When you’ve been seriously injured in an accident and are facing thousands of dollars in medical bills and lost wages, it’s natural to want to get as much money as possible from your health insurer. However, if you rush through the process without carefully considering all the factors involved, it might not be enough compensation for all your losses. In this article we’ll look at what happens when an insurance company offers less than what’s owed.
Never Accept First Offer
The insurance company doesn’t want to pay more than they have to. They may be trying to get out of paying any more than they need to in order to save face and make sure no one thinks they’re mean or unfair.
They want a settlement that’s close enough so that it doesn’t look like they did anything wrong (even though there’s no way for them not to be involved in causing your injury). This could mean making an offer below what would be fair based on how long ago everything happened, but also maybe just because it’s easier for them.
Don’t respond right away.
You may want to respond right away, but don’t do it. Take a few days to consider the offer and talk it over with your lawyer or other knowledgeable people in your life. You might also be tempted to hire a personal injury lawyer in Stratford immediately after receiving an offer, but that’s not necessarily necessary (and can be expensive).
Consider if an insurance company’s offer is a matter of principle
A matter of principle is something that you believe to be true, and are willing to go through with even if it costs you or your family. If a person offers to pay for your medical bills in full, but does not want the other party involved in their settlement offer (the insurance company or the defendant), then this person may be acting out of principle.
Analyze the settlement offer carefully
The first thing to do is consider the offer carefully in light of your injuries and what you’re likely to lose. If it’s a lump sum or fixed amount per month, ask yourself whether that is enough money in this situation. If not, take a look at other options like monthly payments or life insurance policies that will help cover future medical bills and lost wages.
Consider the possibility of being awarded only a fraction of damages by a jury.
If you are not awarded the full damages that you deserve, it is unlikely that your case will be dismissed. However, even if you receive only a fraction of what was requested by your attorney or insurer, it is important to understand that this decision can be appealed and overturned on appeal. In fact, many cases are settled before they ever reach trial because both parties agree that they are no longer interested in pursuing further litigation after receiving an initial offer from their respective insurers.
Remember that the best way to handle a low settlement offer is to not respond at all. If an insurance company’s offer is a matter of principle, then you can consider filing for an arbitration hearing or mediation. If your losses are relatively minor, consider hiring an attorney to help negotiate with the insurance company and reach a fair agreement.