You’ve been injured in a truck accident and are coping with pain, doctor appointments, and perhaps even economic damages because you’re unable to work. Suddenly, an insurance adjuster is calling with an offer of a settlement. It’s tempting, especially if expenses are mounting—though bills should be paid whether you recover or not. However, taking that offer too quickly is a potentially expensive error. That’s because initial offers are structured for the insurance company’s gain, not yours.
Insurance providers are companies, and their objective is to pay out as little as they can. By making an early offer, they hope you’ll settle quickly, before you know how much your case is worth.
Here are why these offers are not often reasonable and how they can shortchange you.
You Don’t Know the Full Extent of Your Damages Yet
Tractor-trailer accidents typically result in serious injuries like broken bones, spinal cord injuries, or traumatic brain injury. These injuries may not manifest until weeks, months, or even years later. You may feel okay immediately afterward, only to learn that you will require surgery or years of physical therapy. If you settle too quickly, you may not have sufficient funds to pay for these future expenses.
Suppose you accept USD$20,000 to pay your medical costs and automobile repairs. Several months after that, you find out your injury severity calls for a series of treatments that will cost you USD$50,000 or more. Once you sign the settlement, you cannot come back and request additional funds, even if your condition becomes worse.
This is why it’s so crucial to wait until you’ve reached what physicians refer to as ‘maximum medical improvement’ (MMI). MMI is when your condition has stabilized, and you have a better idea of your long-term needs.
Truck accident victims also have non-medical damages, such as lost wages, impaired earning capacity or property damage. If you can’t get your job back or can only work part-time, those losses accumulate fast. Initial settlement amount offers seldom provide for these future economic effects, so you’ll be paying the difference.
Insurance Companies Employ Lowball Strategies
Insurance companies are not in the business to give money away. Their initial offer is usually a lowball, which is much less than your case is worth. The average trucking crash settlement value in the United States is about USD$103,654, as per some legal research. However, their initial offers can be as low as USD$10,000 or USD$30,000, even for serious cases. Their insurance coverage may pay off your immediate medical expenses or repairs, but they usually overlook other significant damages.
What’s lacking are the pain and suffering, emotional distress, or other non-economic damages. These ‘non-economic’ damages are more difficult to quantify but can be a major component of your claim. If you’re experiencing chronic pain or anxiety from the crash, you’re entitled to be compensated for that as well. Insurance companies are aware of it, but count on you accepting their lowball offer before you know what you’re entitled to.
To prevent this, you can consult with an experienced personal injury lawyer in San Fernando or one in your locality. They can immediately detect these methods and provide a clear explanation of what you deserve, which may discourage insurance companies from offering lowball settlements.
Pressure to Settle Quickly
Once you’ve had a trucking accident, you’re probably stressed, hurt, and concerned about finances. Insurance adjusters are aware of this vulnerability and will take advantage of it. They may call you over and over, suggesting a quick payout and indicating that this is the best they can do, or that the offer will not be around forever. This creates pressure that makes you think you have no alternative but to take it.
But once you’ve signed that settlement, even if you do find new injuries or surprise expenses, you’re left with what you agreed to. That’s why rushing into a settlement can be such a bad idea. Doing it slowly and seeking professional consultation can prove to be a significant difference.
Truck Accidents Are Complicated
Truck accident cases aren’t like regular car accidents. They often involve multiple parties, like the truck driver, the trucking company, or even the manufacturer of the truck’s parts. There are also strict federal regulations, like those from the Federal Motor Carrier Safety Administration (FMCSA), that govern how trucks operate. If the driver or company violated these rules, your case could be strengthened.
That said, early settlements do not factor in these nuances. The trucking firm may be held accountable if it coerced the driver to drive excessively, exhausting him and causing the crash. A seasoned personal injury attorney can examine these specifics and determine all parties at fault, which may add to your settlement.
Negotiation Can Make a Big Difference
The initial offer made by the insurance company is only a starting point. Settlement negotiations for them are more like a dance, and you’re unlikely to end up with their first offer. Experienced lawyers know how to assert themselves, using evidence such as medical reports, accident reports, and expert evidence to demonstrate that you should receive more.
In some cases, an insurance company may offer USD$160,000 for a truck accident claim. After months of negotiation, including detailed evidence of the victim’s injuries and losses, the final settlement reached USD$500,000. That’s a life-changing difference! Should you accept the first offer without negotiating, you’re likely leaving money on the table.
What You Can Do to Protect Yourself
So, how do you prevent yourself from falling for an unjust early offer? The first thing is to slow down. Nobody must push you into signing something immediately.
Below are some useful tips to get you a fair settlement:
- Consult an attorney: As highlighted earlier, a truck accident lawyer can review your case, assess its actual value. Their legal representation can also help you in negotiating with the insurer on your behalf. Most provide free consultations, so there is no risk in seeking their advice.
- Keep a record of everything: Record all the doctor’s visits, medical bills, medical records, police reports, and anything else accident-related that you end up paying for. Also, document how the accident is impacting your daily routine, such as difficulty sleeping or being unable to enjoy hobbies.
- Wait until MMI: Don’t settle until your physician has determined that you have reached maximum medical improvement. This way, you will know the total cost of your injuries.
Beware when conversing with insurance adjusters. Refrain from providing recorded statements or disclosing information that they might leverage against you.
The Bottom Line
Truck accident settlements are complicated, and early settlements are never equitable. Insurance policies rely on your urgency and ignorance to make a settlement for less than you’re entitled to. By knowing the entire extent of your damages, avoiding pressure to settle hastily, and seeking professional assistance, you can get a settlement that correctly represents your losses.
If you’re not sure where to begin, contact a truck accident lawyer for advice. They can provide you with direction and advocate on your behalf for what you deserve.
