After a car or truck accident, one of the most frustrating experiences can be opening a letter or getting a phone call from an insurance company, only to discover that their “offer” will not even cover your expenses. Medical bills, lost wages, and property damage can add up quickly, yet insurers often come back with numbers that do not come close to meeting what you need.
If this has happened to you, you are not alone. Insurance companies have one goal: paying out as little as possible. The good news is that you are not required to accept their first offer. In fact, most initial settlement offers are deliberately low. Understanding why insurers do this and how you can respond is the first step to protecting yourself, and our McKinney, TX personal injury attorneys can help.
Why Do Insurance Companies Make Lowball Offers?
Insurance companies are businesses, and like any business, they want to protect their bottom line. Offering a quick, low settlement saves them money. They know that accident victims are often stressed, overwhelmed, and worried about paying bills. By dangling a check early, they hope you will accept less than what your claim is actually worth.