Personal injury lawsuits aren’t entirely about the dollar amount, but they do play a key role for obvious reasons. If you are injured, you deserve compensation to become whole again and return to your life unimpeded. Different situations can lead to vastly different outcomes, and today, we want to address some of the common settlement questions we receive from clients going through the process of receiving settlement checks.
How Much Are Settlement Checks Typically Worth?
Settlement amounts are never guaranteed and vary based on many factors, such as the accident details and the ensuing negotiation process. The severity of injuries is arguably the most significant aspect, with more severe injuries leading to higher settlements. Medical expenses, both current and future, are also critical in determining the amount.
To give ballpark numbers, car accident settlements range from thousands to hundreds of thousands of dollars, depending on the specifics. Slip-and-fall cases might be lower, usually settling for tens of thousands, while medical malpractice cases can reach higher amounts due to the complexity and risk of life-threatening injuries and negligence.
What Are the Payment Options for Settlement Checks?
Settlement checks can be received as a lump sum or through structured settlements. A lump sum provides the entire settlement amount at once, offering immediate access to funds. On the other hand, structured settlements distribute payments over time, providing an income stream and potential tax benefits.
Each option has its pros and cons. A lump sum might benefit those needing immediate financial relief, while structured settlements can offer long-term financial stability. The best choice for you is one that fits your financial plan and doesn’t introduce risk to your life. Some people know that a large influx of cash will lead to overspending and indulgence, so they purposefully accept a structured settlement to cover essentials only.
How Long Does It Take to Receive a Settlement Check?
Typically, it takes a few weeks to a few months from the time of the settlement agreement to receive payment, but several factors can cause delays. Unfortunately, many of these delays are out of your control, as insurance companies will be busy finishing paperwork and conducting their due diligence.
What Should I Do If My Settlement Check Is Delayed?
If your settlement check is delayed, first identify if routine issues are the root cause. Some waiting is ordinary and may just be part of the process.
If the delay is significant, contact your attorney to assist in resolving the issue. They can help communicate with the insurance company or file necessary complaints. Detailed records of all communications will be beneficial in lighting a fire under the insurance company and highlighting the payment details of your settlement.
Can I Negotiate the Settlement Amount After Receiving an Offer?
Yes, you can negotiate the settlement amount after receiving an initial offer. Attorneys will always look to maximize your compensation without pushing too far and ruining your chance of a settlement. If an initial settlement seems fair and in line with similar cases, you can accept it. If not, you can make a counteroffer, providing additional evidence to support a higher amount.
Always consult with your attorney before making rash decisions about your settlement. You have the power to accept or decline a settlement, but they can help determine whether an offer is fair and what you can expect to receive. Remember, a court case can lead to more money, but it also introduces tons of risk. Most personal injury lawsuits end in settlements because it is often in the best interest of both parties.
If you were injured in Florida due to another person’s negligence, you will surely have many questions. However, before asking about settlements, you need to build a solid case and work with a legal team ready to promote your interests in negotiations or a court of law.
Contact Probinsky & Cole today to schedule your free consultation and learn how we can help.
