If you are involved in an insurance settlement with a second party’s policy provider, keep in mind that the insurance company’s primary interest is to settle the matter quickly and with the least amount of financial loss. Insurance companies make a profit only when their monthly intake of premiums far outweighs the amount they pay out in settlements.
Accepting the insurance provider’s first offer is almost never a good idea, especially if the settlement involves financial reimbursement for injury, pain and suffering, or substantial property damage. Instead, it is wise to seek help from an attorney specializing in insurance settlements.
The Actual Reimbursement Costs
Insurance companies are looking after their own bank account instead of looking after you, the innocent party. A first offer may look pretty good at first because it appears to cover the costs of medical payments and/or property replacement. However, the true costs of personal injury can be far-reaching, often burdening you for months or even years.
For example, personal injury can lead to the inability to go to work for weeks or even months. Travel costs to distant treatment centers can really mount up. Physical therapy may be necessary, further disrupting your ability to earn an income.
Do Some Math Homework
Insurance providers generally offer a very quick settlement because they do not want to get involved with any form of legal action on the part of the claimant. Their explanation of the reimbursement costs may sound legitimate at first, but there is no way the company can know the true cost of all medical bills and physical therapy.
Instead of jumping at the first offer given by the insurance provider, it is best to determine a more accurate estimate of costs involved. This may mean waiting to gather together all medical costs and possible future expenditures. Do the math and compare your total with what the insurance company is offering. If the gap is significant, it is recommended that you get a second opinion from an experienced insurance attorney.
Assistance From a Legal Representative
Insurance claim lawyers are trained in the same manner as insurance actuaries and claims adjusters. The difference is that these attorneys have your best interest in mind. They can only collect their fee if you are satisfied with your settlement.
An insurance claim attorney provides you with a supply of legal ammunition. When they contact the insurance provider to dispute the amount of the settlement, the provider knows they are in for a fight, one that involves a third party that is as knowledgeable about the insurance industry as the insurance company itself.
If you feel that an insurance provider is offering a settlement amount that does not take into account all of the actual costs for which you are entitled to reimbursement, it is in your best interest to seek help from an experienced lawyer who knows the insurance industry inside and out. Perhaps the most important reason to allow a lawyer to handle your case is that they can manage all negotiations with the insurance company, relieving you of this burden.
If you have been injured in an accident and are being offered a settlement that seems unfair, contact Mainor Wirth Injury Lawyers immediately by calling 702-464-5000. Our firm specializes in personal injury only and will negotiate with the insurance provider to get you the highest possible settlement amount. Read about our other clients’ experiences with us.