The other driver’s auto insurance company may offer you a settlement shortly after a car accident. The amount of the offer may fit the insurance company’s goals. However, it likely won’t cover the full extent of your physical, emotional, and financial harm. For this reason, you should not accept a car accident settlement in South Carolina without consulting an experienced car accident attorney.
For instance, when you work with McKinley, Tucker, & Lemel, LLC, a dedicated SC car accident lawyer will thoroughly investigate your case and accurately assess compensation you should seek for your medical expenses, lost wages, property damage, pain, suffering, and all other harm you’ve suffered due to the car crash.
This article explains why it is rarely, if ever, a good idea to accept the auto insurance company’s first offer. Contact us today to discuss the specific facts of your case with an experienced car accident lawyer and learn more about how we can help you.
Why Do Insurance Companies Offer Quick Settlements?
Auto insurance companies in South Carolina are for-profit businesses. They make money by collecting insurance premiums and paying as little as possible to resolve claims. They try to minimize payouts by making settlement offers quickly after car accidents happen. This tactic helps the insurance company in many ways.
- It’s timely. Insurance companies, like people, like financial certainty. So, their goal is to swiftly close cases and avoid exposure to high settlements.
- It’s cost-efficient. With quick settlement offers, insurers exploit car crash victims’ lack of knowledge about their claim. People may not realize the full extent of their damages until they reach maximum medical improvement.
- It lowers legal costs. By swiftly reaching a settlement, an insurance company can avoid the costs of investigation, negotiation, and litigation that it would incur if settlement talks drag on or a case goes to trial.
What Should I Look for When Considering the Insurance Company’s Offer?
You should be skeptical about an insurance company’s settlement offer. The insurance company is concerned about its interests. Your health, family, and future are not their main priorities. So, when you consider the insurance company’s offer to settle your auto accident claim, look for the following:
- Does the insurance company admit full or only partial liability?
- Does the offer reflect the full extent of your injuries?
- Will it cover your past and projected future medical expenses?
- Does it compensate you for lost income due to your injuries and any reduction in your capacity to earn income in the future?
- Does the offer compensate you for your pain and suffering, including emotional distress?
- Does it cover repairing or replacing your motor vehicle and the damage to your other personal property?
- Will the settlement be paid in a lump sum or through a series of payments?
- Is the amount at or below the driver’s insurance policy limits?
Before you decide whether to accept the offer, you should speak with a SC car accident lawyer who will know how to look for these and other details and fight for the compensation you deserve.
Why Should I NOT Accept the Insurance Company’s Initial Offer?
For the following reasons, it is not a good idea to accept the insurance company’s first offer after you have suffered injuries in a car accident in South Carolina:
- It benefits the insurance company, not you. An insurance adjuster may base the amount on the company’s internal policies, procedures, and formulas, without consideration of the full impact of the crash on your life.
- It is for a low dollar amount. The first settlement offer typically will be for a lower amount because it does not reflect the full extent of harm you have suffered.
- You are still recovering. If you are still in the early stages of recovering from your injuries, you may have no idea about your medical costs, likely future medical expenses, and the effect on your ability to work and enjoy life. So, it may be impossible to say whether the settlement offer is reasonable and provides fair compensation.
- You need to investigate your case thoroughly. You may still need to identify all the parties responsible for the crash and fully calculate the damages you seek.
- You have not consulted a lawyer. If you have not given a dedicated car accident lawyer a chance to review the settlement offer and investigate your case, you risk accepting a settlement offer that won’t provide you with full compensation.
What Happens If I Decline the Insurer’s Initial Offer?
If you reject a car insurance company’s first settlement offer of your car accident claim, your case will go down one of two paths:
- Negotiation – You can continue negotiating with the insurer until you arrive at a fair settlement offer you accept. Because the parties can continue investigating and exchanging evidence during settlement negotiations, newly discovered evidence can impact talks.
- Litigation – You will go to trial if you file a personal injury claim in South Carolina and don’t reach a settlement with the car insurance company before the scheduled court date. Sometimes, the parties settle claims after the verdict.
How Can a South Carolina Personal Injury Lawyer Help Me When Dealing with Insurance Companies?
A lawyer can play a critical role when you deal with insurance companies after a car accident. An attorney with experience handling auto accident claims and other personal injury cases in South Carolina will know how to protect your rights and interests by:
- Directly communicating with the insurer while you focus on your health.
- Investigating your case to identify every potentially liable party.
- Gathering and reviewing your medical records.
- Consulting with doctors and experts in areas such as accident reconstruction.
- Drafting and filing all necessary legal documents.
- Skillfully negotiating with the insurance company.
- Taking a solidly prepared case to trial, if no car accident settlement is reached.
Get Help from an Experienced South Carolina Car Accident Lawyer Today
At McKinney, Tucker & Lemel LLC, our experienced trial lawyers know how stressful it can be after a car accident in South Carolina when you file a personal injury lawsuit and/or insurance claim. You shouldn’t have to deal with your personal injury case alone. Since 1977, we have helped car accident victims in York and Lancaster counties and throughout South Carolina to deal with insurance companies and seek maximum compensation through fair insurance settlements. We’re here to help you. To learn more about how our law firm can assist you, contact us today for a consultation.
