When you sustain an injury and are seeking compensation from the person you consider to be legally liable, you are likely to deal with an insurance company.
In order to ensure that you get the compensation you deserve, it would be important to understand how insurance companies and the insurance industry works. Insurance adjusters work for the insurance company and are tasked to establish how much the case is worth, based on the facts and circumstances of the case. The insurance adjusters will ensure that the payouts are kept to a minimum so that the insurance enjoys high profit margins.
INSURANCE ADJUSTERS WILL PRESSURE YOU TO ACCEPT A SETTLEMENT OFFER
Insurance companies will always try to minimize the costs that come with payment of claims. Since the insurance adjuster represents the interests of the insurance company and not those of the victim, they will pressure you to accept the settlement offer they make.
Choosing to accept such a settlement offer right away is likely to be a huge mistake. In cases where the victim sustained physical injuries, it will require a considerable period of time to establish the extent of the injury as well as the expenses incurred and suffering endured. A hurried settlement may fail to capture the real worth of the case.
THEY WILL SUGGEST THAT YOU DO NOT NEED TO HIRE AN ATTORNEY
Since insurance adjusters know that an attorney will make sure that you are given the compensation that is due to you, they will dissuade you from seeking legal help. It may be tempting to agree with the insurance adjuster when you are undergoing distress and significant pressure due to the severity of your injuries. However, it is important to hire an experienced personal injury lawyer in Greater Fall River to negotiate the settlement on your behalf. The lawyer has experience in negotiating such settlements and will represent you in court if the two parties fail to reach an agreement.
HOW THE INSURANCE ADJUSTER COMES UP WITH AN OFFER
Insurance adjusters are likely to base their decision for offers on the factors that the jury will consider when making a decision. Some of these factors include medical bills and costs that have been incurred and will be necessary in the future, losses in the form of lost income or wages, damages in the form of pain, suffering and, of course emotional distress.
While it is easy to compile costs and medical expenses, issues relating to pain, suffering and emotional distress damages are subjective. Insurance adjusters will usually calculate damages by using a special formula.
Other factors that insurance adjusters are likely to keep in mind when coming up with an offer are the policy limits and the strength of the plaintiff’s case. Insurance companies will never make a payout that goes beyond the sum insured. In situations where the plaintiff has a strong case, insurance companies are likely to make a larger offer since the plaintiff will almost be sure of victory in the event that the case proceeds to court.
To ensure that you do not receive lowball compensation from the insurance company, it is advisable to hire the services of a lawyer. Lawyers have the necessary experience to negotiate with the insurance company and ensure that you get the compensation you deserve. The period after sustaining injuries or suffering damages can be confusing and frustration. You will need a lawyer to handle the case as you concentrate on recovering.