A personal injury settlement is the amount of a personal injury claim that you settle with an insurance company. The reason that you will, in most cases, be working with an insurance company is that insurance company policies cover most losses and accidents. You would rarely recover compensation from a person in the general public, but it can also happen. Suppose you have to settle a claim with an individual who does not have insurance. In that case, it will be significantly more difficult to receive a larger settlement amount from a single individual. Many people don’t have the money saved up or available as an insurance reserve account would have in tow.
If you are in a car, truck, or motorcycle accident, you are most likely working with someone who has insurance. The insurance company will pay for those losses. If you fall at a premise, that property owner most likely has insurance to cover the accident, loss, and any damages that you may have. A person’s homeowner’s insurance policy also covers many losses related to the home. In that case, too, you would be getting recovery compensation from an insurance company.
Knowing What Amount to Ask for Depends on Several Factors
It will be difficult for most people to know what to ask to settle their claim. Many people understand the nature of an accident injury, but most people downplay the seriousness of these injuries. When you make a final settlement for your personal injury claim, you don’t get a “do-over” and will not be able to add to the final payment. If you have forgotten any aspect of the claim and did not think enough of the future expenses that you may have, you will lose out.
This is why it is important to have an attorney by your side the entire process. You are better served to have an expert on your team to help you make the best decision possible for your final settlement. In addition, the amount of money that you ask for to settle your personal injury case needs to last you as long as you will need to recover from your injuries.
Personal Injuries and Settlements
Insurance carriers are versed on many angles to settle personal injury claims from losses. They use complex formulas and even now use computer programs to help them settle claims in record time. However, just because a claim for personal injuries is settled out quickly does not mean that your best interest was kept in mind the entire time. An insurance adjuster will get an investigation going for a claim but will want to settle it quickly. This is for several reasons, the most important of which is that they are overworked and need to get on to settle the next case after your case.
Insurance adjusters will look at the personal injuries, consider your age, station in life, potential to continue your life as before, and review what a claim like this is worth to you. The only faulty aspect of this reasoning is that the way they see a claim is not how you see it. You more than likely see this claim and settlement as the most important aspect of your life right now. Not so much for the claims adjuster. That individual will more than likely lowball the value of the claim to settle it with you quickly. Do not fall for this tactic. You should not ever be rushed to settle a claim. Take your time, and ensure you are not forgetting anything that you may need to be reimbursed for later.
Losses and Damages
Your personal injury may include a number of injuries, such as:
- Internal organ damage
- Broken bones
- Crushing injuries
Depending on the personal injuries suffered, you will need to recover and heal from the injuries. You will have medical bills from the healthcare professionals that you have seen. These bills will come due within 30 days, and you will have until 90 days to pay them before they are sent to collections agencies. Whenever a bill goes to a collection agency, it may reflect badly on your credit. For this reason, you will want to settle a claim as soon as possible, but not to rush the process and leave any money out that you will need to recover fully from your losses and damages.
Making You Whole Again
People who have suffered from a personal injury often do not know what they need to recover from it. An accident can cause many different personal injuries, from simple to complex. For example, a person in a car crash could have a neck injury, lumbar spine injury, and broken wrist, as well as a concussion. The individual with these personal injuries still needs to recover from each injury separately!
The injuries will be listed on a claims form, but the injured person has to recover from a concussion, mend a broken wrist, possibly attend physical therapy for a neck or back injury and still manage the daily chores of life. This is the reason that recovering from personal injuries takes some time. The recovery process need not be rushed, but you will want to receive the recovery compensation to pay for all of these associated medical bills as soon as possible.
Other Factors to Consider
Auto accidents, medical errors, and dog bites can cause varying levels of trauma in anyone who experiences this type of loss. People have pain and suffering that can occur after these losses, which may make it difficult for someone to resume a normal life after the loss event. If this is the case, the claim recovery compensation needs to be increased to cover any other therapies or treatments needed in the future. If the losses occur and the individual works, then there may be time off of work and lost wages to include in the settlement package.
When Should I Call an Attorney?
Being in a car accident, premises accident, or slip and fall accident is never easy. You should call an injury and accident attorney when you are well enough to make that call. We can be here for you and help you through all of the next steps. This will enable you to recover from your personal injuries fully. You can leave the claims management for your personal injuries to us. When you give us a call, we are here for you in every way.
We can explain the claims process, tell you how the loss will be settled, and help you to receive the money that you deserve in this case. If you are in the process of starting to make decisions on how much you should settle for our personal injury claim, give us a call. The CEO Lawyer Personal Injury Law Firm will work hard to get you the compensation that you deserve in every case. If you have been in an accident and claim personal injuries, you need to give us a call. Just call us at (833) 254-2923.