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Why Do Insurance Companies Want To Settle Personal Injury Claims Quickly?
Tampa Med Mal & Injury Lawyers / Blog / Personal Injury / Why Do Insurance Companies Want To Settle Personal Injury Claims Quickly?

Why Do Insurance Companies Want To Settle Personal Injury Claims Quickly?

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When you are injured in an accident and file an insurance claim, you might be surprised by how fast the insurance company offers a settlement. At first glance, you might even be impressed by their agility and thoughtfulness in trying to help you. Hold that thought because while it may seem convenient, this speedy approach often serves the insurance company’s interests more than yours. Here are some reasons why insurers rush to settle.

Avoiding Full Liability

Insurance companies often want to settle personal injury claims quickly before the full extent of injuries becomes apparent to avoid full liability. It takes time for the full extent of your injuries to become apparent, and settling quickly allows the insurance company to close the case before claims for ongoing treatment or long-term impacts arise. This can, unfortunately, leave you paying for future medical expenses out-of-pocket and lost wages when you finally discover the extent of your injuries. Consult with an attorney at Gunn Law Group today to make sure you are fairly compensated for your injuries.

Minimizing Payouts

Insurance adjusters are trained to resolve claims for as little as possible. By offering a quick settlement, you may be convinced to accept a lower settlement amount than you may be entitled to. It is best to seek legal guidance from an experienced personal injury attorney who can help you realize the actual value of your claim and avoid accepting lowball offers.

Avoiding Lengthy Negotiations and Lawsuits

Lawsuits can be time-consuming and costly for insurance companies. If a personal injury lawsuit is filed, the jury may award you substantial compensation for your damages, which can pose a risk to the insurance company’s bottom line. By resolving claims quickly, insurance companies avoid this unpredictability and protect their profits.

Taking Advantage of Your Vulnerability

In the aftermath of an accident, you may be dealing with physical pain, emotional stress, and mounting financial pressures. Insurance companies often exploit your vulnerable state by offering a quick payout to appeal to your immediate needs. This can lead to accepting a settlement that does not consider your long-term needs, leaving you without enough funds to cover your future medical treatment and income loss.

Preventing Legal Action

Finally, insurance companies often want to settle personal injury claims quickly before you can seek legal guidance. They understand that your chances of securing a higher settlement increase once you involve a capable personal injury lawyer. An experienced attorney can assess the value of a claim accurately and negotiate effectively to ensure you receive fair compensation. By offering a quick settlement, insurance companies can close the case before you gain this critical advantage.

How Insurance Companies Make You Settle Quickly

Insurance companies often rely on psychological strategies to push you into accepting a quick settlement. They often do this by:

  • Creating urgency: Implying the offer is time-sensitive to rush your decision.
  • Downplaying injuries: Suggesting your injuries are not severe or do not require further treatment.
  • Offering fast cash: Taking advantage of your financial stress to make a quick payout seem appealing while it is usually of lower value.

Contact Us for Legal Help

Do not let the defendant’s insurance company trick you into accepting a quick settlement. Instead, contact our Tampa personal injury attorneys at Gunn Law Group P.A. We will work to ensure you secure the compensation you are entitled to and protect your rights.

Reach out to us today at 813-228-7070 to learn more about your legal options.

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