After a disruptive accident, you may be excited to get any settlement offer. The amount may be tempting, made sweeter by the insurance company saying they can overnight the money to you. And, in the back of your mind, you are ready for the whole matter to be over. But this accident law firm doesn’t think you should take the first offer from an insurance company.
Why Any Good Accident Law Firm Would Reject the First Offer
Most simply, insurance agencies only care about profits over people. It’s doubtful any first settlement offer they make would be adequate, let alone what can be considered generous. 9,999 times out of 10,000, an insurance’s first settlement offer is less than what your case is worth. This is the simplest reason why you shouldn’t accept.
Insurance Companies Profit by Making Bad Faith Settlements
Insurance companies make over a trillion dollars a year. A key part of this profit model depends on “making laughably low initial offers,” according to the National Law Review’s list of 11 worst insurance companies. In other words, they make money by making bad offers!
Think about it. Your first offer might not even cover the bills you’ve already incurred, let alone any future expenses, loss of income, and other related costs. You can even counter-offer, but they’ll continue to keep offering as little as possible.
Furthermore, your settlement offer may be computer-generated. There’s no consideration that your case has good evidence in your favor and it’s often made before your medical expenses are completely added up. Don’t accept a one-size-fits-all impersonal settlement; work for what you actually deserve and are worth.
These Corporations Play on Hurt Peoples’ Ignorance and Desperation
At the end of the day, a settlement offer is a settlement offer. Remember, though, the first offer is typically a low-ball offer, meaning you can almost always meet somewhere above it. It’s not a good reason to accept an offer for the sole reason that it meets whatever minimum amount that you dreamt up. Your pain and suffering is worth more than the first offer and the insurance company knows that.
If you’re worried about finances and desperate for a settlement, often the best thing to do is to hire a personal injury lawyer. If you have a solid case, they can front you money, especially when it comes to medical expenses and psychological evaluations and treatments. Plus, an attorney, especially a reasonable and communicative one, will help you know what your case is actually worth and show you that the first settlement is rarely enough.
A Lawyer’s Experience with Insurance Companies Can Protect Your Settlement
For personal injury victims, this is (we hope) their first and only time dealing with an insurance company and their borderline unethical tactics. As such, a hurt person may believe the agency operates in good faith, even after receiving a low-ball settlement offer. On the other hand, an accident law firm, like Belal Hamideh Law, has dealt frequently with these corporations and is familiar with their tactics.
This lived experience and legal knowledge can be invaluable to your accident lawsuit. Belal Hamideh Law can show that settlements made from clients working with a lawyer are generally higher than similar cases settled by victims on their own. Plus, Belal Hamideh Law works on contingency, meaning you don’t pay for his services unless you win your case. Call them at (562) 526-1224 for a free consultation on your case.