Personal injury commercials and advertisements are familiar sights, often showcasing millions of dollars won in settlements. While you might think these are fantastical amounts, huge payouts are possible, depending on the situation. However, a common issue injured parties face is how to know what their injury is worth. Is my current insurance settlement sufficient, or is it substantial enough to compete with those featured in ads? If you have no clue what your case may be worth and don’t know where to turn, we hope to shine a light on the most straightforward method you can use to secure fair compensation.
Factors to Consider Before Accepting a Settlement
There is no secret method you can use to maximize your settlement except for one – legal representation. However, this isn’t a secret; it is standard advice that nearly every attorney (and insurance company) admits. Before even considering a settlement offer, you need to speak to an attorney. While personal injury attorneys will collect a percentage fee of any settlement, they are just as motivated as you are to maximize compensation, meaning the number they negotiate can end up much higher than you think. Attorneys are well-versed in all things personal injury law and can work with you every step of the way, from injury to eventual settlement. Keep in mind – an attorney cannot guarantee a certain amount of money.
So, now that you are working with an attorney, how will the process play out?
To ensure you receive fair compensation, you and your attorney must assess the accident’s total impact on your life. Typical considerations include:
- The physical injuries stemming from the accident. Document every aspect, from emergency treatment to ongoing care. Include potential long-term effects that may require future medical attention.
- The short and long-term emotional distress you endured.
- Any property damage suffered from the accident. Damage to your personal belongings contributes to the overall valuation of your claim.
- The financial impacts of your injuries. Unable to work, either during recovery or far into the future? This has to be reflected in a settlement payment.
- Once a settlement is accepted, you typically cannot request additional compensation later. Working with an attorney allows you to start negotiations in a strong position. They look at the facts of your case and quickly determine the ballpark number that your injury might settle for, referencing prior cases and their years of experience.
Negotiating a Fair Insurance Settlement
When negotiating a settlement, remember that initial offers may not reflect the full value of your claim. Insurance companies often propose quick settlements to minimize their payouts. Take the time to assess the impact of the accident thoroughly. Quick settlements can be appealing but may not cover all your expenses, particularly long-term costs.
When you have legal representation, especially from initial contact with insurance, they know you mean business. Both sides ideally want a quick and fair resolution, so an accurate assessment of potential settlement size gives you and the insurance company the best chance at coming to an agreement.
If the insurance company refuses a fair offer to settle, your attorney should be ready to take the case to trial. This shows you are serious about getting the compensation you deserve. As such, part of your initial discussions with an attorney should start by clearly outlining when and why a settlement will be accepted or rejected.
A personal injury attorney’s job is to represent injured parties and help them receive the maximum compensation owed to them. If you need legal help, call the attorneys at Probinsky & Cole today.
