As a matter of practice, car accident claims are commonly undervalued by insurance carriers. This allows them to pay out the smallest amount of financial compensation possible to victims. In most cases, there is a considerable difference between the insurer’s initial settlement offer and the amount an experienced Virginia Beach car accident lawyer is able to recover by making a counteroffer or going to court. Oftentimes, especially when a victim’s injuries are permanent, the insurer’s offer does not even begin to scratch the surface of their necessary medical treatments. If the insurance company made you a lowball settlement offer that does not fairly compensate you for your accident-related damages, or you feel they are acting in bad faith, call Shapiro, Washburn & Sharp to schedule a free consultation.
Why Are Car Accident Claims Undervalued?
Where car accident claims are concerned, the objective of any insurance company is to reduce the victim’s payout by as much as possible. The insurance adjuster assigned to your claim will examine it from every angle, looking for anything that could be used to minimize the amount of money they pay you.
One element they will take into consideration is whether or not you took action to mitigate additional damages after your car accident, such as seeking immediate medical attention for your injuries. If you delayed seeing a doctor or never obtained a formal diagnosis, the insurance carrier is going to claim your actions, or in this case, the lack thereof, contributed to your overall condition. They might assert that your injuries were actually caused by a different event altogether and the accident had nothing to do with them, or they could suggest that the initial severity of your injuries is unknown because you did not seek prompt medical care.
If you fail to attend all of your medical appointments, the insurer will use this as an excuse to claim that you neglected your own recovery and failed to take the necessary steps to stop your injury from worsening. They could also argue that your injuries are not as serious as you are making them out to be.
Making a Counteroffer
Many car accident victims are unaware that they are under no obligation to accept a settlement offer from the insurance carrier, undervalued or otherwise. In most cases, your lawyer will recommend making a counteroffer which will then be countered by the insurance company. This back and forth will continue as you and your lawyer work to reach a fair settlement. Having an experienced car accident attorney on your side during the negotiation process can be a major advantage when it comes to maximizing financial compensation for your injuries and other damages because, unlike the insurance company, your attorney has your best interests in mind.
Going to Court
If the insurance company refuses to make you a fair settlement offer that adequately covers all your damages, you may have no choice but to file a lawsuit. It is important to keep in mind that settlement negotiations can continue even after a lawsuit has been filed. Roughly 95% of all civil lawsuits settle before they reach the trial phase. If you work with a Virginia Beach car accident lawyer who is not afraid to take your case to trial if necessary, it can encourage the insurance company to make a fair offer in order to avoid the expense of going to trial, as well as circumvent the possibility of paying out even more compensation as determined by a jury.
Has Your Car Accident Claim Been Undervalued?
If you received a lowball settlement offer, or you have simply reached an impasse with the insurance company, it is in your best interest to discuss your case with a skilled Virginia Beach car accident lawyer at Shapiro, Washburn & Sharp. We can evaluate the facts of your accident and determine if the insurance company’s offer accurately reflects your losses. That is how we were able to secure a $150,000 jury verdict for a client after the insurance carrier refused to offer fair compensation for a pre-existing condition that was worsened by a hit-and-run driver.
You can schedule a free consultation with one of our Virginia Beach car accident lawyers by filling out the contact form on our website or by calling (833) 997-1774. We have offices in Virginia Beach, Norfolk, Hampton, and Portsmouth.