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Do I Have to Take the Auto Insurance Company’s First Offer?

If you’re involved in a car accident, chances are, you’ll need to file a claim with an insurance company for the damages to your person and/or your property.

Read on to learn whether you’re required to accept the auto insurance company’s first offer.

The Insurance Company’s First Offer

Typically, if an insurance company offers you a settlement right off the bat, it’ll most likely be for an amount much less than you were expecting.

It may be helpful to learn why the insurance company does this.

Insurance Companies Look Out for THEIR Bottom Line—Not Yours

While the insurance company is supposed to be there to help you in the event of an accident, insurance companies are businesses just like any other. They’re designed to turn a profit for themselves—not help you out of a bind like they want you to believe.

The insurance company knows that you need money right away to pay for your medical bills and/or the damages to your vehicle, so they present you with a low-ball offer right off the bat. Don’t take it personally or assume that your claim isn’t worth as much as you thought, that’s just the industry standard.

Hold Out for More

You’re not required to accept the insurance company’s first low-ball offer. In fact, it’s in your best interest to hold out for the highest amount of compensation possible. Keep in mind that this process can take months, or even years, depending on the severity of your accident.

The time it takes to receive an acceptable amount of compensation from the insurance company is not by accident. Insurance companies know that you need the money as soon as possible, so it’s common for them to take their sweet time when offering you a fair amount of compensation.

We’re Here to Help

If you have been involved in an injury-sustaining accident as a result of someone else’s negligence, we’re here to help. You may be entitled to compensation—let us see if we can assist you in its recovery. We’ve helped hundreds of other people in situations just like yours obtain the justice they deserved. Don’t wait—contact us with your case right away.

Fill out an online form or call (907) 290-2576 today to speak with an attorney at Farnsworth & Vance about your potential case.

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