Car accidents are a common occurrence in Lincoln, and they can lead to significant physical, emotional, and financial burden. In Lincoln, Nebraska, the Department of Transportation reported over 200 fatalities from car accidents in 2023, with many resulting in injuries and property damage as well.
When dealing with the aftermath of a car accident, many victims face low settlement offers from insurance companies. Understanding how to tackle these low offers is crucial.
The role of car accident lawyers in Lincoln is crucial when it comes to winning fair compensation. Their expertise of the law and experience in handling similar cases come in handy during settlement negotiation.
This article will provide insights on handling low car accident settlement offers.
Why Insurance Companies Offer Low Ball Settlements
Insurance companies often offer low settlements because they are businesses focused on minimizing costs and maximizing profits. They aim to resolve claims quickly and cheaply, assuming that many victims, especially those without legal representation, may accept the initial offer without fully understanding the value of their claim.
This tactic is used to exploit the financial pressure on victims who need immediate funds for medical bills and repairs. By offering a low initial settlement, insurance companies hope to avoid prolonged negotiations and reduce the total amount they have to pay out.
Recognizing and Countering Lowball Settlement Offers
When faced with a low settlement offer, follow these steps to recognize and counter it effectively:
Stay Calm and Evaluate the Offer
Receiving a low settlement offer can be frustrating, but it’s important to stay calm and review it thoroughly. Examine what the offer includes and excludes, checking if it covers your medical expenses, property damage, lost wages, and pain and suffering. Identifying deficiencies helps in preparing a strong counteroffer.
Gather Evidence
Gathering substantial evidence is crucial for building a strong case. This evidence includes comprehensive medical records, detailed repair estimates, witness statements, and the police report.
Each piece of evidence supports your claim and justifies why a higher settlement is necessary. Having all this documentation ready will strengthen your position and show the insurance company that you are serious and prepared.
Consult a Car Accident Lawyer
Consulting a car accident lawyer in Lincoln can significantly improve your chances of securing a fair settlement. A lawyer can evaluate your claim, calculate its worth, and negotiate effectively with the insurance company. They understand Nebraska’s car accident laws and can provide expert guidance and represent you in court if necessary.
Draft a Counteroffer
Prepare a detailed counteroffer that includes all your expenses and justifications. Use the gathered evidence to explain why the initial offer is insufficient. Cover all damages, such as medical expenses, property damage, lost wages, and pain and suffering.
Negotiate
Be prepared for back-and-forth negotiations. Stay firm on your fair amount based on the evidence. Keep detailed records of all communications to support your position during negotiations.
Consider Legal Action
If negotiations stall, consult your lawyer about taking legal action. Filing a lawsuit can pressure the insurance company to offer a fair settlement. Your lawyer guides you through the process and represents you in court when negotiations fail.
