Car accidents are terrible. Even in minor accidents, victims have to deal with auto repairs and insurance claims. More serious accidents can cause personal injury, leave victims unemployed and have difficulty paying their bills.
This can change when a car accident victim receives a call from an insurance surveyor. The appraiser quickly makes a settlement offer, and the injured person may get excited and quickly accept the offer over the phone.
After hanging up, the injured person takes a minute to think about the offer that he has just verbally accepted. Now they are very concerned that they have been satisfied with too little. Fortunately, while this scenario is frightening, the injured person has legal options.
Why insurance companies make quick quotes
Insurance companies are in the business of making money. If a person is injured in a car accident caused by a customer of an insurance company and the fault of the accident clearly lies with their customer, the insurance company can try to end the matter as soon as possible. They do this by having an insurance expert call the car accident victim just a few days after the accident.
The task of the insurance expert is to submit a quick comparison offer and to induce the injured party to accept the offer by almost all means. By making the comparison offer appear like a one-time offer and the best possible offer from the insurance company, the insurance expert tries to convince the injured party to accept the offer on the spot. The insurance agent may even tell the injured party that they don’t need a lawyer to help them, as a lawyer will only cut the settlement and leave the victim with less money.
If a car accident victim accepts the insurance company’s settlement offer, it usually only benefits one thing: the insurance company. Their goal is to resolve car accidents quickly and for far less than they are worth.
Ultimately, this can result in injured people in more pain, both physically and financially. Just a few days after an accident, the insurance company cannot know for sure how much an injured person would need to cover all of their costs. That’s because they don’t care. You just want to make this case go away for as little money as possible.
Every victim of a car accident has the right to decline a settlement offer. It can be nerve-wracking, but without the guidance of an experienced legal advisor, people risk settling for much less than their case is worth and they have to shoulder the financial burden of their recovery.
Estimating the true cost of a car accident
The main reason people take a quick quote from the insurance company is because they are simply underestimating the amount of money it will take to recover from their injuries. For example, Northwestern University recently conducted a study showing that the lifelong cost of traumatic brain injury can reach millions of dollars.
The most famous traumatic brain injury, a concussion, is a common car crash injury. If a concussion car accident victim is willing to settle their case for as little as a few thousand dollars, it could result in having to pay the rest of their medical expenses out of their own pocket, an amount that many people know Could bring bankruptcy.
To properly assess the full cost of recovering from a car accident, victims need to work with lawyers who have the resources to calculate these complex costs. Legal teams who are familiar with auto accident injury lawsuits may have medical experts on hand. These medical experts can help determine the victim’s medical prognosis and calculate the cost of the following costs:
Multiple hospital visits
Multiple medical procedures
Future medical needs related to the accident
Extended time off
The last point is often not even considering a car accident victim. Many victims believe that they can only get compensation for their medical bills. Unfortunately, this could lead them into financial hardship by missing out on additional recreational opportunities.
Car accident victims may be able to claim back additional compensation for lost income and opportunity if their injuries temporarily or permanently prevent them from returning to work. Many car crash injuries, even minor injuries, can leave a person unemployed for a short period of time. For many people, the lack of a single paycheck can place them in financial distress.
Because of this, car accident victims must work with an attorney who has a proven track record of helping people get maximum compensation for their injuries. Leaving the money on the table by accepting a humble settlement offer only adds more pain to the victim’s life.
Negotiating a new settlement
An old saying goes that one bird in the hand is worth two in the bush. This is the mindset of many car accident victims, and it leads them to accept a quick offer to settle. The fear of turning down an offer that is on the table and receiving a smaller amount later is real. And that’s exactly what the insurance company wants.
However, if a person has not yet signed any papers and has only verbally agreed to a settlement offer with the insurance appraiser, this may not be enough to bind the person to the agreement. Hence, the victim may have options. But time is of the essence now.
As soon as the insurer receives a verbal agreement from the injured party, he will be put under even greater pressure to sign the offer. You want at least the person to sign a written confirmation that they have agreed to the settlement offer.
Before a person signs anything, they may still be able to step back. The only way to know for sure is to speak to a trusted legal advisor.
If an injured person has legal counsel by their side, they may be able to seek additional compensation to help them recover from their injuries. Your attorney can counter pressure the insurance company and increase the settlement amount to cover all of the injured’s costs while reducing their anxiety.
But as soon as an injured person signs a settlement offer, all bets are gone. There may be no way to reverse this decision. What the insurance company also does not inform the injured party is that after signing the settlement offer, he will waive the right to assert future claims against the insurer for the car accident in which he was injured. This means that the victim may pay a significant amount of money out of pocket to cover medical expenses and financial losses caused by an accident caused by someone else.
People who are injured in a car accident need to be aware of their legal rights. One of these rights is to have a lawyer review every offer of settlement received. Doing so can save the person a lifetime of grief and financial stress in the end.
Baltimore auto accident attorneys at LeViness, Tolzman & Hamilton help victims recover
A car accident presents many challenges. You may have to deal with property damage to your vehicle, but also serious injury. The more severe your injuries, the more likely it is that you will need permanent and expensive medical care. The LeViness, Tolzman & Hamilton auto accident attorneys in Baltimore have the resources and experience to help you negotiate a fair settlement so that you are not taken advantage of by the insurance company. If you verbally accepted a settlement offer, you may still have legal options, but you must speak to us immediately. Call us at 800-547-4LAW (4529) or contact us online for a free consultation. Our offices are conveniently located in Baltimore, Columbia, Glen Burnie and Prince George’s Counties where we represent victims across Maryland including those in Anne Arundel County, Carroll County, Harford County, Howard County, Montgomery County, Prince George’s County, Queen Anne’s County, Maryland’s Western Counties, Southern Maryland and the Eastern Shore and the parishes of Catonsville, Essex, Halethorpe, Middle River, Rosedale, Gwynn Oak, Brooklandville, Dundalk, Pikesville, Parkville, Nottingham, Windsor Mill, Lutherville, Timonium, Sparrows Point , Ridgewood and Elkridge.
Visit our website at https://www.lthlaw.com/