Lowball Settlement Offers and Your Car Accident Claim
If you’ve been in a Los Angeles car accident and are handling your auto accident claim directly with the insurance company, you likely understand just how challenging this can be. Generally speaking, insurance companies, even your own, are not interested in paying out millions of dollars in settlement fees – doing so affects their bottom line!
While there are many known tactics insurance company use in order to delay on paying out on a claim (read more about them here), in some catastrophic accident cases, the facts are so serious that the insurance company knows it won’t be able to get away with denying the claim completely. Instead, it will try to offer a quick settlement in the hopes that the auto accident victim takes the carrot and decides not to pursue greater financial compensation in court or in mediation down the road.
Getting your money fast sounds great, right? Unfortunately, as many car accident victims can attest, these initial settlement offers are generally well below what you really deserve. Insurance companies expect negotiation and start with a lowball offer. Some claimants, whether out of desperation or lack of knowledge of the process, accept this first offer and never receive the full compensation owed to them.
It is important to note that in most cases, this lowball settlement offer from the insurance company is predatory. In many cases, these offers come long before you have finished your medical treatment, therapy, etc... As a result, you do not have a full comprehension of what the road to recovery will cost you, how long you may be out of work, or whether the injury will affect you permanently in some way. By accepting the first offer tossed your way, you sign away your right to pursue compensation for this accident in the future. If it turns out that you need surgery, or if you never recover to such a degree that you can return to the job you had before the accident – none of that matters. You will not be able to reopen your claim, no matter how much your injuries will cost you.
Potential Financial Recovery
Individuals who are injured in a California car accident may be entitled to recover the following compensatory damages:
- Economic: This refers to money the victim has lost or will lose in the future because of the accident, such as medical bills and lost wages.
- Non-economic: This refers to physical and emotional distress.
Additional damages may include punitive damages. Punitive damages intend to punish the liable party for excessive negligence or recklessness.
For a free, no obligation consultation about your potential car accident case, and to discuss your legal rights when dealing with a reluctant insurance company, contact the experienced Los Angeles accident lawyers at Ghozland Law Firm today.