Insurance companies are known for routinely making initial settlement offers that fail to cover the full cost of a car accident, especially one that involves injuries. Why? Because insurance companies are in business to make money, and not necessarily to pay you for your injury costs now and in the future.
To get the maximum available compensation for a car accident injury, it’s important to work with a personal injury attorney. An attorney can handle the legal and insurance matters, including negotiating for your financial recovering, while you focus on healing.
Assessing the initial offer
The first step in determining whether you are being lowballed is to carefully assess the initial offer compared to the current and future costs of the accident. To really understand how vehicle damage and injuries will affect your life now and later, it’s a good idea to talk to a lawyer with experience in these matters.
Medical expenses and rehabilitation costs
In cases involving injuries, be sure to consider both current and future medical expenses. Insurance companies may attempt to downplay the severity of injuries or underestimate the necessary medical treatments. If the compensation offered does not adequately cover your medical costs, the accident could affect your life in a negative way for years to come. Medical care is expensive, and you shouldn’t have to pay for it when the injury was caused by someone else’s negligence or wrongdoing.
Lost income and earning capacity
Do not overlook the impact the accident may have on your income. If you miss out on wages due to the accident or are facing other financial hardships, these factors can affect the value of your personal injury claim. A fair settlement offer should address not only immediate costs but also the ongoing costs, such as reduced earning capacity.
Vehicle repair
If your vehicle sustained damages in the accident, obtaining repair estimates is a must. Ensure that the insurance company’s offer aligns with the estimates provided by reputable auto repair shops. If the offer falls significantly short of the estimated repair costs, it may be an indication that you are being lowballed.
Don’t let the insurance company take advantage of you
To learn more about car accidents and personal injury claims in South Dakota, please see our Auto Accidents & Insurance FAQ.