When you suffer injuries in a mishap (car accident, slip and fall, etc.), you probably assume that the involved insurers will pay for your harm. Before you accept the first offer, consider whether the insurance offer is appropriate to your circumstances or much too low.
Insurance companies are in the business of earning a profit, just like other companies. Unfortunately, this means that most settlement offers have the company’s best interests at heart—not yours. Unless you’re experienced with personal injury settlements, it can be very difficult to understand what your injuries and losses are worth. It may be harder still to figure out if the insurance company is playing fair.
4 signs of a lowball insurance offer
Instead of accepting the first settlement that an insurer sends your way, take some time to study the offer and your circumstances. Four signs of a poor or unfair settlement include:
- A fast offer. If the proposal arrives very quickly, it may indicate a shoddy investigation just to settle the case as fast as possible.
- Pressure to accept. When an adjuster tries to pressure you to take the offer, it might mean they know the settlement is too low.
- Downplay your injuries. In many cases, insurance adjusters say a lowball offer is fair because your injuries are not as bad as you claimed.
- Cease all communications. If you reject the initial settlement, the insurers may stop talking with you as a scare tactic to make you accept the offer.
You do not have to accept a settlement offer that you feel is much lower than you deserve. We recommend making a counteroffer to insurers that you believe is fair. If they reject your proposal and continue to intimidate you, consider learning more about the personal injury and compensation laws in South Dakota.