Why Should An Injured Victim Never Accept The ICBC’s First Offer
When you file a claim through the ICBC, it is important to keep in mind that the protection offered by the ICBC does not just apply to you, but also to every other involved party. Because of this, you should always assume that the ICBC's actions aren't always in your best interest. Especially not when it comes to the first settlement offer that they present you with.
Keep in mind that you may develop further symptoms.
While the complexity between claims varies, there is a high chance that the initial settlement offer from the ICBC will come in just a week or two after you filed your claim. This may sound fantastic since most people want to get the entire process over with quickly, but it is important to keep in mind that some symptoms take longer to develop.
It can take months before long-term symptoms and late onset injuries become noticeable, and a hastily accepted settlement offer will most likely not account for the true extend of all the damages stemming from the accident.
The first offer is purposefully low to kick-start negotiations
In the vast majority of cases, the ICBC's initial offer is made under the assumption that negotiations will be taking place before a settlement is ultimately reached. Because of this, the first offer is generally on the low end of the spectrum. In order to be fairly compensated, you will need to negotiate.
The ICBC is profit-oriented
Unfortunately, one of the ICBC's main interests is to keep their expenses to a minimum, which is often at the expense of the insured, aka at the expense of accident victims. After all, the best way for them to make a profit is to give as little money as possible to claimants. And as business, they look for claimants that are self-representing so that they can be pressurized to take on lower amounts. Thus, let an Accident Lawyer in Richmond represent your claim.
ICBC wants you to be afraid of negotiations.
The best way for the ICBC to push claimants into accepting low offers is to intimidate them. They do this by formulating their regulations and laws as complexly and confusingly as possible, while also creating fear surrounding the topic of negotiations. Don't let yourself be intimidated. Negotiate until you get the fair settlement you deserve.
ICBC has limited information regarding your accident.
There is only so much that the ICBC knows about your accident, which means that they don't really know how much your claim is actually worth. As a result, their initial offer will only be based on what little they actually know about your injuries.