Navigating a personal injury claim can be overwhelming, especially when it comes to negotiating with insurance companies. One of the critical decisions you'll face is whether to accept a settlement offer. In this comprehensive guide, we'll delve into the factors you should consider before making this decision.
Understanding Settlement Offers
Insurance companies often offer settlements to resolve personal injury claims out of court. These settlements typically involve a lump sum payment in exchange for releasing the insurer from further liability related to the injury.
Factors to Consider
Severity of Injuries
Assess the extent of your injuries and their impact on your life. Consider whether they are temporary or permanent and how they affect your ability to work, enjoy daily activities, and maintain relationships.
Medical Expenses
Calculate the total cost of medical treatments, including hospital bills, surgeries, medications, rehabilitation, and ongoing therapy. Ensure that the settlement covers all current and future medical expenses related to your injury.
Lost Income
If your injury has caused you to miss work or has affected your earning capacity, calculate the income you've lost. Consider future income losses if your injury results in long-term disability or affects your career prospects.
Pain and Suffering
Factor in the physical pain, emotional distress, and mental anguish you've endured due to the injury. While quantifying pain and suffering is challenging, it's an essential component of your settlement demand.
Liability and Evidence
Evaluate the strength of your case and the evidence supporting your claim. Consider whether liability is clear or disputed and how it may impact the outcome of a trial.
Legal Fees and Expenses
Take into account the costs associated with hiring a personal injury attorney, including legal fees and expenses. Your lawyer can provide valuable guidance on whether the settlement offer is fair and reasonable.
Negotiating a Settlement
If you're dissatisfied with the initial settlement offer, you have the option to negotiate with the insurance company or seek assistance from a skilled attorney. Negotiation tactics may include presenting counteroffers, providing additional evidence, or highlighting the strengths of your case.
When you need legal support don't hesitate to contact Fowler | Helsel | Vogt.