A motor vehicle accident could leave a victim with massive financial obligations. Medical bills, lost wages and property damage come with costs, and suing the negligent party might not cover those losses. Not every at-fault party has sufficient assets, but Kentucky drivers likely have auto liability insurance. Victims may rely on uninsured/underinsured motorist coverage as well. Unfortunately, the insurance company may present a low offer that the claimant might need to challenge.
Insurance settlements and low-ball offers
When an insurance company accepts the risk associated with a client, it finds itself obligated to pay a valid claim. If the negligent party destroys $10,000 worth of property, for example, the insurance company might find itself required to cover the loss. The victim should not expect to receive $11,000 for a $10,000 loss. However, the insurance provider could offer $8,000 for a $10,000 loss, which the victim may accept but is not necessarily obligated to.
Insurance companies attempt to protect their assets, so the company’s adjusters might challenge claims. When the offer is too low, the claimant may seek a higher amount. Such negotiations may be best left to an experienced attorney.
Dealing with the insurance company
Insurance claims often require the claimant to provide evidence. Otherwise, the insurance companies might find themselves at risk for fraud. For this reason, presenting medical bills and damage estimates after car accidents becomes essential. However, the insurance company could still offer an amount that seems too low. A negotiator could go back and forth with the insurer to arrive at a reasonable amount.
A claimant may lack the necessary knowledge and skills to deal directly with the insurance company. The entire process could be new to the victim, and he or she might not even know that negotiations are possible. In some instances, an insurance company could deny a claim. Such a situation might require a lawsuit to resolve.
Retaining a personal injury lawyer may be advisable when dealing with low insurance offers. Working with an attorney from the outset might help an accident victim get fair compensation.