If you’ve been hurt in an accident, you might find yourself debating whether to take the personal injury settlement offered by the insurance company. Before settling on a choice, there are a few things you ought to be aware of, even though the answer is not always cut and dried.
Before agreeing to any settlement, it is strongly recommended that you discuss the matter with a personal injury attorney. They will be able to examine your claim and provide you with a more accurate estimation of the amount of compensation that you should be able to reasonably anticipate receiving as a result of it.
When contemplating a personal injury settlement, you should also keep a few important factors in mind, such as the expiration date of the statute of limitations and the total cost of all future medical treatment. Continue reading to find out more about what you ought to understand before agreeing to a settlement for a personal injury.
What is A Personal Injury Settlement?
A claim for personal injury can be resolved with a settlement, which is an agreement reached between the party who was injured and the party who was at fault. Settlements for personal injuries typically consist of the injured party receiving monetary compensation in exchange for their agreement to absolve the party who was at fault of any further responsibility for the incident.
A personal injury settlement’s primary objective is to compensate the injured party for their losses, which may include reimbursement for medical expenses and lost wages, as well as payment for the injured party’s “pain and suffering.”
How is A Personal Injury Settlement Calculated?
The amount of a personal injury settlement is typically determined by taking into account the severity of the injuries, the number of economic damages (such as medical bills and lost wages), and the degree to which the plaintiff was at fault. For instance, if the injured party suffered severe injuries and is expected to have significant future medical costs, they will most likely receive a larger settlement than someone who sustained more minor injuries.
Factors To Consider Before Accepting a Personal Injury Settlement
- The amount that will be spent on medical treatment in the future is one of the primary factors that will be considered when determining the amount of a personal injury settlement. If you have sustained severe injuries that will require long-term or permanent treatment, it is likely that your settlement amount will be higher than that of someone who suffered injuries of a lesser severity.
- When determining an appropriate amount for a personal injury settlement, the degree to which the injured party was at fault will also be considered. If the party who was injured was also partially to blame for the accident, the amount of compensation they receive will reflect that proportion of responsibility that they had. For instance, if it is determined that the injured party was responsible for the accident up to 20% of the time, their settlement amount will be decreased by 20%.
- It is critical to have a solid understanding of the personal injury claims statute of limitations in your state. The amount of time you must bring a claim for personal injury before it is too late is referred to as the statute of limitations. If you miss the deadline for filing a lawsuit to recover compensation for your injuries, you will be barred from doing so under the applicable statute of limitations.
- Before agreeing to any settlement, it is strongly recommended that you discuss the matter with a personal injury attorney. They will be able to examine your claim and provide you with a more accurate estimation of the amount of compensation that you should be able to reasonably anticipate receiving as a result of it.
What If You Are Not Satisfied With The Settlement Offer?
If you do not agree with the terms of the settlement offer, you can choose between a few different courses of action.
You can try to negotiate with the at-fault party or their insurance company to see if they are willing to increase their settlement offer. It’s important to note that you will likely need the help of a personal injury lawyer to do this effectively.
You have the option of filing a personal injury lawsuit in the event that you are unable to come to an agreement with the other party regarding a settlement. This will allow a judge or jury to hear your case and determine how much compensation you are entitled to.
The decision of whether to accept a personal injury settlements offer is an individual one. You should carefully consider all of the above-mentioned factors before making a decision.
Conclusion
Before accepting a personal injury settlement, there are numerous factors to consider. Ensure you receive the full compensation to which you are entitled. If you have any questions, you should always consult with a personal injury attorney. At 2H Law Firm (619) 374-9320, we provide complimentary consultations to help you understand your rights and how to obtain the best possible settlement.
