Getting into an accident and sustaining an injury can be traumatizing and expensive. Receiving a settlement offer from an insurance company is probably a relief – that is until you realize it’s a lowball offer. Lowballing means offering a number less than what someone is asking for or deserves. For example, if your medical bills, wages lost, and property damage amount to $5,000 then you would want your compensation to be at least $5,000. If an insurance company offers you a settlement of $3,000 you may feel like you’re being shorted. That’s because you are. Lowballing is a tactic employed by many insurance companies in an effort to conserve money. If you are dealing with settlement offers from an insurance company, acquire the services of a New York injury lawyer who can fight for the compensation you deserve.
How Do I Know That They’re Lowballing Me?
An insurance company is never going to come out and say that they are lowballing you. So how are you supposed to know? There are some signs to look out for that can point you toward the truth.
- They are trying to settle too quickly
- They are pressuring you to accept the offer
- They are ignoring or dismissing important information
- They are refusing to explain their calculations
- They stop responding to you
An experienced lawyer will be able to better understand the signs that an insurance company is trying to lowball you. Seek professional advice to increase your chances of being compensated fairly.
Why Are They Lowballing Me?
In a lot of cases, an insurance company will lowball you simply because they can. Insurance providers will always try to pay out as little as possible to ensure that they are making the most profits for their company. If they are ignoring the facts and offering you less than you deserve, this is an act of bad faith.
The insurer could also be lowballing you because they believe you to be responsible for the accident and so they are denying you coverage. In addition, it could simply be that they miscalculated. Insurance companies use formulas to calculate the extent of your losses and convert those losses into compensation. If they are missing crucial information or aren’t aware of the true cost of your expenses then they may be undervaluing your bills and losses.
Do I Need a Lawyer to Deal with a Lowball Insurance Offer?
Having a skilled attorney on your side will be your biggest blessing during a settlement negotiation. Insurance companies are able to pay people less than they deserve because they are simply unaware of their rights. An injury lawyer is equipped with the experience to navigate these situations. They are familiar with the tactics that the insurance companies will employ and can fight against a lowball offer to get you the compensation you rightfully deserve.
