According to the Bureau of Transportation Statistics, about 13 car accidents occur every minute in the United States. That means about 6.8 million car accidents are recorded in the U.S. annually. Approximately 42,000 Americans die in such accidents.[1]
Between personal injuries, motor vehicle damage, employer’s insurance costs, administrative expenses, wage losses, lost workplace productivity, and other expenses, vehicle accidents are extremely expensive. It is estimated that vehicle accidents cost the U.S. economy about $474 billion yearly.[2]
Most accidents result in individuals filing claims with their insurance providers. When this happens, insurance companies often offer low-value compensation figures to cover the necessary vehicular repairs. In most cases, the offer from the insurance company is insufficient to repair or replace the damaged vehicle.
What Do You Do When the Insurance Company’s Offer for Damaged Property is Insufficient?
There are three simple steps that persons involved in a car accident should follow before accepting any offer from an insurance company. These are:
1). Determine the value of the damaged property. Never accept the insurance company’s first offer. Rather, evaluate your vehicle’s value and the estimated repair or replacement cost. Using websites such as Auto Trader, Kelley Blue Book, and CarGurus can help give some guidance. Seek a second or third opinion if needed.
2). Construct a desired settlement amount and a lowest-possible settlement amount. Once you know how much your damaged property is worth and the repair or replacement cost, determine what you’d like to receive in fair compensation. Also, set a “lowest acceptable” figure in your mind.
3). Seek the advice of a car accident attorney and personal injury legal expert. Before accepting a settlement with the insurance company, seek the professional advice of a personal injury attorney and car accident lawyer. Do this before you even begin negotiating with your insurance company. Be sure to speak with an attorney who has experience in insurance matters. They can help you decide if the settlement you were offered is fair. If it’s not fair, they can help you construct a strategy for receiving a fair settlement. And if it comes to it, they can litigate against your insurance company to ensure you receive the compensation you deserve.
Contact Ohio’s Leading Personal Injury Law Firm
If you or a loved one have been injured in a car accident, contact NRS Injury Law, Ohio’s leading personal injury law firm, before accepting compensation from the insurance company. Or if you’ve been in a car accident and were not injured, but you require funds from your insurance company to cover the cost of vehicle repairs or replacement, contact NRS Injury Law before accepting compensation from the insurance company. Call our office at 855.468.4878 or fill out our online contact form.
Sources Cited:
[1] BTS. “Motor Vehicle Safety Data.” Bureau of Transportation Statistics, 2022. bts.gov [2] BankRate. “Car crash statistics.” Bank Rate, 2022. bankrate.com
