Signs of a Lowball Personal Injury Settlement Offer and What To Do About It
When you are injured in an accident in Florida because of the negligence of another party, the aftermath can be overwhelming. Receiving a settlement offer from the negligent party’s insurance company might feel like a light at the end of the tunnel. It can be tempting to want to settle your claim quickly, get the money, and move on. However, before accepting an offer, ask yourself, “Is this offer fair?” Understanding how to recognize a lowball personal injury settlement offer is vital.
The following are some of the signs of a lowball personal injury settlement to watch out for;
- The Offer Comes Quickly After the Accident
The first, quick settlement offer from an insurance company is almost always a lowball offer. At the early stages of your case, the full extent of your injuries and damages may be unclear. A quick settlement offer might be a strategy on the insurance company’s part, aiming to resolve your case before you fully understand the extent of your injuries and damages. The insurance company may be rushing to settle your claim before you consult a lawyer.
- The Offer Doesn’t Account for Future Losses
A fair settlement offer should cover all your damages, past and future. An offer that only covers past expenses is likely a lowball. Severe injuries may require extensive treatment beyond the initial hospital visits, including follow-up surgeries and ongoing therapy. A fair offer should not only cover past medical expenses, but also potential future expenses. Additionally, if your injury affects your ability to work, the settlement should compensate for any impact on your future earning capacity.
- Non-Economic Damages Aren’t Covered
In a Florida personal injury case, you’re entitled to both economic damages, like medical bills and lost wages, and non-economic damages like pain and suffering and loss of enjoyment. It is a red flag if a settlement offer does not account for non-economic damages.
- Lack of Transparency
The insurance company should be able to explain how it came up with the figure they are offering. If the adjuster won’t explain or if they give a vague explanation of how they valued your claim, that is a major warning sign.
- You Are Pressured To Accept the Offer Fast
Another sign of a low personal injury settlement offer is if the insurance company pressures you to accept the offer quickly. This might be a tactic to get you to accept the offer before you realize it does not reflect the actual value of your claim.
What To Do if You Receive a Lowball Offer
If you suspect a lowball offer, politely decline it and consult a personal injury attorney immediately. An experienced lawyer can evaluate the actual value of your claim and negotiate on your behalf. They can help gather all the evidence you need to support your case and send a detailed demand letter to the insurance company. Standing your ground and seeking legal help can help you recover fair compensation.
Contact Us for Legal Help
Our Fort Lauderdale personal injury attorneys at The Pendas Law Firm can help you recover the compensation you deserve for your injuries and damages. Contact us today to schedule a consultation and discuss your case.
The Pendas Law Firm also represents clients in the Ocala, Orlando, Tampa, Miami, Jacksonville, Fort Myers, Bradenton, Daytona Beach, West Palm Beach, Naples, and Melbourne areas.
Source:
facs.org/advocacy/federal-legislation/liability/guide-to-liability-reform/ending-the-confusion/