400 N Walker Ave #130, Oklahoma City, OK Phone: 405-605-2426
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.
Car Accident Insurance FAQs
What is a complete and final settlement release?
A complete and final settlement release is an agreement that concludes your claim in exchange for a one-time payment from the insurance company. By accepting this payment, you waive your right to seek further compensation for the accident.
Can I negotiate my settlement offer?
Yes, you can negotiate your settlement offer. Having an attorney to represent you in these negotiations is often beneficial, especially if your injuries are severe or the settlement offer seems inadequate.
What happens if my claim is denied?
If your claim is denied, you can appeal the decision with the insurance company or file a lawsuit against the at-fault party.
How do UM/UIM benefits work?
Uninsured Motorist (UM) and Underinsured Motorist (UIM) benefits are additional coverages you can purchase with your auto insurance policy. They protect you in cases where the at-fault driver does not have sufficient insurance to cover your damages.
What should I do if the insurance company offers a low settlement?
If the insurance company offers a low settlement, it is advisable to consult with an attorney. An attorney can help evaluate the offer, negotiate on your behalf, and advise on whether to accept the settlement or pursue further legal action.
How long do I have to file a lawsuit after an accident?
In Oklahoma, the statute of limitations for filing a personal injury lawsuit is generally two years from the accident date. It’s essential to be aware of this deadline to protect your legal rights.
Can pre-existing conditions affect my claim?
Yes, insurance companies may use pre-existing conditions to argue that your injuries were not caused by the accident. For this reason, it’s crucial to have medical documentation differentiating between injuries caused by the accident and any pre-existing conditions.
What evidence is needed to support my claim?
Evidence to support your claim can include the accident report, photographs of the accident scene and damages, medical records and bills, witness statements, and documentation of lost wages and other expenses related to the accident.
Is it necessary to go to court to settle my claim?
Not all claims require going to court. Many are settled through negotiations with the insurance company. However, filing a lawsuit may be necessary if a satisfactory settlement cannot be reached.
How does the claims process work?
The claims process involves reporting the accident, seeking medical attention, notifying the at-fault party’s insurance, gathering supporting documentation, negotiating a settlement, and, if necessary, filing a lawsuit and going through court proceedings.