The Role of Insurance Companies in Denver Personal Injury Claims

If you’re pursuing a personal injury claim, learning insurance companies’ processes and how they operate will significantly improve your chances of a fair resolution. Insurers play a crucial role in determining the outcome of your claim, as they’re directly responsible for compensating you for your injuries and damages in Denver.

Initial Steps After an Accident – Contacting Insurance Companies

After an accident, the first steps you take are crucial for your personal injury claim. First, make sure to notify your insurance company and the other party’s insurer about the incident as soon as possible. This action starts the whole process of evaluating your claim.

Next, a claims adjuster will investigate the accident, assess damages, and determine the compensation you’re entitled to. However, keep in mind that dealing with claims adjusters without legal assistance can be difficult: they have diverse tactics to minimize payouts, which lead to unfair settlements. 

To avoid this and other potential pitfalls, it’s highly recommended to seek legal counsel early in the process. An experienced Denver personal injury lawyer at Boesen Law will guide you through all the necessary steps and protect your right to fair compensation.

How Insurance Companies Evaluate Claims

To evaluate personal injury claims, insurance companies use systematic methods to understand the incident and establish fault and damages. First, they gather all relevant documentation and evidence, which helps them assess the extent of your injuries and property damage.

To calculate settlement offers (which typically factor in economic and non-economic damages), insurers consider diverse factors. These include the severity of injuries, the impact on your daily life, and all financial losses related to the incident.

During this process, it’s crucial to have accurate documentation and records. A personal injury lawyer will ensure you comply with all requests from the insurance company and keep detailed records of all related expenses and communications. 

Understanding Settlement Offers

As we’ve just mentioned, settlement offers from insurance companies are influenced by diverse factors. Ideally, the final offer will cover all your damages, including the full extent of your injuries, medical costs, lost income, and pain and suffering.

However, the initial offer is often lower than your claim’s full cost, considering insurers’ usual attempt to protect their company’s bottom line. Make sure you consider all aspects of your damages before accepting any offer.

As insurance companies aim to settle quickly and for as little as possible, it’s recommended to consult an attorney before agreeing to any settlement. This ensures you receive fair compensation and fully understand personal injury claims, avoiding common mistakes in the process.

Challenges When Negotiating Compensation with Insurance Companies

While insurance companies are responsible for compensating you for your injuries and damages, their primary goal is often to protect their bottom line. This can lead to various challenges that can hinder your path to fair compensation, including:

• Delays in processing claims: When insurers take longer than necessary to process claims, they can cause financial strain on victims who need immediate support. These delays can be particularly frustrating when you are already dealing with medical bills, lost wages, and other accident-related expenses. It’s important to remember that there is a statute of limitations for filing personal injury claims in Colorado. According to Colorado Revised Statutes § 13-80-102, you generally have two years from the date of the accident to file a lawsuit. 

• Attempts to minimize payouts: To reduce their financial liability, insurers might also attempt to undervalue claims and minimize payouts. For example, they can dispute the severity of your injuries or the necessity of certain treatments.

• Denial of valid claims: In some cases, insurers even deny legitimate claims, citing reasons like insufficient evidence or policy exclusions.

In our decades of experience, we have seen how all of these tactics are used to discourage claimants and/or reduce the insurer’s financial liability. Here, having a personal injury lawyer by your side is priceless, as we can effectively counter these tactics, level the playing field, and ensure your claim is processed fairly and promptly.

When to Consider Filing a Personal Injury Lawsuit

When settlement offers are insufficient and negotiations don’t result in fair compensation, it may become necessary to file a personal injury lawsuit and take the case to court. 

This decision should be made carefully, considering both its benefits and drawbacks. On the one hand, going to court has the potential for a higher award, especially if the evidence strongly supports your claim.

However, litigation can also be time-consuming and stressful, so most of our clients usually try to settle out of court. Legal advice is crucial in deciding whether to pursue litigation: we can help you weigh the potential outcomes against the associated risks for your specific case.

What Should I Avoid Saying to an Insurance Adjuster?

When dealing with insurance claims adjusters, it’s essential to be cautious about what you say, as providing inaccurate or unnecessary information can harm your claim. Here are some critical tips on what to avoid saying when speaking with an insurance adjuster:

• Avoid admitting fault: Never admit fault or make statements that could be interpreted as accepting responsibility for the accident. Insurance companies may use this information against you to reduce or deny your claim. Instead, stick to the facts about what happened without assigning blame.
• Don’t downplay your injuries: Avoid making statements about the extent of your injuries without proper medical evaluation. Saying you’re “fine” or “feeling better” can be used to argue that your injuries are not severe. Always refer to your medical records and doctors’ assessments when discussing your injuries.
• Steer clear of speculation: Do not speculate about the details of the accident or your injuries. If you’re unsure about something, it’s better to say you don’t know rather than guessing. Speculation can lead to inconsistencies in your claim, which insurers may exploit.
• Avoid providing a recorded statement: If the adjuster asks for a recorded statement, it’s best to decline politely until you’ve consulted with your attorney. Recorded statements can be used out of context to weaken your case.

Most importantly, do not accept any settlement offers or sign any agreements until you’ve discussed them with your personal injury lawyer. The first offer is often less than what you’re owed, and signing early can block you from seeking additional compensation.

How Can I Maximize My Settlement Offer?

To maximize your settlement offer, ensure all medical treatments and expenses are well-documented, and keep detailed records of lost wages and other financial losses. Overall, presenting a strong, well-documented case increases the likelihood of receiving a higher settlement.

Navigating Insurance Claims with Confidence

Insurance companies’ processes and tactics can be challenging to navigate without legal assistance. If you’re looking to file a personal injury claim in Denver, seeking representation from an experienced personal injury lawyer will provide you with the guidance and support you need to effectively solve your case.

Our team of attorneys has helped recover hundreds of millions on behalf of our clients (as shown in our case results), and we can do the same for you. Boesen Law offers a free in-person consultation to discuss your case and provide personalized advice, with no fee unless we win your case. Contact us today to schedule yours!