If you were injured in an accident due to another’s negligence, you can file a claim with their insurance company to seek monetary compensation for the damages you’ve incurred. Depending on the severity of your injuries, your insurance coverage may only cover a fraction of your losses. This can result in medical bills piling up. Overwhelmed by the physical, emotional, and financial burden of a personal injury, you may feel relieved to receive an early settlement offer. However, you should avoid rushing into a settlement, as the initial offer from the insurance company is usually far less than what you deserve. If you’re on the receiving end of a lowball settlement offer, it’s in your best interest to enlist the help of our Essex County Personal Injury Attorneys, who can help protect your rights.
What is a Lowball Settlement?
When settling your claim, you may expect the insurance company to treat you fairly and offer you what you deserve. However, you’re sadly mistaken. Following an accident, insurance adjusters often approach victims quickly to take advantage of their vulnerable state when they may not fully realize the full scope of their injuries and how much their claim is worth. While claims adjusters may seem friendly, it’s important to remember that they are not on your side. Their mission is to minimize their liability to save as much money as possible. Like any other business, the insurance company only focuses on making a profit. Therefore, you shouldn’t be too surprised if you receive a lowball settlement. A lowball settlement is a significantly lower offer than fair or reasonable.
How Should I Respond?
If the insurance company presents you with a low amount in their initial settlement offer, you should understand they want you to accept this lowball settlement to close your case as quickly as possible. If you hastily accept the insurance company’s lowball settlement, you will relinquish your right to pursue additional compensation in the future should the initial settlement fail to cover the total cost of your losses. That said, the best way to protect your rights and respond to a lowball settlement offer is by retaining the legal services of an experienced Essex County personal injury attorney who can help you negotiate a fair settlement on your behalf.
It’s crucial to understand that you do not have to accept any settlement offer the insurance company provides. An adept attorney can make a counteroffer if their offer is too low. If the insurance company refuses to be reasonable, your attorney can assist you in filing a lawsuit. If your case proceeds to trial, your attorney can help you fight for the maximum recovery for your economic and non-economic damages.
If you’ve been offered a lowball settlement, please don’t hesitate to contact a skilled attorney from the Law Offices of Christopher T. Howell, Esq., who can help guide you through this complex process and fight for the just compensation you’re entitled to.
