Why Are Insurance Companies Making “Low Ball” Settlement Offers?
If you have been injured in a Virginia car accident, be prepared for the insurance company’s “low ball” offer. Many victims have discovered that insurers are back to their unfair settlement tactics. It is unfortunate, because there was a time when the settlements being offered were reasonable.
Why are insurance companies making such low settlements? There are probably a couple of reasons for their change in behavior. The first possible explanation is the current economic conditions. Insurance companies are trying to hold onto as much money as they can, for as long as possible. In car accident cases, it seems that some of the big insurers are almost forcing claimants to hire lawyers if they want to get paid fair settlements. This tactic will most likely hurt these insurers in the long run, because car accident attorneys are generally able to get claimants higher settlements than people who do not have legal representation.
The other reason that insurance companies may be changing their tactics could have to do with the massive turnover rate within the industry. Due to the economy, many insurance companies have been laying off experienced adjusters, or forcing them into early retirement. The less experienced adjusters often try to prove themselves by forcing unreasonable settlements on claimants.
The best thing to do if you are trying to obtain a settlement for your injuries is to hire a Fairfax car accident lawyer who can ensure you are treated fairly. You should also obtain a copy of Ben Glass’s book, Five Deadly Sins That Can Wreck Your Injury Claim.
