If you or a loved one has been injured in a Cincinnati car accident, then the first settlement offer by your insurance company might just look like the light at the end of the tunnel. You might look upon the offer with relief, especially if you have several medical bills and other expenses lined up.
And so, you accept any offer that comes your way. But is this really the best option for injury victims? Not necessarily. Accepting the very first offer that is made to you by your insurance company is a huge mistake. Here are our top four reasons why you should reject an insurer’s first settlement offer.
The First Settlement Offer Is A Point Of Negotiation
You might be scared to reject the first settlement offer that your insurance company makes. After all, you’ve got several outstanding medical bills to pay. So, is it really wise to reject the first offer and treat it as a point of negotiation?
The simple answer is yes. Insurance companies rarely offer a settlement amount that lives up to the actual value of your claim the very first time. They are most likely offering the lowest value that they can get away with, which is why you need to treat this offer as a point of negotiation. Don’t worry, your insurance company is most likely going to make you a second offer after you reject the first one.
The First Offer Is Made To Save The Company Some Money
The insurance adjuster that you are working with will most likely possess the authority to offer you more. This is primarily true even if they tell you that they cannot offer you more at this point. Telling you that they cannot offer you more is part of the company’s strategy to convince you to accept a lower settlement offer. This ultimately allows the insurance company to save money in the long run.
The First Offer Rarely Covers Future Expenses
If you have just encountered an accident, you are most likely going to be thinking of covering your short-term medical expenses resulting from the accident.
However, injuries from accidents can sometimes have serious consequences – even more than what you might have originally anticipated. In fact, the damages might be severe enough to affect your life in the future as well. In such a case, you might require money to undertake expensive surgeries and rehabilitative therapy in the future as well. It is most likely that the first offer that is made by your insurance company does not take this into account.
The First Offer Might Be Made Before You Have Assessed Your Medical Situation
In most cases, insurance companies are in a rush to make their first offers, even before you can assess your medical situation. Why? Because then they would be able to make lowball offers that can ultimately save money for the company. Unfortunately, this leaves you with several large medical expenses to take care of on your own.
Therefore, it is essential for you to reject the initial offer and consult with a medical professional regarding long-term treatments and therapy. Go over every medical procedure that you might need to undertake – including surgeries, hospitalization, physical therapy, rehabilitative therapy, and so on. You can also include the expenses that you incur from mental health counseling and psychological therapy as well.
Once you have been able to understand the full extent of your injuries (and your medical professional has informed you how they will impact you in the long run), you will be better able to assess whether your insurance can cover the potential expenses not.
How Do I Know If The Insurance Offer Is Worth My Claim?
As we have already mentioned, it is essential for you to consult with your medical professional to determine the kind of expenses you might encounter in the future. Once you have been able to assess the entire situation, you will be more equipped to understand whether the insurance offer is worth your claim or not.
It would also be a good idea to speak with an attorney before accepting a settlement offer. A Cincinnati car accident attorney would be able to judge the value of your claim better than yourself and thereby ensure that you get the best deal possible for your insurance claim.
If you or anyone you know aims to seek a fair claim from the insurer about the damages that occurred, and wish to reject an insurer’s first settlement offer, we are here to help you out. Contact us today to learn more about our services.