It’s no secret that ICBC claims can be complex. While they’re meant to assist you in the event of an accident, it’s also important to remember that they serve similar protections to the other party (or parties) involved in your accident. As a result, you should play it safe by assuming that the ICBC doesn’t always have your best interests in mind when making an initial settlement offer. With this in mind, there are a few specific reasons as to why you should never accept the ICBC’s first offer following an accident.
- You Might Develop Additional Symptoms
Depending on the complexity of your claim, you may very well receive a settlement offer within just a couple of weeks of your accident. Sounds great, right? Not necessarily, as it’s nearly impossible to determine the true extent of your symptoms and how your accident will affect your life not just immediately, but in the long-term as well. It could take months before additional injuries or consequences of your accident can be known and quantified, so now is not the time to accept an initial offer. - It’s a Matter of Basic Negotiation
Simply put, ICBC makes their offers with anticipation of future negotiations in mind. As a result, it’s likely that their first offer to you could be a “low-ball” offer. While the thought of rejecting an offer and negotiating further with ICBC may seem daunting to you, negotiations are a part of the process. - ICBC Wants to Keep Expenses Down
While ICBC is meant to protect your interests to some extent, it’s important to remember that at the end of the day, they have their own interests and bottom line to consider as well. With this in mind, it makes sense that they will want to cut back on spending however they can. This often means making low-ball offers to auto accident victims like you. - They Count on Your Acceptance
ICBC knows that the negotiation process can be intimidating for most, and they rely on that “fear factor” to get you to accept the first settlement offer they send your way. This, combined with the many complexities of ICBC laws and regulations, lead many people to accept the initial offer without realizing their case could have been worth much more. - They Don’t Know What Your Claim is Worth
ICBC, as part of the claims process, only has a limited amount of information about your accident. This boils down to what they received on paper, which isn’t enough to accurately quantify the value of your claim. Your claim paperwork, for example, may not document the psychological trauma, pain and suffering, and other consequences you may have suffered as a result of the accident.
Contact Warnett Hallen LLP for all Personal Injury Claims Today
If you’ve received an initial settlement offer from ICBC, don’t move forward until you’ve spoken to an experienced lawyer who can get a true feel for the value of your case. Warnett Hallen LLP has years of experience in helping people just like you negotiate and reach fair settlements with the ICBC, as well as other types of personal injury claims. Contact us today and we will help you get the compensation you deserve.
