The Adjuster Said, “They Accept Liability!” But What Does That Mean?
When an adjuster states that their insurance company accepts liability, they acknowledge their insured’s fault in the accident and indicate a willingness to compensate for your damages and injuries. However, this does not guarantee a fair settlement offer. The insurance company may still dispute the extent of the damages claimed and argue the severity of the injuries or suggest they pre-existed the accident. Acceptance of liability is merely the initial step in the negotiation process.
Any Settlement Payment Will Require a Full and Final Settlement Release
Car insurance companies issue a one-time payment under a full and final settlement release. Accepting a settlement offer concludes your right to any further compensation related to your claim. If you are in the midst of medical treatment and need immediate funds, be aware that accepting a settlement precludes the possibility of receiving additional compensation from the insurance company later on.The Business Model of Insurance Companies
Insurance companies operate primarily to generate profit, not necessarily to help individuals injured by their policyholders. They are inclined to minimize payouts whenever possible. This approach can burden accident victims with significant expenses, including medical bills, rehabilitation costs, and lost wages, which they may need to cover out of pocket.
The Risk of Claim Denial or Reduction
Even with an initial acceptance of liability, your claim is still at risk of being denied or reduced. Insurance companies aim to save money and may offer lower compensation for various reasons, including claims of insufficient evidence, policy exclusions, allegations of overtreatment or undertreatment, lack of proof of lost income, pre-existing conditions, or accusations of exaggeration on the part of the plaintiff.
Insurance Defense Strategies at Trial
In many car accident trials, defendants will admit liability but contest the extent of damages. This tactic allows them to acknowledge fault while attempting to minimize the compensation awarded. Admitting liability can also be a strategy to gain credibility with the jury, suggesting that any contestation over the damages is reasonable and justified.Options for Immediate Financial Needs
Borrowing From Friends and Family
Seeking financial help from personal connections is an option, though it may strain relationships.Settlement Loan Companies
Settlement loan companies provide funds before a settlement is finalized, often at high costs. Here are reasons why they are a terrible idea.Bank Loans
Though uncommon for personal injury cases in Oklahoma, bank loans may offer more favorable interest rates.Credit Cards
Credit cards, especially those offering a zero-payment period, can temporarily solve immediate financial needs.How long will it be before I receive my settlement check?
The timeline can vary widely, from a week to over a month. The process begins with signing the Settlement Release, followed by the insurance company’s processing of the checks. Delays can occur due to health insurance/Medicaid/Medicare involvement or lien issues.Navigating the Claims Process
- Report the Accident: Obtain an accident report and gather evidence at the scene.
- Seek Medical Attention: Documenting injuries through medical records is vital.
- Notify the At-fault Party’s Insurance: Initiate a third-party claim for compensation.
- Gather Information: Compile documentation to support your claim.
- Negotiate Settlement: Consider legal representation for negotiation, especially in severe cases.
- File a Lawsuit: If negotiations fail, filing a lawsuit is the next step.
- Court Proceedings: Both parties present their evidence in court.
- Settlement or Judgment: Compensation is paid based on the court’s decision or a pre-trial settlement.
