Why You Should Not Agree To The First Proposed Settlement From ICBC
Accident victims that file a claim with the Insurance Corporation British Columbia (ICBC) have experienced decided losses. Each of them has good reason to welcome the receipt of compensation. Yet the Personal Injury Lawyer in Abbotsford advising such drivers counsel against agreeing to ICBC’s first settlement offer.
Why you should follow the counsel given to those other drivers, if you have filed a claim with ICBC
ICBC’s first offer normally gets made quite early in the negotiating process. At that stage, only a victim with a simple injury can feel certain that no other medical problems might crop-up. Understand, that once you agree to settle with an insurance company, the insurer cannot be made responsible for any newly-discovered injuries. In addition, the insurer does not need to cover the costs created by any complication.
ICBC makes its first offer with the idea in mind that it will probably need to negotiate further with the claimant, the person that received that particular proposal/offer. If the Corporation anticipates the need to negotiate, the claimant should take advantage of that fact. Negotiations can be used to increase the size of an initial proposal.
Due to the nature of ICBC’s dual role, that Corporation must work to limit the size of its expenses. By making a point of introducing a low-ball offer at the start of negotiations, BC’s Corporation enjoys the ability to place a limit on its expenses.
ICBC seeks to take advantage of the attitude taken by most claimants. Each of them stands ready to jump at the chance to obtain a monetary compensation for any losses or injuries. A smart claimant does not attempt to copy the behavior demonstrated by others.
Until a claimant has taken a scheduled IME, ICBC has very little information on that same victim/claimant. In light of that fact, it cannot make a soundly-based determination of a claim’s worth. Consequently, there is a good chance that ICBC’s representatives will come forward with a proposal that is far below a given claim’s true worth.
What can cause a claim to have an unrealized value? Undetected problems that have affected the victim/claimant can cloud the view of someone that is trying to assess a given claim’s value. For instance, the injured victim might develop the feelings associated with trauma. The victim’s lawyer should seek repayment for any such emotional or psychological problem.
In addition, the obvious symptoms, those seen by a treating physician do not reveal the chances for any number of consequences. The appearance of consequences can lead to the development of complications. It costs money to deal with such complications. Yet that money might not be made available to a plaintiff that was thought to have a simple injury.
ICBC does not advertise its lack of information. Instead, it creates problems for those victims that have reported an unnoticed injury.