Should You Take the First Insurance Settlement Offer After Your Crash?

By Quirk Law Firm, LLPJanuary 14, 2022Uncategorized

Ventura, CA Motorcycle Accident Lawyer

A motorcycle accident can have numerous physical and psychological consequences, not to mention the toll it takes on your wallet. When you make a claim to get coverage for your accident expenses, you’ll eventually hear from the insurance company responsible for paying your settlement. If the other driver caused the crash, their insurance is the one who will pay your bill.

Usually this process takes several weeks to several months, but what if you receive a settlement offer only a few days after you’ve filed a claim? Should you accept or hold off? Keep reading for the answer, as well as how to handle insurance companies in general after a collision and why you should contact a motorcycle accident lawyer in Ventura, CA

What to Do with the First Settlement Offer?

A basic rule of thumb is to be wary of the initial offer from an insurance agent, especially if the other driver’s company is paying it. A claim that comes way too early after the accident probably means it is far below what you need. Insurance companies often attempt to take advantage of motorists’ desperation for cash after accidents. If you’ve been injured, you’ll have medical bills piling up, and your motorcycle most likely needs repairs. An insurance company may try to get you to accept a cheap offer to get your case off their plate and avoid paying you the true amount for your claim. Even when an offer sounds attractive on paper, you will want to take time to consider things and determine what a reasonable settlement is. Therefore, it’s a better idea not to accept the initial settlement. Instead, having an expert attorney on your side can help you determine how much compensation is reasonable from a settlement. 

How Do You Calculate All Your Losses and Expenses?

Calculating all of your losses is key for filing a claim. You need to account for medical costs, lost wages from not being able to go to work, motorcycle damages and any other expenses that come out of your pocket due to the accident. If the deadline is approaching to file a claim and your costs are still coming, you can estimate how much you’ll spend in total and file for an amount based on that. You should not take the first settlement offer because it does not give you enough time to add all of this up and they will most likely try to undershoot the amount they can offer. 

How Should You Handle Negotiations?

Finally, you are free to negotiate with the insurance company. Just because they have given you an offer doesn’t mean you can’t retort with a higher amount yourself. If the idea of negotiating intimidates you, have a lawyer do it for you. Hiring a motorcycle accident lawyer can help get more out of your claim. Reach out to Quirk Law Firm to consult a motorcycle accident lawyer in Ventura, CA. They will be able to assist you with your case.