Benefit of an Attorney When Settling a McKinney Car Accident Case
An attorney could serve many purposes for a car accident case. Working with a skilled lawyer advise you on your case, preserve evidence, and help with your settlement. The benefit of an attorney when settling a McKinney car accident case may be their familiarity with local laws and their potential relationship with law enforcement, which could make a difference. Contact a car accident attorney as soon as possible, and know that you are in capable hands.
Insurance Companies and Car Accident Claims
Insurance companies tend to value their claims and may set what is known as reserves on claims. Those reserves are a sum of money set aside to potentially settle good claims against them. Those reserves are dictated by the evidence that is in the file.
When deciding to settle a McKinney car accident case, the benefit of an attorney may be to make sure the evidence needed is available. This could get complicated because the insurance company is ultimately in control of the file and could set reserves at whatever amount they choose. These reserves may be subject to audits by the Texas Department of Insurance (TDI).
If the reserves are found to be inadequate, TDI could require the reserves to be increased. If this inadequacy is found to be consistent over a range of files, TDI has the power to require an insurance company to raise the reserves across the board.
When a reserve is set, the money must be taken from insurance assets that have higher return and higher risk. This money is then placed in assets that are a lower return, lower risk liquid – assets that could be liquidated to take care of short-term liability.
Role of a Lawyer When Settling a Car Accident Case
The benefit of an attorney when settling a McKinney car accident case is that they could do everything possible to enhance the value that is put on those claims. Car accident lawyers could be a benefit just by their sheer weight of experience of handling many claims over a long period of time. The attorney may have developed a feel of the way an insurance company may treat certain factors they see in the plaintiff’s case. The attorney could then help set expectations as to the potential for recovery.
One of the factors the insurance companies may use in their evaluation of the case is whether or not there is a lawyer involved and the reputation of the lawyer. The trial history of an attorney is reported to the insurance company, so the insurance companies are aware of which lawyers may conduct due diligence in their cases and which ones may not.
Benefits of a Mckinney Car Accident Attorney
TDI produced a report in 2016 in which they looked at property damage claims and discovered that a person is likely to get seven times more money if they have a lawyer versus having no lawyer. The benefit of an attorney when settling a McKinney car accident case could manifest itself in many ways, including preventing you from making possible mistakes. Reach out to a compassionate car accident lawyer today that could help support your settlement claims.