Atlanta is a city known for its vibrant nightlife and diverse culture. With it also being called the ‘Hollywood of the South,’ it is bound to have crowded roads with locals and tourists traveling every day, and when there is traffic every day, accidents are bound to happen.
When a person is involved in a car accident, they face several hurdles that put them in a dilemma. They have to deal with the physical, financial, and mental aftermath of the accident.
Insurance companies are set up to help accident victims deal with the economic aspect of such a disastrous event. Most companies often try to settle accident claims early.
Suppose you have been injured in a car accident and are being bombarded by insurance agencies. In that case, you must contact an Atlanta car accident attorney to help you through the legal process and get fair compensation.
In this article, we will be looking into why an insurance company would try to settle a car accident case early.
Protecting Their Agenda
Once a victim has agreed to a quick settlement, there is no going back. Insurance companies try to get them to agree to an early compensation, stating that the insurance company cannot go higher than this and that this is the best offer that is out there for their case.
However, such statements are not true; they are trying to get them to accept the lowest possible amount before the victim can comprehend the accident’s full impact.
Avoiding Legal Battles
Early settlements help insurance companies to avoid legal battles. By offering a low early settlement, they can try to reduce the payout before the victim has the time to get in touch with an attorney who can make them understand the extent of their losses and what they rightfully deserve. Litigation could also result in much higher payouts for the insurer, as it could involve getting expert opinions from accident recreation specialists and medical experts.
Considerably Less Compensation
The victim loses the right to future claims by accepting an early settlement. This means that if the victim were to accept an early settlement and later find out that the long-term impact of the accident is much more severe than what they initially thought, they cannot go back to the insurer asking for more money. Once a settlement is made, the matter is closed.
Insurers will often try to settle cases as soon as possible, giving no time for the injured to fully understand the extent of their injuries.
Capitalizing on the Victims’ Financial Stress
Victims of car accidents are often under immense stress. Dealing with the physical and mental aftermath of an accident can be incredibly taxing; the financial strain of medical expenses and lost wages adds to this stress. Insurance companies often exploit this stress; they use this time to put more pressure on the victims, pushing them to accept the early settlement offer, hoping that this pressure will compel them to accept whatever has been offered.
Sadly, such tactics work too often, putting car accident victims in a tough spot in the future.
What Accident Victims Should Do Instead
Victims must never accept the first settlement offer made by the insurance company. By understanding the various reasons why insurance companies try to offer early settlements, victims can look out and take measures to ensure that they are provided with a fair settlement for their losses.
Here are a few vital steps that victims can take to make sure that the insurers do not exploit them:
- Get an extensive medical examination as soon as possible.
- Understand the economic and non-economic damages for which they can be compensated.
- Hire an attorney to represent them and handle all aspects regarding insurance and legal matters.
Hayden Richards is Contributor of IntelligentHQ. He specialises in finance, trading, investment, and technology, with expertise in both buy-side, sell-side. Contributing and advising various global corporations, Hayden is a thought leader, researching on global regulatory subjects, digital, social media strategies and new trends for Businesses, Capital Markets and Financial Services.
Aside from the articles, interviews and content he writes for IntelligentHQ, Hayden is also a content curator for capital markets, analytic platforms and business industry emerging trends. An avid new media explorer Hayden is driven by a passion for business development, innovation, social business, Tech Trading, payments and eCommerce. A native Trinidadian, Hayden is also a veteran, having served with the Royal Air Force Reserves for the past 10 years.
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