Why the First Settlement Offer is Always Low
If you’ve been the victim of an accident and received a settlement offer, chances are the first offer was well below what you were expecting. This is already an emotional time; you’re dealing with bills, insurance companies, and the physical and mental trauma of the accident. The last thing you want to do is dedicate more of your time to fighting the insurance company for money. They’re counting on that.
There are reasons for how they came to their offer. But just because there are reasons doesn’t mean you have to accept it. If you have been offered a low settlement after an accident, do not speak with the insurance company until you have consulted a personal injury attorney. Buzzell, Welsh & Hill can help you maximize your settlement so you can properly deal with bills and expenses that weren’t even your fault.
Here are three reasons for their lowball offer:
- At the end of the day, insurance providers are for-profit companies. They have employees to pay, expenses to cover, and financial benchmarks to meet. This doesn’t justify the offer, but it provides context. They will always try to maximize their bottom line. Insurance companies can do that by collecting premiums, investing premiums, and giving out the smallest amount possible on claims.
- Insurance companies receive an enormous amount of claims on a daily basis. They are required by law to consider the merits of every last one of them. To do that, they rely on an algorithm that compares your accident with similar accidents to reach a payment amount. This is troubling because your accident, injuries, trauma, and bills aren’t the same as others. The program is also designed to balance your interests with that of the insurance provider. It will calculate an offer that they believe is low enough to profit them, while high enough to not be questioned by you.
- Insurers also know something from experience. People will often accept the offer without asking any questions or pushing for more. They know it’s a hassle to start that process alone, and they don’t believe you’ll hire an attorney. If you feel rushed to accept their offer because of your bills and expenses, then they have you right where they want you. Don’t let them trap you in a corner.
What should you do?
Contact the attorneys at Buzzell, Welsh & Hill to examine your options. They can help you take on the insurance company and identify ways to cover your bills without accepting a low settlement offer.
Personal Injury Attorney in Macon, Ga.
If you have been offered a low settlement by an insurance company after an accident, you need a Macon personal injury lawyer with experience. The Macon personal injury attorneys at Buzzell, Welsh & Hill will help ensure you get the compensation you deserve. Contact us for a free consultation today.