unfortunately, these initial proposals may not reflect the full value of your claim. Accepting a low settlement can leave you without full and fair financial compensation for future medical care, lost income, or pain and suffering. Here, our Chambersburg auto accident lawyer explains why you generally should not accept the initial settlement offer and how you can effectively negotiate with the insurer.
Insurance Companies are Not on Your Side After a Crash
Most car accident claims are defended by insurance companies. You may have a claim against your own insurer or another party’s insurance provider. A key point to remember about insurance companies is that they are self-interested businesses. The primary goal of an insurance company is to resolve cases for as little as possible, and that is true even if you are dealing with your own insurance provider. Insurance adjusters may come across as sympathetic, but they are trained to gather information that can be used to reduce the value of your claim.
Common Insurance Defense Strategy: Lead With a Quick (Lowball) Settlement Offer
One of the most common tactics insurers use is offering a quick settlement soon after the crash, often before the full extent of your injuries is known and before you have had an opportunity to speak to an attorney about your case. An early offer may seem helpful during a stressful time, but it is usually a “lowball” amount that is designed to close the claim on the cheap. Sadly, these initial insurance offers rarely account for things like long-term medical treatment, lost earning capacity, and pain and suffering.
Consult With a Lawyer Before Accepting an Insurance Settlement
The best thing that you can do after a car accident is to speak to a Pennsylvania attorney before you give a recorded statement to an insurance company. A lawyer can represent you during settlement negotiations. Further, your car accident attorney can investigate your accident and can calculate the full scope of your damages, including things like current medical bills, future medical needs, lost income, and pain and suffering, and negotiate with the insurance company on your behalf.
Tip: Never admit or accept fault. Under Pennsylvania law (42 P.S. § 7102), a modified comparative negligence standard is used to apportion liability in motor vehicle accident claims. If you are held even partially responsible for your own crash, that could reduce the value of your settlement.
Set Up a Free Case Review With Our Chambersburg Car Accident Attorney
At DiLoreto, Cosentino & Bolinger P.C., our Chambersburg auto accident lawyer is standing by, ready to protect your rights. If you have any questions about insurance settlement negotiations, we are here to help. Please do not hesitate to contact us for a free, no-obligation case review. With an office in Chambersburg and an office in Gettysburg, we fight for justice all across Central Pennsylvania.