How Do Utah Motorcycle Accident Settlements Work?
If you’re thinking about accepting an insurance company’s settlement offer for your motorcycle accident, we encourage you to take a moment to pause. Although it might be tempting to say “yes” to an offer, especially if it appears to be a substantial amount of money, it’s important to understand your options regarding these settlements. By becoming familiar with how Utah motorcycle accident settlements operate, you’ll be able to make an informed decision that maximizes your settlement.
Utah Motorcycle Accident Settlements – What You Need to Know
A motorcycle accident settlement can be a real blessing – or a major frustration. Here are some things to know that can help you get what you deserve.
1. Insurance companies are primarily focused on profits. For starters, here’s a few points to understand why:
- Financial obligations: Insurance companies have a fiduciary obligation to their shareholders to generate profits. Therefore, they are more concerned with maximizing their profits rather than the well-being of the claimants.
- Competition: The insurance industry is highly competitive, and companies strive to provide the most affordable policies to attract more customers. As a result, they need to maintain their profit margins to stay competitive.
- Cost of litigation: Insurance companies are in the business of risk management, and they prefer to settle claims out of court to avoid costly litigation fees. Settling claims quickly and for less money helps to keep their legal costs down.
- Underwriting: Insurance companies have a team of underwriters that assess the risk associated with each policy. They use complex algorithms to determine the likelihood of claims and set premiums accordingly. Higher premiums mean higher profits for the insurance company.
- Shareholder expectations: Insurance companies are publicly traded, and their shareholders expect to see a return on their investment. Therefore, insurance companies must prioritize profits to meet the expectations of their investors.
It’s understandable to feel like an insurance agent is taking good care of you, especially if they appear to be empathetic and focused on customer service. However, it’s important to remember that insurance company employees can only act within the company’s guidelines and policies. And the company’s primary objective is to increase profits, which often involves minimizing insurance payouts.
Although an insurance adjuster may be kind to you, it’s crucial to keep in mind that they can only offer you a settlement amount that has been approved by their superiors. This amount is likely to be less than the maximum the insurance company would pay for your claim. So, while it’s fine to be polite and courteous to the adjuster, it’s also essential to be aware that their goal is to protect the company’s financial interests. It’s in your best interest to have a skilled lawyer on your side who can negotiate on your behalf and fight for the maximum compensation possible. With the assistance of a proficient lawyer, you’ll be better equipped to navigate the legal process and secure a settlement that fully compensates you for your injuries and losses.
2. Motorcycle accidents are often more expensive than you realize.
Utah motorcycle accident settlements are supposed to help you cover the costs of your accident. These costs include medical bills, pain and suffering, lost wages, and more. Unfortunately, those costs often keep adding up long after you have accepted your settlement.
Think about the injuries you sustained from the accident. You might be feeling ok right now, especially if you got proper medical care. Or, if you are in pain you are hoping that you are on the mend. But what if it takes longer to heal than you thought? You might need medical treatment for years after your accident.
Here are five reasons why a motorcycle rider needs to be thoroughly examined by a doctor after an accident:
- Hidden injuries: Motorcycle accidents can cause hidden injuries, such as internal bleeding or soft tissue damage, which may not be immediately noticeable. A thorough examination can identify these injuries before they become more severe.
- Documentation: A doctor’s examination can provide critical documentation of injuries sustained in the accident. This documentation can be essential in building a case for compensation and insurance claims.
- Peace of mind: Even if a rider feels fine after an accident, a doctor’s examination can provide peace of mind by ruling out any underlying injuries. It can also help to identify any potential long-term effects of the accident.
- Insurance claims: A doctor’s examination can provide important medical evidence that can be used to support an insurance claim or lawsuit. This evidence can help to ensure that the rider receives the compensation they deserve for their injuries and damages.
- Legal proceedings: If a legal case is filed, a doctor’s examination can provide important evidence to support the rider’s claims. A thorough examination can help to establish a link between the accident and the rider’s injuries, making it easier to establish liability and seek compensation.
3. Utah motorcycle accident settlements are often bigger when you have a good lawyer.
In Utah, motorcycle accident settlements can be complex, and having a skilled lawyer can make a significant difference in the outcome of the settlement. Here are a few reasons why:
- Knowledge and experience: A good lawyer with experience in motorcycle accident cases will have the necessary expertise to navigate the legal process effectively. They understand the complexities of the laws and regulations surrounding motorcycle accidents and can use this knowledge to build a strong case for compensation.
- Negotiation skills: Negotiating a settlement can be challenging and stressful. A proficient lawyer will possess excellent negotiation skills and can use them to advocate for the best possible settlement on behalf of their client.
- Access to resources: A competent lawyer will have access to various resources, including expert witnesses, accident reconstruction specialists, and medical professionals, to build a robust case. These resources can help establish the cause of the accident, the severity of injuries sustained, and the extent of damages suffered.
- Establishing liability: Proving fault in a motorcycle accident case can be challenging, especially if the other party denies responsibility. A good lawyer will have the skills and resources necessary to establish liability and prove the other party’s negligence or wrongdoing.
- Maximizing compensation: Finally, a skilled lawyer can help maximize the compensation received by their client. They will assess the full extent of the damages suffered, including medical expenses, lost income, and pain and suffering, and use this information to negotiate for a fair and just settlement.
It is not greedy to want a settlement that will meet the needs of you and your family. The insurance company will often behave differently when dealing with you on your own than with you and your lawyer. A motorcycle accident lawyer from Henriksen & Henriksen can ensure that the insurer treats you fairly and values your settlement according to the facts.
We are here to look out for you and your loved ones. As a family-run law firm, we have seen the way motorcycle accidents affect riders. No matter what the future holds, we want to make sure your settlement is adequate for your needs.
Please give us a call at (801) 521-4145 or complete our secure online contact form now to speak to an attorney. Let us help you stand up for your rights.