Insurance is supposed to protect us from unexpected accidents, injuries or damages to our personal property. However, at the end of the day, an insurance company is a business. That means their primary objective—regardless of what their latest TV ad says—is to make a profit. Insurance companies therefore use various negotiations and strategies to minimize settlement payments. Especially if you are filing a claim with another person’s insurance company, the company will often make it very difficult to get the full compensation you are due. As personal injury lawyers, we have faced off against the insurance companies and their methods countless times. Here are what the insurance companies don’t want you to know about car accidents.
Insurance Companies Often Try to Get You To Agree to a Lesser Settlement
After an accident, people can accrue a number of expenses. Medical bills, damage to vehicles or other property, and loss of work are just some of the financial ramifications of an accident. The law protects injured people by allowing them to seek compensation from the at-fault party. Insurance companies usually want to avoid going to trial, and having to shell out the additional expenses of a prolonged legal battle. That’s why most personal injury suits end in settlement before they ever reach a courtroom. Settlement negotiations can often be long processes. Some people may be surprised, then, to receive a call from an insurance company saying that they want to send a check for their damages. However, one should not accept the first settlement offer they receive. Insurance companies have been known to lowball settlement compensation, hoping that the plaintiff will accept their offer. See, insurance companies are banking (pun intended) on the fact that the defendant does not know that...
Once a Settlement Is Agreed Upon, Further Compensation Cannot Be Pursued
That’s right. Accepting a settlement in a personal injury matter closes the case for good. Even if the plaintiff later learns of more injuries or damages, or loses more wages or incurs more expenses stemming from an accident. If a settlement has been agree on, no further legal recourse can be legally pursued on the same matter. For this reason, it is highly recommended to speak with a personal injury attorney prior to agreeing to any settlement. An experienced injury lawyer will be able to help quantify and determine the full compensation you deserve, and lead the negotiations to make sure you get that amount and are not shortchanged by the insurance companies.
You May Be Due Compensation Even If You Were At-Fault In the Accident
Insurance companies count on the plaintiff not being fully informed and may seek to take advantage of them during claims. One thing the insurance companies don’t want drivers to know, is that even if one is determined to be at fault in an accident, they still may have legal recourse to compensation. Every accident claim is unique. For example, in many accidents partial fault could be at play. Partial fault refers to accidents where multiple drivers displayed negligence or wrongdoing that led to the accident. Let’s say that Driver A was determined to be 60% responsible for an accident, and Driver B was 40% responsible. That means that Driver A would be responsible for 60% of the expenses incurred from the accident. However, they could still pursue compensation for the remainder of their expenses, the portion which the other party was responsible for.
Insurance Companies Want to Settle Before Lawyers Get Involved
Ultimately, insurance companies are businesses that want to mitigate costs and maximize profits. Legal negotiations and lawsuits suck up their valuable time and resources. They will do everything they can to get plaintiffs to agree to deals as quickly as possible. What’s the one thing above all that insurance companies don’t want plaintiffs to know? That hiring a lawyer significantly increases their chances of getting the full compensation they are due after an accident. Bloom Legal has been helping the people of the greater New Orleans area take on the insurance companies for years. We understand the far-reaching impact an injury or accident can have on one’s life, family and wellbeing. That’s why we’ve made it our mission to help our clients pursue the full compensation the law allows for them. If you or someone you know has been involved in an accident, contact us today for a free consultation.