When to Accept a Personal Injury Settlement Offer - Lawsuit Legal

How to Get a Higher Settlement Payout

If the insurance company has not presented a fair amount you can reject the settlement offer.

Remember, whether to accept a settlement is up to you.

You can reject the first offer, counteroffer, third, and so on, throughout the negotiations until you receive an offer which reflects a reasonable value for your personal injury case.

In order to evaluate any settlement offer it needs to be weighed against the assessed value and strength of your personal injury case.

Injury victims should never accept a settlement offer without first reviewing their case with an attorney, to weigh it against the full value of what you may be entitled.

Your lawyer can walk you your options and help you determine whether further negotiation may be beneficial.

If the insurance company continues to present pitiful offers, woefully undervalued in consideration of what you went through, it may be in your interest to reject the pretrial offers and take the case to court.

Don't be fooled, don't be rushed, and don't settle for less than you deserve.

If after speaking with your attorney the settlement amount is deemed fair and fully compensates you for your injuries, you can choose to accept the offer.

If you are unsure whether it is time to settle your personal injury case, schedule a free consultation, and our legal team can help answer any question you may have about your legal options.

Our personal injury attorneys have helped thousands with cases of similar circumstances to yours, and have a proven track record negotiating big settlements on behalf of clients.

Ultimately, the decision is yours and what's in your best interest.

The decision to settle requires careful consideration of you and your family's needs, the circumstances of your unique case, and the impact financial recovery can have.

 

 

The First Settlement Offer

Should you accept the first settlement offer presented by the insurance company? The answer, 9 out of 10 times, is no.

It is generally in your best interest to reject the initial offer presented by the insurance company. On one hand, the injury victim may not have had enough time to fully assess the extent of their injuries and the subsequent costs for treatment. The insurance companies know this and like to settle the matter quick before delayed injuries have a chance to be identified or present symptoms.

In many cases you haven't had time to undergo the necessary surgeries and treatments required of your recovery process. The insurers look to take advantage of the inevitable overwhelm and confusion inherent after a serious injury event in order to settle for less.

A rushed settlement agreement is rarely reflective of the true value of an injury case, and fails to account for all the damages the victim may be entitled.

Remember, should you accept the first settlement offer, you cannot request more compensation. You cannot re-evaluate damages if the injury-related costs end up being worse than anticipated.

The insurance adjuster knows that if they can get you to accept an offer before you speak with an attorney, the amount they have to pay will likely be much lower than you are owed. Remember, they are not on your side.

Most personal injury victims don't know what they're up against until it's too late.

Initial offers are a starting point for negotiations, and rarely do they fully recognize the severity of injuries.

You can choose to reject the intitial offer, and begin negotiations for a higher amount.

What Happens If I Turn Down the Insurance Company's Settlement Offer?

The settlement negotation process is a back and forth of offer and counteroffer negotiations. The rejection process involves rejecting and presenting a demand letter containing a counter counteroffer.

It serves to notify the insurance company in writing of your offer, demanding how much is being sought and what actions will be taken if the details are not met. The demand letter will include a dollar figure and details pertinent to the case.

As the settlement negotiation process unfolds, so long as both parties are open to settlement, the terms are negotiated. The process can be lengthy and unpredictable, depending on the circumstances of the case.

The insurance companies can be expected to weigh the severity of injuries against the strength of the claim and use every tactic available to reduce what they are obligated to pay in compensation.

The skill and reputation of your lawyer can play a key role in securing a fast & fair settlement offer. The threat of trial must be taken seriously, as in most cases the insurance companies want to avoid going to court.

Your legal team should be preparing for trial and capable of the fight throughout the negotiations for the threat to be taken seriously.

Even if you take legal action, a settlement can potentially still be reached, prior to judgement.

If you a final settlement figure can be reached that is acceptable to both sides, you can come to agreement and the insurance company cuts a check.

What is a Good Settlement Amount

In most cases it's in the best interests of both claimant and liable party to settle out of court. If a satisfactory offer can be reached, it saves time, costs, and risk. Injured victims usually have medical bills piling up, work income has been impacted, and are dealing with the physical and emotional impact of their injuries. Getting paid fast can provide a huge relief, allow the hurt party to put the legal process behind them, and let them focus on recovery without having to worry about money.

Ultimately, a good offer gets you paid what you deserve.

Fast and fair compensation depends on several key factors, including the severity of injuries, who was at fault, and how complicated the case is.

As an injury victim, you deserve to RECEIVE money, not PAY money out-of-pocket.

A good settlement will secure maximum recoverable damages, including economic and non-economic losses, under the circumstances.

Potential damages may include financial recovery for:

• Medical Costs, Surgery Bills, Hospital stays, Prescription Medication Costs, Specialist Care, Physical Therapy, etc.
• Property Damage, Vehicle Repairs, Travel Expenses, Rental Car, etc.
• Pain and Suffering, Chronic Pain, Emotional Distress, Future Pain and Suffering, Long-Term Impact Considerations
• Lost Wages and Future Income, Loss of Opportunity, etc.
• Long-term Injury and Disability, Quality of Life Impact, Loss of Enjoyment
• Loss of Consortium, Emotional Impact on Family Members, etc.
• Disfigurement, Affects of Scarring, Impairment, etc.
• Emotional Distress, Mental Discomfort, Injury-related PTSD, etc.

Settlements vary from case to case, you will need to evaluate your losses with your lawyer and estimate a fair payout for your personal injury case. The more money you are able to recover for what you went through, the better.

What Makes a Personal Injury Case Go to Trial

Most cases will settle before they ever get to trial. Of cases that go to trial, the vast majority will settle before reaching a trial verdict. Choosing to litigate comes with risks for the plaintiff, and a personal injury lawsuit can take months to over a year to reach resolution.

Certain types of personal injury cases are more likely to go to trial than others. The complexity of the case, the amount of money at stake, the clarity of liability, are key factors determining the willingness to settle.

• High-Value Claims: High stakes claims with large amounts of money at stake are more likely to require the courts to reach resolution.
• Catastrohpic Injuries: Severe injuries with life-altering and permanent disabilities make settling large claims out of court less likely as the insurers fight to reduce what they are obligated to pay.
• Medical Malpractice: These complex cases can involve significant damages and disputes over what caused the injury more often require going to trial to remedy.
• Disputed Liability: When the facts of who was at-fault are unclear or conflicting evidence leads to dispute over liability, trial may be necessary.
• Disputed Damages: Disputes over the extent and impact of hard to calculate non-economic damages like pain and suffering can lead to trial to reach a resolution.

If you and your attorney believe the insurance company is not providing a satisfactory offer, then proceeding to trial may be your only recourse.

The insurance company may dispute with the severity of your injuries, the defendant's personal injury attorney thinks they will win in court, or they want to avoid setting a precedent for settling. They may be gambling the claimant doesn't have as strong a case as they think. They may have calculated the risk reward is in their favor.

In some cases, the insurance company simply refuses to provide a reasonable offer, and no amount of negotiating will make the two parties see eye to eye.

Each personal injury case is unique, and the stakes are high in serious injury cases. An experienced personal injury attorney is prepared to go to court if necessary in order to recover what you deserve.

Whether your personal injury case goes to trial is highly dependent on the details of your case. Your legal team needs to be prepared to go the distance if necessary.