When you’ve been hurt in a personal injury accident, getting the compensation you deserve is crucial to getting back on your feet. However, insurance companies are not always cooperative or forthcoming.
Learn more about lowball settlement offers and how a Farmington personal injury lawyer can help with your claim.
What is a Lowball Settlement Offer?
Lowball offers are exactly what they sound like: settlement offers that are much lower than the true value of your injuries and damages.
When you’re hurt by someone’s negligence, you are owed compensation for your losses. The defendant’s insurance company will fight against having to pay a settlement that hurts their bottom line.
Insurance companies often aim to settle claims quickly and for as little money as possible. They want these claims to disappear as quickly as possible. If you accept an initial offer, and it’s lower than your claim, you lose your chance at a lawsuit, and you’ll face your losses alone.
Evaluate the Initial Offer After an Injury Accident
You should evaluate a settlement offer from an insurance company carefully, whether you were involved in a car crash, a slip-and-fall, or any other type of personal injury.
Insurance companies will often make quick, lowball offers in the hope that you will accept them without much thought.
You should compare the amount of your actual expenses, any non-economic damages, and any future medical expenses your accident may create. Your Farmington personal injury lawyer can help calculate your true losses.
Watch Out For Any Red Flags in the Initial Offer
Once you have a chance to compare your true expenses and the defendant’s initial offer, something may feel off.
You may feel that the offer is not as high as it should be based on the expenses you’ve accrued from the accident.
Red flags may include:
The Settlement Offer Comes Too Quickly
A quick offer might seem appealing so you can move on, but it is often a clear indicator of a lowball figure.
Insurance claims are complex documents that involve detailed documentation and reports. Medical records, witness statements, police reports, and evidence of damages must be thoroughly evaluated for a clear picture of your losses and who is at fault.
If an adjuster gives you a settlement offer swiftly, they might be aiming to minimize the payout without fully considering the impact the incident has had on your physical, emotional, and financial health.
The Insurer Pressures You to Accept the Offer
Insurance adjusters often push claimants to settle quickly.
This urgency only benefits the insurance companies, as many individuals who don’t hire legal representation may lack the knowledge, experience, and patience for drawn-out negotiations.
The adjusters might imply that their offer is the best you’ll get and that you must act fast.
The Insurer Tries to Ignore or Dismiss Evidence
One of the more popular tactics insurance companies use to avoid paying you the compensation you deserve is to ignore or dismiss evidence of liability.
They may downplay your injuries or question if the accident caused them at all.
The Insurer Does Not Explain the Settlement Calculation
While it may seem easier to accept the first number the insurance company gives you, you have the right to ask the adjuster how they calculated their offer, particularly for non-economic damages like pain and suffering.
Economic damages such as medical bills are straightforward but emotional losses are subjective and can be undervalued by adjusters.
The Defendant Blames You for the Accident
One of the most common tactics used to reduce payout is an insurer trying to shift the blame for the accident onto you.
Insurance companies know that if they can prove you were at least partially at fault, they can lower the amount they owe under comparative negligence laws.
The Insurer Suddenly Stops Communicating
When an insurer stops responding to your calls or emails, it might be a strategy to pressure you into accepting a low offer out of frustration or anxiety over mounting bills. Insurance companies will use this tactic after you reject a low offer.
Many people don’t realize that you can make a counteroffer. An attorney can assist in negotiating a fair settlement and navigating the complexities of your claim.
How Do I Fight Against Lowball Settlement Offers?
You have a right to compensation if you’re hurt because of someone else’s negligence. By working with a skilled personal injury attorney, you can protect your payout and advocate for your freedom.
Document Your Injuries
Your injuries are strong evidence that you are owed compensation. Ensure you protect your claim by getting your damages on record.
- Take photos of your injuries
- Secure copies of medical tests like X-rays
- Get a doctor’s statement linking your injuries to your accident
- Maintain a detailed record of how your injuries affect your life
- Consult a personal injury lawyer, as they’re familiar with these tactics
It’s important to note that you do not need to provide your entire medical history.
Only share documents related to accident injuries. If the insurer demands more, be sure to consult with your attorney on the next steps.
Consult an Attorney Quickly
While adjusters may imply that you don’t have time to consult an attorney, this is another lowball tactic they use.
New Mexico, you have three years to file a personal injury claim. This window allows you plenty of time to seek legal advice before accepting an offer. You should find an attorney quickly, but ensure that they will fight for you.
Work With an Attorney to Calculate Your Claim’s Value
Your attorney can help account for all of your losses — economic and non-economic. These losses cover tangible losses and damages, like medical bills or lost wages, along with pain and suffering.
Your “conceptual” losses, the non-economic damages, can make up a major part of your claim’s value. Your attorney will know how to accurately calculate them so that you do not leave money on the table.
Let an Experienced Farmington Attorney Fight for You
Insurance companies often utilize these tactics and more to minimize payouts. At Patscheck Law, we understand these strategies and are prepared to fight for your rights. We focus on ensuring you receive fair compensation while you concentrate on your recovery.
Need to Know if You’ve Been Lowballed? Call Patscheck Today
Don’t settle for less than you deserve. With years of experience and a track record of successful recoveries for injury victims, Patschek Law is here to support you.
Contact Patscheck Law today at (505) 325-9898 to ensure your settlement offer is fair and just. Schedule your free, no-obligation consultation today so we can handle the legal complexities and help you focus on getting better.