Getting a settlement can be a bittersweet experience. While there’s some comfort in finally receiving compensation, you might find yourself thinking that it isn’t nearly enough to cover what you need—bills, therapy, repairs, and other pressing matters. At the same time, the thought of taking the case to trial may be too daunting due to the risks and uncertainty involved. So, what happens if the settlement you received isn’t sufficient, but you also don’t want to gamble with a trial?
When Is A Settlement Offer Truly Fair?
Settlements are meant to address the damages you’ve incurred and make you whole, but opposing insurance companies often aim to minimize payouts. After all, every dollar they pay out is a dollar not kept in their bank accounts. They want to offer amounts that look decent at first but may not be enough to cover all your ongoing and future expenses. Without legal representation to assist, some uninformed injured parties may accept these lowball offers and end up struggling later on.
If you are unsure how fair a pending settlement is, the best way to quickly gain insight into the situation is by working with an experienced personal injury attorney. They can determine if the amount is enough to cover your immediate costs, plus any long-term medical treatment, therapy, or other needs that could arise due to your injury. They’ll also know how to calculate non-economic damages that are not always easy to grasp. Understandably, injured Florida residents often overlook these potential compensation avenues in a quick settlement, as the need for immediate support is often high to deal with short-term issues. Attorneys benefit when you benefit, as part of their payment is often derived from the total compensation recovered. They are just as motivated as you to secure sufficient compensation at a fast rate, ideally through a fair settlement.
While a settlement can provide a sense of certainty and quicker relief, it may not always be in your best interest if it leaves you under-compensated in the long run. Trials have risks; sometimes, other avenues can find a better solution.
Alternatives to Taking Your PI Case to Trial
If the settlement offer isn’t sufficient, but the idea of going to trial feels too risky, you do have other options to consider. One alternative is mediation, which involves a neutral third party, sometimes a former judge or lawyer, facilitating negotiations between you and the opposing side. Mediation is typically quicker, less stressful, and less combative, meaning stalled negotiations that have been leading to subpar settlements can reach a fair amount through honest discussion.
Even simpler, you could ask your attorney to renegotiate the settlement. Sometimes, showing that you are serious about pursuing a better outcome—even if you aren’t set on going to trial—can encourage the other side to increase their offer. In the same way that you may fear trial due to its uncertainty, insurance companies often prefer settlements. If there is a credible chance they lose and end up paying orders of magnitude more money in worst-case scenarios, they may be motivated to avoid trial.
Ideally, negotiations should be an ongoing process that your attorneys engage in over a long period. But, a renewed sense of urgency and pressure on the opposing party can help settle cases that have been long stuck in limbo.
Ultimately, when dealing with settlements, it’s rarely a good idea to accept something that will leave you lacking later on. At Probinsky & Cole, we aim to help injured Florida residents recover as much as possible from their accidents and injuries. If you have ongoing needs and bills, the liable party should provide compensation to make you whole, even if it takes a few rounds of negotiations and, eventually, a trial.
Call today to speak to an attorney and learn how we can help secure what you deserve after a Florida personal injury.
