Legal Experience And Local Knowledge
Exterior of the Office Building of Rolling Perrilloux & Sledge | Attorneys & Counselors at Law, L.L.C.
  1. Home
  2.  → 
  3. Personal Injury
  4.  → Settling with an insurance company

Settling with an insurance company

Drivers carry auto liability insurance to protect them against losses if they cause an accident. For Louisiana victims, auto liability coverage may present the only way to recover compensation when the driver has limited assets. However, claimants may have concerns about the fairness of an offer made by an insurance company.

Insurance company settlements

Although a driver may have $500,000 in liability coverage, the insurance company will usually try to settle for far less. After all, the insurance company is a for-profit business, and any money they pay out would decrease their profit margins. Regardless, the insurance company’s financial situation is of no concern to a victim seeking compensation for injuries.

It’s important to determine the total amount of financial losses to negotiate a settlement. After an accident, it’s crucial to procure accurate estimates for property damage and obtain medical records that show the injuries and necessary treatment. Additionally, it would be wise to gather precise data demonstrating how much money someone could potentially lose from lost wages and future income.

Negotiating the settlement

Those who have never negotiated insurance settlements after motor vehicle accidents may be disadvantaged. Insurance companies may try to offer a lower settlement, taking advantage of the victim’s lack of experience. It may be advisable to appoint someone with experience to negotiate the settlement. This person can present the necessary evidence that supports a higher settlement claim.

It’s important to note that auto liability coverage may not cover punitive damages. In cases where someone experiences severe harm due to extremely reckless behavior, seeking punitive awards may be necessary. However, doing so would require filing a lawsuit and pursuing those damages from the defendant in court.