If you get into an accident and someone else is clearly at fault, you expect their insurance company to pay out. You get a settlement offer in the mail and you are shocked. Are they serious with this lowball offer? Unfortunately, they are. That’s why you might want our Monmouth County personal injury attorneys with you when you fight for fair compensation.
Why is the First Offer From an Insurance Company Usually So Low?
When an insurance company realizes that it needs to pay out for an accident, it does some math. It often finds the least it can get away with offering and then hopes that the accident victim will just take it. Many do take the offer. Maybe they just want the process to be done with or maybe they aren’t born negotiators. Whatever the case may be, making a lowball offer is a good gamble for an insurer.
We do not recommend taking that first offer though. You should really understand the extent of your injuries and what your total expenses stemming from the accident will be before you settle anything.
Can I Calculate My Own Damages?
This is why you should try to calculate your own damages. You can add them up, using evidence like medical bills, pay stubs, and estimates for car repairs or replacement costs for other damaged or destroyed property. Add together all of the following:
- Medical expenses
- Lost wages
- Property damages
That is not all that you should be compensated for though. Accidents can also cause a significant amount of psychological trauma, so your settlement should also help make up for your pain and suffering. How do you calculate that? You can use the “multiplier” method just like the insurance companies do.
First, take your medical expenses. Then pick a number between 1 and 5. The worse your injuries are, the higher the number you should choose. So let’s say you have fairly serious injuries and medical bills totaling $8,000. You choose the number 3 on that scale of 1 to 5. This means that you should be pushing for $24,000 in damages for your pain and suffering.
How Can a Lawyer Help Me Against the Insurance Company?
Your lawyer can help you build a stronger case against the insurance company and negotiate for a better settlement. Whether you need help gathering evidence or you require the assistance of an expert witness who can recreate the accident scene, an experienced personal injury attorney can do everything in their power to bolster your case and argue for more compensation.
Contact Our Personal Injury Attorneys Today
So if you’re not ready to accept a lowball offer from an uncooperative insurance company, contact the Wilton Law Firm. We can schedule a free consultation for you. We would love to learn more about your situation and see how we can help.
