After a motor vehicle collision where you are injured, it is generally a good idea to have an initial offer from an insurance company reviewed by an experienced attorney. This helps you understand whether the offer meets your needs based on the damages and injuries you have suffered.
What may initially seem like a lot of money for your accident may actually be insufficient to cover your pain and suffering. It may also be well-below the amount available to you based on the severity of your injuries.
At William Mattar Law Offices, our truck accident lawyers can help you understand what to do when you receive an offer from the at-fault driver’s insurance company.
Table of contents
- What Is The Initial Offer From An Insurance Company?
- How Is An Initial Settlement Offer Calculated For Truck Accidents?
- How Do I Know If The Initial Offer Is Fair?
- What Can I Do if the Offer Is Not Enough To Cover the Full Extent of My Injuries and Losses?
- What People Don't Know About the Initial Offer From An Insurance Company
- Understanding the Timeline of an Initial Settlement Offer
- Truck Accident Settlement FAQs
- Need Help Understanding Your First Settlement Offer After A Truck Accident? Contact William Mattar Law Offices Today
What Is The Initial Offer From An Insurance Company?
The first offer you get from an insurance company after a truck collision is meant to represent a valuation of your damages and losses coverable by the policy you are claiming against. An insurance adjuster assigned to your case calculates this amount.
Depending on the type of claim or lawsuit you file after the accident, this initial offer may come from your insurer or the trucking company itself. The offer will likely be lower than you are entitled to, as insurance companies usually try to minimize payouts.
How Is An Initial Settlement Offer Calculated For Truck Accidents?
Considerations that may go into calculating your initial offer include:
- Medical expenses: The insurer will evaluate supporting medical documentation of your injuries.
- Lost income: If you missed work due to the accident, the insurer will review your salary or wage documentation. This can affect the degree of compensation for pain and suffering.
- Future medical treatment: The initial offer may also consider future medical expenses related to your injuries, such as rehabilitation or ongoing care.
- Pain and suffering: This is more difficult to quantify, but an insurer can consider the severity of your injuries and their impact on your daily life.
Ultimately, all of these considerations will be based on the policy terms. While some policies you claim against may offer high coverage limits, others may only have the minimum required amount available.
How Do I Know If The Initial Offer Is Fair?
There is a lot a lawyer will consider to determine if the initial settlement letter you receive after your truck accident is fair. Including:
- Does it cover all your damages, including those that may not be immediately apparent?
- Does it adequately consider future medical expenses and lost income not covered by no-fault insurance?
- Is the amount offered in line with similar cases and the policy limits available?
- Are there any errors or discrepancies in the calculations made by the insurance adjuster?
While this list is far from exhaustive, it does highlight important considerations you need to keep in mind when reviewing an initial offer. This is also why it is highly recommended that you consult with an experienced lawyer who can thoroughly review your case and advise you on the fairness of the offer.
What Can I Do if the Offer Is Not Enough To Cover the Full Extent of My Injuries and Losses?
It isn't uncommon for the initial settlement offer to lack the full amount needed to cover all your damages and losses. In this case, a lawyer can help you explore other avenues of compensation, such as:
- Presenting new evidence supporting your injuries and losses: The insurer may not have had all the information or documentation needed to accurately assess the value of your claim. A lawyer can help you gather and present this evidence to support a higher offer.
- Negotiating with the insurance company: An experienced truck accident lawyer knows how to negotiate with insurance companies to secure a fair settlement for their clients. Aggressive negotiation tactics may include presenting counteroffers and highlighting the weaknesses of the initial offer.
- Filing a personal injury lawsuit: If the initial offer falls severely short of covering your damages and losses, you may need to file a personal injury lawsuit against the at-fault party to recover the full extent of damages and losses you've suffered. These lawsuits can help injured parties recover substantially more than the initial offer.
- Pursuing compensation through other insurance policies: While no-fault insurance can help you recover medical expenses, other policies held by the truck driver or their employer may also offer additional coverage. A lawyer can help you identify and pursue these additional avenues of compensation.
Lawyers understand that accident survivors have a lot to deal with. The last thing you want to worry about is whether an initial offer is fair or if you are leaving money on the table.
By working with a knowledgeable truck accident lawyer, you can have peace of mind knowing your case is in good hands and that all avenues of compensation will be explored to help protect your financial future.
What People Don't Know About the Initial Offer From An Insurance Company
The benefit of hiring a lawyer to review your initial settlement offer is that they can provide you with valuable insight and advice you may not be aware of, such as:
- Insurance adjusters may pressure you into accepting the initial offer, claiming it is their "best and final" offer. However, this is an often-used tactic to get you to settle for less than what you deserve. A lawyer can review the offer objectively and advise you on whether it is fair or if other legal options are available.
- You do not have to accept the initial offer right away. You should take some time to thoroughly review and understand the offer before making any decisions.
- An initial settlement offer can be negotiated. Just because an insurer makes an initial low offer does not mean that is the final amount you are entitled to. A lawyer can help negotiate a higher settlement through evidence and strategic communication with the insurance company.
- Signing a settlement offer can waive your right to pursue further legal action. This is why it's important to have a lawyer review and advise you on the offer before signing anything. They will ensure that all avenues of compensation are explored before closing the case.
Without the legal knowledge needed to overcome these challenges, you may be at a disadvantage when dealing with insurance companies. Save yourself the stress and potential financial loss by consulting with a truck accident lawyer after reviewing an offer to compensate you for injuries.
Understanding the Timeline of an Initial Settlement Offer
It can help injured parties more confidently pursue their best legal options when they understand the timeline of an initial settlement offer. While each case is unique, here is a general overview of what you can expect during this process:
- The initial settlement offer is sent to the injured party after the insurance adjuster has assessed the damages and losses. This typically happens within a few weeks to a few months after the accident.
- The injured party reviews the offer with their lawyer if they have one. If not, it is recommended to seek legal counsel at this time.
- Negotiations may begin between the injured party's lawyer and the insurance company to secure a fair settlement amount.
- If negotiations are unsuccessful, the injured party may choose to file a personal injury lawsuit.
- The case may go through mediation or arbitration in an attempt to reach a fair settlement before going to trial.
- If no agreement can be reached during mediation or arbitration, the case will go to trial, where a judge or jury will determine the final compensation amount.
- When the verdict or settlement is reached, the injured party will receive compensation.
For many, the initial settlement offer is just one step in a larger process of seeking compensation for injuries and losses. It may take time and effort, but with the help of a lawyer, you can pursue a fair settlement that truly covers the full extent of your damages.
Truck Accident Settlement FAQs
Which insurance claims can I file after a truck accident?
Multiple policies may cover your medical needs, lost wages, and suffering after a truck accident. A lawyer can help identify these policies and guide you through filing a claim or lawsuit.
How long do I have to respond to the first settlement offer I receive?
The deadline varies by state. In New York, claimants usually have 30 days to respond, but this can be extended or shortened depending on the circumstances of your case. It's best to consult with a lawyer as soon as possible after receiving an initial settlement offer to ensure you meet any time limitations and secure the best possible outcome for your case.
Should I accept the first settlement offer?
It ultimately depends on your specific case and damages. Sometimes, the initial settlement offer may be fair and sufficient for your needs. However, it is recommended to have a lawyer review the offer and negotiate on your behalf to ensure that all avenues of compensation are considered.
What happens if I reject the initial settlement offer?
If you reject the initial settlement offer, negotiations between your lawyer and the insurance company may continue. If an agreement cannot be reached, a lawsuit may need to be filed to pursue fair compensation for your damages.
Need Help Understanding Your First Settlement Offer After A Truck Accident? Contact William Mattar Law Offices Today
The relief and frustration that come with an initial settlement offer after a truck collision can make you unsure what to do next. Choose a truck accident lawyer from William Mattar Law Offices to avoid missing out on vital compensation that covers your injuries and losses.
Schedule a free case evaluation to learn how our law firm can help you pursue maximum compensation for your injuries.