Most people affected by car crashes in Texas will file insurance claims. The necessary coverage will likely pay for vehicle repairs or replacement. Motor vehicle insurance will also cover medical bills and lost wages for those injured in the collision.
An individual injured in an auto accident may feel tempted to simply handle the claim and negotiate an amount directly with the insurance company. But that’s risky. Here’s why.
Insurance companies know how to negotiate
Insurance adjusters handling big claims often use strategies and employ aggressive negotiation tactics that get claimants to agree to a settlement that is, in many cases, far below what the claimant is entitled to. Many settlement offers, unfortunately, do not take into account a claimant’s future lost earnings or future medical expenses. And they know injured parties likely are unaware of this.
The risks of accepting a settlement
For those who accept a lump-sum settlement, it’s important to note that you are barred from making another claim in the future. It essentially absolves the insurance company of future obligations for, future, unexpected medical expenses.
Insurance companies count on your ignorance regarding the consequences of settling so that you accept less than you deserve. Remember: insurance companies operate like any company and are not in business to pay out high-dollar claims if they don’t have to.
Getting an attorney on your side
Many insurance entities know that claimants are unfamiliar with the law and what they are entitled to recover for their injuries – but an attorney does. Having a lawyer by your side who knows the law and can ensure that the insurance company is offering you a fair offer for ALL expenses, past, present and future is vital.
It’s certainly not against the law to negotiate with the insurance company alone, but it’s not advised. When monetary compensation is on the line, it’s best to work alongside a legal representative who knows the law.